Circle Internet Financial CEO Jeremy Allaire Says All Currencies will be Cryptocurrencies

Goldman Sachs’ Circle CEO Jeremy Allaire Claims All Global Currencies Will Become Cryptocurrencies
Fiat currencies and cryptocurrencies will eventually be the same thing, according to a statement by the CEO of a Goldman Sachs-backed startup.
“Our vie…

Jack Dorsey’s payments firm Square picks up New York BitLicense

BitLicense, also known as the business license for virtual currency activities in New York, is gradually losing its “elusive” moniker.
On Monday, the New York State Department of Financial Services (NYDFS) announced that it has approved financial serv…

All Fiat Currencies will Become Cryptocurrencies’ According to Circle’s CEO

In an interview to CNBC, Jeremy Allaire, chairman and chief executive officer of Circle Internet Financial, candidly commented that all Fiats that operate as global currencies, be it US dollars or Chinese yuan, will have their own cryptocurrencies vers…

Square’s Cash App Receives BitLicense for NY State Allowing Users to Trade in Cryptocurrencies

Jack Dorsey, CEO of Square Inc. tweeted that the company has received “BitLicense” for the New York State much to the joy of its shareholder as they saw the shares rally on NYSE early in trade. The Cash app of the company will now allow peer to peer bi…

Square Cash App Gets NY Virtual Currency License, Genesis Trading Partnership

Payment Platform Square Receives Virtual Currency License From the State of New York
The New York Department of Financial Services (DFS) has granted a virtual currency license to Square, Inc. The DFS announced the news via a press release earlier toda…

South Korea Considers Bitlicense-Style System for Cryptocurrency Exchanges

Source : South Korea Considers Bitlicense-Style System for Cryptocurrency Exchanges Regulation The South Korean government is considering introducing an approval system for cryptocurrency exchanges based on the Bitlicense model, developed by the New York State Department of Financial Services. Also read: Japan Cracks Down on Foreign ICO Agency Operating Without License Bitlicense Comes to Korea The South Korean regulators are considering introducing an approval system for cryptocurrency exchanges, Business Korea reported. An official participating in the government’s virtual currency task force, which has been discussing the matter, revealed on Monday: We are positively considering the adoption of an exchange approval system as the additional regulation on cryptocurrencies. We are most likely to benchmark the model of the State of New York that gives a selective permission. The State of New York allows exchanges to trade cryptocurrencies only when they have obtained a charter or a license, known as Bitlicense, from the New York State Department of Financial Services (NYSDFS). Its restrictive controls and capital requirements have led to only 6 firms being approved so far. Circle Internet Financial, XRP II, Coinbase Inc, and Bitflyer USA have received Bitlicenses, while charters were granted to Gemini Trust Company and Itbit Trust Company. “When the country accepts the model from New York, it will be able to bring cryptocurrencies into the institutional system as well as supervise the market in an orderly manner, according to the government,” the news outlet conveyed. While emphasizing that the final decision will likely be made after local elections in June, the publication asserted: The Ministry of Strategy and Finance is aggressively planning to adopt the exchange approval systems. At the end of January, the NYDFS requested cryptocurrency trading data from the South Korean regulators after two agencies conducted inspections of 6 major South Korean banks. No Need for Extreme Measures The South Korean government began announcing regulatory measures for cryptocurrencies in the middle of December. On December 15, bitcoin was trading at over 20.2 million won (~USD$18,500), according to data from one of the country’s largest cryptocurrency exchanges by volume, Bithumb. In an effort to curb speculation, the Korean government considered extreme measures including an outright ban of crypto trading and closing down crypto exchanges. With the price of bitcoin at approximately 9,747,000 won (~$8,967) at the time of this writing, the Korean regulators believe that “there is no need to use a hard-line policy, including a total ban on trading, as the speculation has subdued,” the news outlet noted. Furthermore, the country’s prime minister confirmed last week at a National Assembly meeting that closing down cryptocurrency exchanges is “not a serious consideration.” Deputy Prime Minister and Minister of Strategy and Finance Kim Do-yeon also recently proclaimed: We don’t need to get rid of or suppress digital currencies. Do you think the Korean government will implement a Bitlicense-style set of regulations? What do you think it will do to the Korean crypto market? Let us know in the comments section below. Images courtesy of Shutterstock, NYSDFS, and Bithumb. Need to calculate your …

