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Bitcoin Cashes in on Black Friday

Black Friday

Bitcoin registered as the 9th biggest payment network worldwide over the biggest ecommerce weekend of the year. A total of $296 million was spent globally across the bitcoin network on Black Friday and Cyber Monday, according to insight provided by Bitnet. Bitcoin registered as the

HSBC Ends Relationship with Bitcoin Investment Fund

HSBC has severed ties with the firm behind the world’s first regulated Bitcoin investment fund. Jersey-based hedge fund Global Advisors (GA) claims the bank was worried about “money laundering risk”. GA’s Daniel Masters told the BBC that the development threatens well publicised plans to make

Australia Not Yet Welcoming of Bitcoin

BitcoinAustralia

The debate around Bitcoin and how it should be regulated in Australia is heating up as the Canberra tries to get its head around the impact of digital currency technology on the Australian economy. Bitcoin – a decentralised digital currency or ‘crypto-currency’ in which encryption

Does Bitcoin Lose Out to Apple Pay and Other Payment Innovations?

Bitcoin Apple

NEW YORK (InsideBitcoins) — As bitcoin has continued to evolve over the course of 2014, we’ve also seen the growth of new payment innovations from Silicon Valley. Many entrepreneurs are trying to figure out how to cut costs and make payments easier for the entire

Is Bitcoin a Real Threat to Wall Street?

Wall Street x 2

SAN FRANCISCO (MarketWatch) — Wall Street’s greatest threat isn’t from regulation or another meltdown. As we’ve seen over the past few years, governments and central banks will enable and protect the status quo at any cost. No, the threat isn’t from traditional sources — it’s

Mastercard Not Comfortable With Bitcoin

Mastercard

In a new video, Matthew Driver, MasterCard’s president for South East Asia, issued a strong rebuke of digital currencies like bitcoin, suggesting that cryptocurrencies carry too many risks to be successful. Noting that MasterCard is “not completely comfortable with the idea of cryptocurrencies”, Driver used

Is there a Post-Black Friday Bargain for Silk Road Bidders?

Image sourced: www.siliconangle.com

(Reuters) – The U.S. Marshals Service on Thursday received more than two dozen bids for 50,000 bitcoins seized from the alleged owner of Silk Road, an Internet black-market bazaar on which authorities say drugs and other illegal goods could be bought. Lynzey Donahue, a Marshals

Regulation of Bitcoin from Around the World

Golden Globe

With the growing popularity of the Bitcoin system as the leading virtual, de-centralized currency of the world, there has been a subsequent rise in regulatory concerns about its possible impact on real currencies, tax implications, potential for frauds and criminal use. This has led many

Aussie CoinJar Finds New Home in UK

Australian financial technology start-up CoinJar has relocated to the UK, which it says is a more welcoming environment for Bitcoin than Australia. CoinJar has officially reincorporated as a UK company, CoinJar UK Ltd, and has taken up residence at Europe’s largest financial technology accelerator, Level

American Red Cross Accepting Bitcoin

Red Cross

ATLANTA–(BUSINESS WIRE)–BitPay, the world’s leading bitcoin payment processor, is supporting the American Red Cross by helping the organization accept bitcoin donations through a BitPay hosted webpage. BitPay will be processing the bitcoin donations without any fees, so the Red Cross will receive 100 percent of

QLD’s First Bitcoin ATM in Police Custody

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The first bitcoin automatic teller machine in Queensland has been seized as part of an investigation into an alleged drug trafficking network linked to the Bandidos bikie gang. Police gang squad officers seized the ATM on Friday morning in a joint raid with customs officials

ATO Bitcoin Ruling Stifles Bitcoin Innovation

satoshi living room

Brisbane-based bitcoin BPAY startup Living Room of Satoshi has suspended operations, after the Australian Tax Office’s decision to treat bitcoin as property made its business model impractical. The startup offered a service free to users which allowed them to pay BPAY bills using bitcoin. It

Bitcoin Hovering Below $400-level

bitcoins182way

Investing.com – Bitcoin prices hovered below the $400-level on Wednesday, as investors sold the virtual currency amid bearish chart signals. Bitcoin (BTC/USD) fell $17.17, or 4.21%, to trade at $390.93 on Slovenia-based BitStamp during U.S. morning hours. BitStamp rallied to $416.65 on Tuesday, the strongest

