Bitcoin review – Most interesting news of January 2016
This year MoneyPolo will be focusing on innovations in the field of digital currency, Bitcoin, and new blockchain technology. Innovations in money transfers and new payment processor projects and providers also won’t be overlooked.
IMF and European Parliament are interested in digital currencies and technologies.
Bitcoin and its technology is no longer just a matter of some enthusiasts and geeks. It has been seriously reviewed at the highest level. Bitcoin was a topic of discussion at Economic Forum in Davos, on the 20th of January 2016, where the CEO of International Monetary Fund presented a report dealing with the legal circumscription of digital currency and its use as payment assets and terms of regulation. IMF’s 42-page report concluded that digital currency has the potential to change the world’s financial system, by its efficiency in transferring money, as well as its safety and transparency.
Virtual currencies were also discussed in the public audience of the European Parliament on the 25th of January 2016. In addition to the benefits of cryptocurrency, risks of Bitcoin’s misuse for money laundering and financial terrorism were also considered.
Interestingly enough, part of the IMF report refers to a very small market capitalization of Bitcoin, currently about 7 billions USD. Siân Jones, founder of European Forum for digital currency and blockchain (EDCAB) mentioned that the Euro is used 92 times more than Bitcoin for anti money laundering.
Caution – MasterCard admits experimenting with blockchain
MasterCard representatives also attended the Economic Forum in Davos. Chief of information technology and strategic planning, Garry Lyons, said that MC is really interested in blockchain technology, but approaches it cautiously due to the fact that it is still being developed. «Even though we think it’s very interesting, we don’t want to invest in it recklessly» said Lyons in an interview with Business Insider. He also mentioned the interesting collaboration with the investment company Digital Currency Group, which has a strong connection with the cryptocurrency industry.
International Bitcoin Conference will take place in Moscow
On April 8th 2016, Smile-Expo agency in Russia is holding the International Bitcoin Conference Russia, which invites not only Bitcion experts but also representatives of the Russian government, financial experts, representatives of major banks, investors and businessmen in the field of payment systems and services. This follows the successful series of Bitcoin Conferences, including Bitcoin Conference Prague 2015, with its co-organizer and sponsor, MoneyPolo. The main topic of the conference will be the use of blockchain technology in banking systems and the alternative uses of this technology in retail and supply chains. Other topics include cryptocurrency legislation, the fight against cybercrime, and the question of regulation. Case projects about how Russian companies work with Bitcoin and blockchain technology will also be presented at the conference.
Bitcoin Stock Exchange has stopped trading and is heading for bankruptcy
Paul Vernin, as known as «Big Vern», owner of the popular cryptocurrency stock exchange Cryptsy, admitted that the platform has already fallen victim to computer theft in 2014. Bitcoin and Litecoin worth about 10 million USD disappeared from an address in stock exchange. Due to apprehension among users it was decided to conceal the problem and pay for loss of profits and reserves.
All trading and withdrawals of funds are currently halted. Although Vernon announced a reward for the apprehension of the offender, and claims that he tried to rescue the stock exchange, everything seems to indicate bankruptcy. The current outstanding commitments to customers are estimated at 10.000 BTC.