Plus…South Korea Considers Bitlicense-Style System for Cryptocurrency Exchanges

NY Regulator Demands Vigilance Against Market Manipulation from Bitlicense Firms

Source : NY Regulator Demands Vigilance Against Market Manipulation from Bitlicense Firms Regulation Accusations, rumors and fears of manipulation in the cryptocurrency market have been around for a long while now. The most recent one involves Tether supposedly artificially propping up the price of bitcoin by printing USDT. Now one regulator demands that companies in its jurisdiction will take action against such possible risks.Also Read: Weiss Ratings Defends its Decision to Give Bitcoin Only a C+ GradeVigilant Against Market ManipulationThe New York State Department of Financial Services (DFS) has issued a guidance paper on Wednesday, reminding all cryptocurrency companies licensed by it that they are required to implement measures designed to effectively detect, prevent, and respond to fraud, attempted fraud, and similar wrongdoing. In addition, it reminded Bitlicense holders that they must be especially vigilant against efforts at market manipulation. The regulator has granted six Bitlicenses so far, including to Bitflyer USA, Coinbase Inc., XRP II and Circle Internet Financial, and charters to Gemini Trust Company and itBit Trust Company.“DFS took the lead in 2015 in regulating the virtual currency market, and we continue to be vigilant concerning risks in these markets. Market manipulation presents serious risks, both to consumers and to the safety and soundness of financial services institutions,” said Superintendent Maria T. Vullo. “As the cryptocurrency markets continue to evolve, DFS is directing virtual currency companies to take the necessary steps to guard against fraud, and to be extra vigilant about manipulation. By these actions, the market can evolve with strong regulatory supervision.”All Bitlicense Firms to Report RisksIn its guidance paper, the DFS also directed cryptocurrency firms to adopt measures that include effective implementation of a written policy to identify and assess the full range of fraud-related risk areas, including market manipulation. The policy should provides procedures and controls to protect against identified risks, allocate responsibility for monitoring those, and provide for the investigation of fraud and other wrongdoing, whether suspected or actual.Immediately upon discovering any wrongdoing, a licensed cryptocurrency firm must submit a report to DFS with all the details. They must also submit, as soon as practicable, further reports of any developments along with a statement of the actions taken, and a statement of changes put in place in order to avoid repetition of similar events.What could have prompted the regulator to suddenly fear manipulation in the crypto market? Tell us what you think in the comments section below. Images courtesy of Shutterstock.Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

These Startups are Making Blockchain Technology and Cryptocurrencies More User-Friendly

Source : These Startups are Making Blockchain Technology and Cryptocurrencies More User-Friendly Blockchain distributed ledger technology had existed in theory long before Satoshi Nakamoto implemented the world’s flagship cryptocurrency. In essence, we can rightly say that Bitcoin has made the Blockchain technology famous. As such, some intelligent startups have taken the challenge upon themselves to make cryptocurrencies more user-friendly. Divi Project The project leaders of the Divi startup, Geoff McCabe, and Tim Sanders are of the opinion that computer wizards created cryptocurrency for computer wizards, that’s why cryptos are very confusing for both businesses and consumers who are not as computer literate. The Divi team leads believe there is need to demystify cryptocurrencies further to make them easier to use by everyday people. McCabe explained that: “People who are first getting started with cryptocurrency quickly get confused by the jargon associated with it. For example, people believe they put their cryptocurrency in a wallet, however, if they understood how it works, they would know that the coins don’t actually live inside the wallet, instead, the currency is unlocked with an encryption key.” The team is focused on creating a solution through its Divi project, that will make the buying, selling and spending of cryptocurrency as easy as possible. “If a person wants to spend or send money in cryptocurrency right now, it’s a long process. ‘It’s not PayPal-easy,’ which is inhibiting its mainstream adoption.” The Geeks have a vision of creating a crypto-based payment solution that would work like other non-Blockchain digital wallets like PayPal, Apple Pay, Google pay and others. In essence, the Divi project will simplify the use of Blockchain-based digital currencies, making it easy to use by even “crypto-greenhorns.” Sanders declared that their cryptocurrency solution would revolutionize the ecosystem the way social media has decentralized publishing. In his words: “Cryptocurrency decentralizes money the same way social media decentralized publishing. We all become currency owners and creators.” Circle Internet Financial Limited In its early days, Circle was primarily a service for people to buy and sell Bitcoin for cash. However, the firm has evolved significantly since it received colossal funding from investors like Goldman Sachs, which injected $50 million, Accel Partners and Breyer Capital. Circle is now focused on the use of blockchain as a payment platform, just like PayPal, Skrill and other digital payment platforms. Apart from Divi and Circle, platforms like HumanIQ, Brickblock, BlockEx and a host of other blockchain-based startups are all working round the clock to revolutionize the blockchain and cryptocurrencies ecosystem. With time, blockchain technology and cryptocurrency will hopefully fulfill it’s cyberpunk premonitions just like the internet and to some extent, mobile phones. The post These Startups are Making Blockchain Technology and Cryptocurrencies More User-Friendly appeared first on BTCMANAGER.

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