A lot of people have been wondering as to why blockchain technology suddenly became of such interest to financial institutions around the world. There are several reasons attributing to this status with 2015 having been a year of many success stories. In the end, these stories might lead to the global adoption of Bitcoin as well.
In a surprising turn of events, the US Department of Justice [DOJ] organized a conference on digital currency and blockchain technology earlier today. Even though many people active in the Bitcoin space see the DOJ as one of digital currency’s strongest enemies, this conference will help the people in charge understand why these concepts are of such great importance to citizens and businesses.
Yesterday, we talked about Ante Coin and what this digital currency is trying to do differently, compared to Bitcoin and other currencies. Keeping compliance at the forefront of their thoughts, the National Aten Coin Foundation announced their upcoming event in Warsaw, Poland, which takes place a few days from now.
Aten Coin 2015 Conference
October 27 is an important day to mark in your event calendars, as this is the day during which the first Aten Coin 2015 Conference will take place in Warsaw. According to the information we have received, there will be over 100 influential guests in attendance, representing the Polish financial, business, and banking sectors.
Regulation and digital seem to be at opposite ends of the spectrum at times. While many digital currency enthusiasts feel that regulation is beneficial and ended, there are equally as many people who oppose the idea. One digital currency, called Aten Coin, has taken the opposite route, as it is fully compliant with regulations, AML legislation, and is thief-resistant.
Make sure to read: Gaming Marketplace Giant G2A.COM Accepts Bitcoin
Determining whether or not your current – or future – job is the right one for you, depends on quite a few different factors. Some employees value flexibility more than others, whereas most people stay at their current job because of the high wages. For others, room for growth is the main factor for staying on board or jumping ship. But in the on-demand economy, none of these factors are even remotely guaranteed.
The sharing economy has become more important in the daily lives of consumers all over the world. While established services such as Uber and Lyft are trying to break ground overseas, there is some stiff competition arising in China. Didi Kuaidi, the main competitor for Uber in China, received the country’s first official operating license for an internet-based private driver service.
Make sure to read: Bitcoin Boosts Number of Non-Cash Payments In Asia
Over the next few years, many Bitcoin clones will start popping up all over the world. Unlike what the virtual currency community has been used to in terms of altcoins, these clones will mimic Bitcoin technology without necessarily using a form of payment attached to it. That being said, the “new E-Gold” might try to steal Bitcoin’s crown, although there is no guarantee of success so far.
E-Gold: Virtual Payments Backed By Gold, However…
The topic of sending payments online in a convenient and secure manner has brought forth many types of platforms over the years. One of the most popular online payment solutions – for a while at least – was E-Gold, a platform that issued their own “currency” backed by gold assets.
Merging the existing financial ecosystem with the world of Bitcoin and virtual currencies is not an easy task. While there is a clear legal framework for the financial sector, virtual currencies are facing an uphill battle when it comes to regulation and legislation. However, there is a small light at the end of the tunnel, as Bitcoin derivatives exchange LedgerX received temporary approval from the Commodity Futures Trading Commission.
Bitcoin is, just like any other form of electronic or cash payment, subject to Know-Your-Customer regulatory requirements. Even though a lot of people flock to Bitcoin because of the illusion of being anonymous online, there is very little anonymity to be found in the world of virtual currencies. That being said, blockchain technology could be used to facilitate the KYC process, which is exactly what Tradle is trying to achieve.
Kraken is one of the most popular Bitcoin exchanges around the world these days. Not only does Kraken provide enough liquidity for high-volume traders, but they have also been appointed as a trusted “partner” for the Mt. Gox refund process. And things behind the scenes have been trucking along as well, resulting in appointing Howard Bernstein as their new Chief Compliance Officer.
Bitcoin Exchange & Compliance – Murky Waters
When it comes to regulation and compliance, Bitcoin-related services have to tread very carefully to not make any fatal mistakes. Depending on which part of the world you are offering your services from, the compliance landscape might be different from other countries or continents.