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2 Jun 0

Bitcoin regulation: EU to oversee digital currencies

Bitcoin regulation in Europe is moving forward after the decision of EU to fund a new tool.
This initiative about digital currencies surveillance is backed by $5m in funding from the EU and it involves a few government agencies and academic researchers including Interpol, Interior Ministries from Spain and Austria, Finland’s National Bureau of Investigation, and University College London.

In an official statement, members explained that the idea came because of the recent events of ransomware attacks all arount the world.

At the same time, those involved in the project argue not to violate user privacy rights.

“The consortium will analyse legal and ethical requirements and define guidelines for storing and processing data, information, and knowledge involved in criminal investigations without compromising citizen privacy,” said Ross King, senior scientist for the Austrian Institute of Technology (AIT) that is one of the research institutions involved in this project.

That the EU would take this approach is not surprising as they previously pushed aggressively for greater control on cryptocurrency users back in 2016, with the European Parliament following suit earlier this year.

Read more about bitcoin regulation in Europe by clicking here.

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Amelia Tomasicchio
luxembourg 2131279 960 720
15 May 7

Luxemburg to launch a Blockchain ID platform

blockchain idLuxTrust, together with a Massachusetts-based startup and the support of the Luxembourg government, is building a new Blockchain ID platform.

Announced today, the project sees also the participation of the US startup Cambridge Blockchain.

 

Luxembourg owns two-thirds of the LuxTrust company, and the rest is handled by a consortium of banks and financial institutions that utilize the service itself.

LuxTrust is now working on how to integrate the blockchain, paving the way to its 500,000-strong subscriber base to use the distributed ledger in some capacity.

According to Matthew Commons, CEO of the Cambridge Blockchain, this partnership was born thanks to an initial conversation about blockchain ID.

“By combining LuxTrust’s current certified services such as authentication, signature and document management with our innovative blockchain-based enterprise software, our collaboration will deliver the future of digital identity for Europe and beyond,” he explained to Coindesk.

The Blockchain ID platform will be rolled out during the next few months, in what Commons called something like a “soft launch”.

He explained that one of the most important reasons for the creation of the Blockchain ID platform is the data-centric regulation (including the European General Data Protection Regulation) that are due to come in mid-2018.

“Working with Cambridge Blockchain allows us to augment the scope of identities, including any attributes, and will enable users to share personal data fully respecting the increasingly stringent European regulatory framework,” commented LuxTrust’s CEO, Pascal Rogiest.

Back in February 2017, the Cambridge Blockchain company raised  $2m in a funding round, receiving support by VC firms Partech Ventures and Digital Currency Group. Commons also explained that his startup wants to complete a new Series A round by the end of 2017.

That said, we’re very happy to read about the Luxembourg government involvement in a blockchain-related project since HolyTransaction is based here.

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Amelia Tomasicchio
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bitcoin users
19 Apr 0

Bitcoin users growth: read the University of Cambridge’s research about cryptocurrencies

According to a recent research conducted by the University of Cambridge, bitcoin users number has increased by four times in five years.

The research explains that bitcoin active wallets surged from 8.2 mln in 2013 to nearly 35 mln in 2016, suggesting that the number of active wallets ranges from 7.5% to 30.9% of the total number.

The Global Cryptocurrency Benchmarking Study by the Cambridge Centre for Alternative Finance at the University of Cambridge suggested an estimated number of unique active bitcoin users wallets to be grown from between 0.6 mln and 2.6 mln in 2013 to currently between 5.8 mln and 11.5 mln in 2017.

This study – led by Dr. Garrick Hileman & Michel Rauchs – is the first of its kind to examine the growing global cryptocurrency industry and its exchanges, wallets, payments and mining platforms.

The research, in fact, is not only focused on bitcoin users, but also on cryptocurrencies in general.

“81% of wallet providers are based in North America and Europe, but only 61% of wallet users are based in these two regions,” the study which collected non-public data from nearly 150 companies and individuals states. “Almost half of all wallet providers are located in the United States and the United Kingdom. If we break down origin by world region, Europe is leading with 42% of wallet providers, followed by North America with 39% and Asia Pacific with 19%.”

North American wallet providers think that the current regulation is good and 57% of European and 2% of Asian-Pacific wallet services seem to be satisfied with the existent regulation.

Exchanges have to gain more popularity yet as only two of the 51 exchanges included in the research can provide a decentralized platform: 40% of North American wallet platforms said that the existing regulation is excessive and too strict – a point of view shared by 14% of European companies.

Another focus of this study is the innovative and rapidly changing of the cryptocurrency economy that is becoming more fluid in a few countries.

It says the line between exchanges and wallets is more and more “blurred” and several other digital currencies after Bitcoin are now supported by a growing environment as they are able to be used in a wide range of use cases.

Also, it argues that security-related problems and the lack of clarity about digital currencies regulation will continue to be prevalent in the next future.

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Amelia Tomasicchio
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20 Feb 0

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.

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Amelia Tomasicchio
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BlockchainandBitcoinregulationYesornot
4 Feb 0

Polish Bitcoin regulators recognized it within the country

Polish Bitcoin regulators decided to recognize the digital currency within the country.

In fact, the country’s Central Statistical Office (GUS) revealed its decision to recognize the trading and mining of digital currencies as an official economic business in Poland.

This is the reason why from now on companies active in the Polish industry are be able to register themselves with the agency.

Businesses who are involved in cryptocurrency trade and production activities can now apply to obtain an official PKD 64.19.Z registration, the GUS explained in a press release.

This news highlights a significant step forward for industry workers in Poland where currently there isn’t an official regulation or legislation about neither bitcoin or other digital currencies.

Earlier this year the Polish Ministry of Finance released a few documents that expressed the status of legality for bitcoin and cryptocurrencies in general.

Also, in a statement published back in November, the finance ministry commented what follows:

“there is a lack of a general, legal definition of virtual currency in international, European and national law”.

This explains that digital currencies are subjected to income tax, even if they are not subject to any separate regulation according to the Polish legislation.

Polish ministry also commented:

“It should also be stressed here that their use in Poland is fully legal.”

Polish Bitcoin studies

To explore the legal and financial implications of the use of the Polish Bitcoin use, government of Poland has created a new group of blockchain and virtual currencies experts.

This Polish Bitcoin task force was established under the surveilance of the Polish Ministry of Digital Affairs, and according to thePolish government’s program titled “From Paper To Digital Poland“ that was written by the Cabinet back in June 2016.

This task force will be responsible to prepare analyses for use by other government agencies in their legislative work and the possible chance of a Polish Bitcoin and digital currencies regulation is one of its goals and interests.

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

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Amelia Tomasicchio
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parliament
21 Jan 0

Blockchain Cybersecurity: read the full report

As explained by a major IT agency for the European Union, financial companies should be careful  to blockchain cybersecurity issues if they want to implement the blockchain.

The European Union Agency for Network and Information Security (ENISA), in fact, published a new report on the distributed ledger, highlighting the security issues that large companies might experience if they decide to adopt blockchain tech.

Key management, data privacy and smart contracts are some of the most important topics discussed in the ENISA report.

This is the first time the agency, created back in 2004, published a report on the technology. Last year, ENISA published a glossary on its official website.

On the page there was an overview of blockchain, saying “it is too soon to tell whether blockchain will live up to its promise”.

According to this newest report, financial businesses should give high attention to security issues.

Udo Helmbrecht, executive director of ENISA, explained in an official statement:

“Cybersecurity should be considered as a key element in the blockchain implementation by financial institutions.”

Code review and mechanisms for accessing to distributed networks should be important, commented the report. Also it highlights that banks and financial institutions should think about the blockchain cybersecurity challenges of handling digital asset wallets.

Click on the link below to read the full copy of the report:

WP2016 3-1 4 Blockchain Security by CoinDesk.

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Amelia Tomasicchio
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bitcoin money
19 Jan 0

HolyTransaction Trade: opinions and news

HolyTransaction Trade is our new service to allow you to buy and sell your Bitcoin with low fees and instant conversion.

HolyTransaction Trade is a virtual exchange for users that want to convert their digital currency into fiat currency and vice versa, through Halcash ATMs, bank transfer, Bitcoin virtual credit card and more options available worldwide.

Click here to read more about HolyTransaction Trade and start converting from/to your favorite cryptocurrency.

We launched this service a few weeks ago and now we want to share with you a few articles written by magazines from all around the world about HolyTransaction Trade.

HolyTransaction Trade on magazine

We received a widespread of our press releases and news in Asia, America and Europe and we cannot be happier for the support we received in the latest days.

As you might know, we had a few issues during 2016, but this is a new year: all problems are disappeared and we are stronger than ever with a new service and more strength to improve our work and your experience with us.

Click on the image below to watch a recent video published on YouTube by the Russian KCN.

holytransaction_trade

Also, please click on the images below to the read the full press release published on the major magazines about Bitcoin and the Blockchain, including Cointelegraph Espana, CryptoCoin News, Bitcoin.com, and more… 

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Amelia Tomasicchio
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SMS Halcash 1
13 Jan 0

Halcash Bitcoin: buy and sell with ATMs in Spain

Holytransaction Trade is a new virtual exchange to convert your Bitcoin into fiat currencies and vice versa, offered by the HolyTransaction wallet company.

You would think that Holytransaction Trade is a service that can be found anywhere on the web to sell and buy bitcoins. But it is not true, as HolyTransaction Trade allows you to do much more.

HalCash Bitcoin ATM in Spain

On HolyTransaction Trade you can convert bitcoin into fiat currencies and pick them up physically in a banking ATM.

Thanks to a partnership with HalCash, in fact, you can convert your Bitcoin into Euro and withdraw cash in every banking ATM (only banks that are members of HalCash’s network) based both in Spain and Poland with a total of more than 10,000 ATMs in Europe.

HalCash Bitcoin withdrawal process is very simple and you can do it in a few steps following the official guide provided by HolyTransaction.

Instead of typical platform, Holytransaction Trade will provide you an instant exchange as soon as the deposit is confirmed on the Bitcoin network.

Also, the newest HolyTransaction platform allows you to buy Bitcoin in Spain with Teleingreso, a fast, easy and secure payment option that allows you to buy Bitcoin through its network of more than 3000 ATM machines, 2000 post offices and 300 retail outlets.

When you select Teleingreso as online payment method, the system automatically generates a unique 9-digit transaction code. The transaction is pending until you visit any of the locations to make a payment, and then the information is instantly provided to us.

To use HolyTransaction Trade, you don’t need a wallet on HolyTransaction.com.

In fact, to use HolyTransaction Trade there is no need of registering on the platform and you can also use our exchange platform if you have a different wallet provider.

Also, the newest HolyTransaction platform allows you to create a prepaid virtual visa card with Bitcoin to buy everything you want online, as almost every e-commerce accepts VISA payments.

HolyTransaction Trade for mobile

Each service is available and works in less than 24h, and can also be done on your smartphone, using the HolyTransaction Trade app you can download on Google Play for free.

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

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Amelia Tomasicchio
denm MMAP md
15 Dec 0

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.

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Amelia Tomasicchio
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OldWorld BTC 2
8 Dec 1

Saxo Bank Bitcoin Prediction for 2017

Today the Danish investment bank published its Saxo Bank Bitcoin Prediction for 2017, where it explains that wouldn’t be surprised if the bitcoin price will see huge growth during next year.

Saxo Bank, in fact, recently published its annual “Outrageous Predictions for 2017”, a list of speculations that represent its effort to get financial industry think about more possibilities and revolutionary projects for the next year.

In addition to the prediction that UK will not actually leave the European Union (EU) and that Italian equity prices will soar thanks to the European Union led bailout, Saxo Bank affirmed that the bitcoin price will reach a value of more than $2,100 by the end of 2017.

Among its reasons the prediction explained that the American President’s administration might cause turbulence in the American economy, so this can be a good reason for people to invest in digital currencies like bitcoin.

Saxo Bank Bitcoin prediction explains:

“If the banking system as well as sovereigns such as Russia and China move to accept bitcoin as a partial alternative to the USD and the traditional banking and payment system, then we could see bitcoin easily triple over the next year going from the current $700 level to +$2,100 as the block-chains decentralised system, an inability to dilute the finite supply of bitcoins as well as low to no transaction costs gains more traction and acceptance globally.”

Altough this Saxo Bank prediction doesn’t represent an official position, it is not the first bullish indication the bank has made during its career.

In 2014, then-current CEO Lars Seier Christensen explained his personal interest in bitcoin, describing it as a great opportunity for worldwide investors.

At the time, Christensen had also mentioned about early testing of the technology within Saxo bank, although later he explained that liquidity problems at the time were keeping banks on the sidelines.

Source: coindesk.com

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

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Amelia Tomasicchio
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