Labor’s Dastyari Urges Banks for Bitcoin Feedback

sam-dastyari

Labor senator Sam Dastyari has warned Australian banks not to “act like a bunch of ostriches” with their “heads in the sand” when confronting the rise of bitcoins, as he urged ­companies to provide feedback to a ­Senate inquiry into how to regulate the highly

Lawsky: NY Regulation Not So Bad

Benjamin_Lawsky_picture

New York’s bitcoin regulations may not be as onerous as many have feared. In a speech at Cardozo Law School in New York on Tuesday night, Benjamin Lawsky, superintendent of financial services for the state of New York, said that the state will not require

Newsweek’s False Outing of Bitcoin “Inventor” May Result in Lawsuit

dorian-satoshi-nakamoto

Back in March, Newsweek published what would have been one of the year’s biggest technology scoops. An article by Leah McGrath Goodman claimed to have unmasked Satoshi Nakamoto, the reclusive — and likely pseudonymous — genius who invented Bitcoin. Goodman pointed to an elderly Japanese-American

Bitcoin Cashes in on Black Friday

Black Friday

Bitcoin registered as the 9th biggest payment network worldwide over the biggest ecommerce weekend of the year.

A total of $296 million was spent globally across the bitcoin network on Black Friday and Cyber Monday, according to insight provided by Bitnet.

Bitcoin registered as the 9th biggest payment network worldwide over the biggest ecommerce weekend of the year, finishing only behind the likes of Visa, MasterCard, American Express and PayPal.

Black Friday proved more popular of the two days, with $152M spent compared to $144M on Cyber Monday.

“Like all other payment networks, bitcoin saw a surge in volume over Black Friday and Cyber Monday, with higher than usual payment totals over the two days,” said Akif Khan, VP Solutions Strategy, Bitnet.

“The Bitcoin network handled $296M in two days – that’s impressive when taking into account the currency is only five years old and is still growing with respect to merchant and consumer adoption.”

Source: http://hereisthecity.com/en-gb/2014/12/04/almost-300m-in-bitcoin-spent-during-black-friday-and-cyber-monda/

HSBC Ends Relationship with Bitcoin Investment Fund

HSBC has severed ties with the firm behind the world’s first regulated Bitcoin investment fund.

Jersey-based hedge fund Global Advisors (GA) claims the bank was worried about “money laundering risk”.

GA’s Daniel Masters told the BBC that the development threatens well publicised plans to make Jersey a global centre for digital currencies.

HSBC would not discuss individual customers, but said ending a client relationship is never done “lightly”.

Mr Masters said both his firm and the Bitcoin fund are tightly regulated.

The States of Jersey has created a company called Digital Jersey, in part to foster financial technology.

Island politicians have travelled to Bitcoin conferences to promote Jersey’s enthusiasm for digital currencies.

Mr Masters launched the Global Advisors Bitcoin Investment Fund (GABI) in August after it was certified by the Jersey Financial Services Commission.

He said HSBC’s move was a “step in the wrong direction for Jersey”.

Unregulated Bitcoin funds exist elsewhere, but the official approval allowed major investors, such as pension and insurance companies, to speculate on Bitcoin for the first time.

Having his accounts closed by HSBC is only the latest difficulty faced by GABI, said Mr Masters.

‘Money laundering’

He said that when he was launching GABI he could not find any island bank willing to provide services, so took GABI’s business elsewhere.

Global Advisors has found another Jersey bank, but GABI’s banking is not done on the island, although the fund remains registered and regulated in Jersey.

Geoff Cook, chief executive of Jersey Finance, said he could not comment on individual cases, but said GABI reflected Jersey’s position “as both a leading hedge fund jurisdiction and a pioneering centre for the rapidly evolving world of fintech (financial technology”.

There have been issues around the digital currencies, including a lack of regulation and concerns about the potential for money laundering and other illegal activity.

In October 2013 the FBI shut down online marketplace Silk Road, which traded in drugs and other illegal goods and took payments using “crypto-currencies”.

A spokesman for HSBC said: “We do not discuss individual customers, nor do we confirm whether an individual or business is, or has been a customer.”

But he added: “In reviewing our portfolio, we have identified a number of relationships that don’t meet our strategic criteria.

“We don’t take the commercial decision to end a customer relationship lightly, and when we do so it follows careful consideration of that relationship in light of our strategic focus or global risk management standards.”

Source: http://www.bbc.com/news/world-europe-jersey-30261976

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