Japan’s Financial Authority to Begin Bitcoin Exchange Surveillance Next Month
Following the revised payment services law that went into effect in April to legalize bitcoin as a payment method, all bitcoin exchanges operating in Japan are required to register with the authorities. The deadline for registration is the end of September.
If the agency finds no problem in the preliminary examination, the exchanges will proceed with the registration process and start a full review to ensure compliance. As part of the process, the FSA will put the exchanges under “full surveillance,” beginning in October, FSA officials reportedly said. The Japan Times described on Sunday:
Full story at http://bit.ly/2wiSCVz
Source: Bitcoin News
Nigerian Central Bank Director: Cryptocurrency Wave 'Cannot Be Stopped'
The Central Bank of Nigeria is said to be taking a closer look at blockchains and cryptocurrencies.
According to a report in The Guardian this week, Musa Jimoh, a deputy director at the country's central bank, recently spoke at a cryptocurrency-focused conference in Lagos, Nigeria's largest city. There, Jimoh indicated that the Central Bank of Nigeria is preparing a white paper on the subject.
Perhaps most notable, however, was how Jimoh framed the reason for the study, noting the central bank "cannot stop the tide of waves generated by the blockchain technology and its derivatives." Such comments carry extra weight coming from the institution that oversees domestic monetary policy as well as banking sector regulation.
In his remarks, Jimoh also noted that the nature of the technology, which gives users autonomy over the private keys that access blockchain-linked data, enables the creation of forms of money that are "beyond restriction and confiscation."
Full story at http://bit.ly/2wjAURS
Source: CoinDesk
Why China's Ban On Bitcoin May Be Temporary
China's ban on Bitcoin and other cryptocurrencies may be temporary, to appease international agencies and hardcore communist members ahead of the upcoming Communist Party convention.
China's big government and banks cannot tolerate Bitcoin. It threatens their very existence, as it was previously written in a piece here.
That's in the long term, though, when Bitcoin has the potential to replace the yuan in everyday transactions, and as a monetary asset.
At present and in the immediate future, however, the size of the Bitcoin economy is far too small to be a real threat to the Beijing government and the banking system it owns and manages.
Full story at http://bit.ly/2wj4aIc
Source: Forbes
A Slovenian Savings Bank’s Traditional ATM Dispenses Bitcoin Vouchers
Hranilnica Lon bank is a financial banking products provider offering services to citizens based in Slovenia. The company founded in 1992 manages money market instruments for clients and has multiple locations. This week Lon’s Facebook page announced the implementation of bitcoin into the firm’s traditional ATM located in the Kranj headquarters front lobby. While explaining the new ATM feature, the bank’s senior executive, Jake Vadnjal, unveiled the ATM to a swarm of Slovenian news reporters. During the video, the Hranilnica Lon executive cuts a ribbon tied to the machine and performs a transaction in front of the media’s cameras.
The machine dispenses bitcoin using a voucher system which can be redeemed online. “We made a significant leap in thinking,” said Hranilnica Lon’s executive Vadnjal’s translated statements. “We do not know what will happen in ten years or what the fight for ‘survival’ and successful businesses will mean in the future — cryptocurrencies are difficult to predict.”
According to Vadnjal cryptocurrencies have great potential and will likely transform the financial industry. However, even though they are offering digital assets through the company’s office ATM, Vadnjal states these investments are still risky. “As bankers, we have to be conservative, so we are warning all that the markets cryptocurrencies can be risky and are subject to a fall greatly in value,” Vadnjal warns.
Full story at http://bit.ly/2wjDYgR
Source: Bitcoin News
Bitcoin's price is spiking by 7 percent as traders shake off China fears
The price of bitcoin rose sharply on Monday with its price spiking up 7 percent midday, according to CoinDesk market data.
The price of the cryptocurrency is up nearly 300 percent year to date.
Bitcoin is still under the $4,000 level, which it broke through after JPMorgan CEO Jamie Dimon said on Sept. 12 that the cryptocurrency is a "fraud" that will eventually blow up.
In addition, recent reports said regulators in China have ordered bitcoin exchanges to close hurt the digital currency's price.
Full story at http://cnb.cx/2wkifoY
Source: CNBC
Payment or Asset? Bitcoin's Limbo Is Leaving Merchants in the Middle
Word that South Africa's second-largest supermarket might accept bitcoin sent twitters of excitement through the cryptocurrency community last week – that is, until it emerged that, actually, they weren't going to.
At least not yet, and probably not for a while, if ever.
In a prime example of rapid reporting, headlines proclaiming mainstream adoption (in supermarket aisles at least) jumbled up the news. Pick n Pay was testing bitcoin acceptance, not rolling it out across its network.
In an interview with BusinessDay, the chain's deputy CEO Richard van Rensburg highlighted two interesting points that paint a much bigger picture.
Full story at http://bit.ly/2wkissg
Source: CoinDesk
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