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Denmark Bitcoin: Digitalizing National Currency

Today I want to talk about the Denmark Bitcoin position and regulation.

Denmark is a place where its citizens relie on cash less than most other European countries, so it is thinking about digitalizing its national currency.

To do so, the Danish central bank wants to release its own digital currency based on a blockchain and it will be called e-krone.

Governor of the Danish central bank, Lars Rohde. commented that the government doesn’t want to print its own fiat currency in the future.

So Rohde is looking for outsourcing the production of Danish krone and wants to replace it with its independent financial system based on the distributed ledger technology: the e-krone.

In an interview conducted by Bloomberg, Rohde explained that the Danish central bank effort is not related to the blockchain technology or alternative fintech technologies:

“We’re not preoccupied with the technology because we know that issue well. Cash and notes are not an alternative to electronic payments. We went beyond that many years ago.”

Also, the most important problem the central bank is worried about is the anonymity of the e-krone.

At the moment, the Danish bank believes that the e-krone will have a serial number embedded onto its Blockchain, so the government will be able to track the currency thanks to a transparent ledger.

However, another issue about the anonymity of a currency are the predictable complaints by the Danish citizens who expect to be provided with financial freedom and privacy.

“All money held by Danes will eventually end up in the central bank in the event of a financial crisis, and we will indirectly end up doing a bailout because we become a creditor to all the banks.”

But the distributed ledger tech is not applicable to the concept of the Danish central bank, as structurally it cannot be established for the central bank as network moderator.

To read more news about Denmark Bitcoin position, click here.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Bitcoin regulation is necessary for its success, said Bank of Canada

According to a recent paper published by Bank of Canada, researches explain that Bitcoin regulation is necessary for it to reach worldwide success.

A paper published this week, in fact, suggests that digital currencies like bitcoin won’t succeed in the long-term without any government support.

To write this research, experts examinated the viability of virtual currency, looking to previous examples of Canadian currency such as the so-called “Dominion” as a guide.

This is not the first time Bank of Canada is involved in blockchain and bitcoin-related projects.

A few months ago, in fact, we saw Bank of Canada involved in the so-called “Project Jasper” to develop a prototype system for issuing a bank-backed digital currency and a payment system using the technology.

While we are still waiting to know more details about Project Jasper, the just released paper explains a common thinking among central banks on the topic of cryptocurrencies: bitcoin and other private digital currencies need goverment support to succeed.

“We conclude that well designed and managed private digital currencies could circulate widely but only with appropriate government regulation to ensure their safety, soundness, and uniformity.”

Bank of Canada has already expressed its concern about digital currency, saying a few years ago that digital money popularity could reduce the effectiveness of monetary policy.

“A central bank can always get its digital currency into circulation, but its digital currency will not necessarily drive out existing private digital currencies,” wrote the authors of the paper.

Bitcoin regulation worldwide

From Poland to Denmark, from Switzerland and Japan, several countries all around the world are working on Bitcoin regulation projects.

Recently European Commission created also a task force to study and regulate digital currencies and the blockchain within the whole country.

Click here to read more about Bitcoin regulation in Europe and beyond.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Poland gets first Bitcoin ATM with 30 more planned

Warsaw ATM boxed

The Lamassu machine arrives at Bitcoin Embassy Warsaw

(CoinDesk) Poland’s digital currency scene continues its rapid expansion with
the country’s first bitcoin ATM freshly launched in the capital Warsaw
and many more soon to follow, according to the operators.
Located at Bitcoin Embassy Warsaw, which opened this May, the new machine is manufactured by Lamassu and works in partnership with bitcoin exchange Bitstamp.
The Bitcoin Embassy was
set up to act as a hub for the Warsaw’s rapidly expanding bitcoin
scene, Piotr Hetzig, the company’s chief executive, told CoinDesk.
Launching the bitcoin ATM in the heart of Warsaw was aimed to boost the
visibility of the cryptocurrency in Poland, he explained.
However,
the company’s plans go even further than that. A second ATM is to be
made available shortly in the Polish capital, with a network of bitcoin
vending machines eventually to be rolled out across the country.
“By
the end of this year, as many as 30 bitcoin ATMs enabling [people] to
purchase and sell bitcoins are expected to appear in various parts of
Poland,” the operator said.
Bitcoin Embassy Warsaw aims to offer a
wide range of services tailored for bitcoin enthusiasts, as well as for
those who want to make their first step in the world of digital
currencies, according to Hetzig.
These will include training
sessions, consultancy services, meetings and events, as well as sales of
hardware for bitcoin mining. Initiatives to raise public awareness of
the cryptocurrency are also planned.

The
new Lamassu ATM is now open for business and can be found at Bitcoin
Embassy Warsaw on 46 Krucza street. Opening hours are currently Monday
to Friday, 10am to 6pm, but may become available 24/7 in the near
future.

Denmark gets its first bitcoin ATM

Meanwhile, the first publicly available bitcoin ATM in Denmark has been launched at Irish pub The Dubliner,
located on Copenhagen’s famous ‘walking street’. Also a Lamassu
machine, the ATM accepts Danish krone and is operated by local bitcoin
broker Sirius Money.
Bitcoin ATM Copenhagen

Image courtesy of Thorkil Værg

Thorkil
Værge, founder and chief executive of the company, said ”Denmark is one
the countries where bitcoin is the least regulated. The financial
authorities have stated that [anti-money laundering and know your
customer] laws do not apply to bitcoin, and that bitcoin is […]
considered a private non-taxable asset”.
As a result, “earnings on
bitcoins bought in Denmark are not taxed. On the flip side, losses are
not tax deductible”, he explained, adding:

“The
Dubliner is an excellent place to [site] a bitcoin ATM, since they have a
lot of customers and long opening hours. The pub is also located very
centrally near the Stork Fountain, which is the center of Copenhagen’s
shopping district.”

Værge further indicated that the
company is in the process of opening a subsidiary in the Spanish market,
to be called Sirius Iberia.

Bitcoin centre and ATM launch in Prague

In
another example of the cryptocurrency’s increasing popularity in
Central Europe, a bitcoin centre launched in Prague, Czech Republic, on
28th May
Robocoin Launch in Prague
ATM Selfie by wBTCb
The centre, which has already launched a two-way Robocoin ATM for its customers, was opened in the Czech capital’s Smíchov district, according to The Prague Post.
The establishment is operated by local bitcoin business wBTCb.cz,
and was set up to provide face-to-face services for those unfamiliar
with digital currencies, as well as consulting services to registered
clients.
The firm says it wants to become one of the main traders
in the country’s digital currency market, with workshops and seminars
designed to increase bitcoin’s visibility in the Czech Republic.
Martin Stránský, the company’s owner, ordered three bitcoin ATMs from US manufacturer Robocoin Technologies in December 2013 under a contract worth some 1,500,000 CZK ($74,200).
The
centre is located on the corner of Arbesovo náměstí and Elišky Peškové
street, with the Robocoin ATM available from Monday to Friday, 10am to
7pm, with a single transaction limit set at 25,000 CZK ($1,200).

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi