regulation

Bitcoin needs to prepare for the attack from banks and governments

“Bitcoin ought to be outlawed.” Those were the ominous words of economist Joseph Stiglitz in an interview with Bloomberg last week. He’s not the first to say it and he certainly won’t be the last. In its short lifetime, Bitcoin managed to survive against all odds It kept grinding through the collapse of Mt Gox. It outlasted critics and doubters …


Judge Dismisses Long-Shot Bid to Overturn New York Bitcoin Regulation – CoinDesk

The New York State Supreme Court has granted a motion to dismiss a years-long lawsuit that tried to overturn a technology-specific regulatory regime that targeted cryptocurrency, a newly released document shows.

Theo Chino, a former bitcoin entrepreneur, sued the New York State Department of Financial Services (NYDFS) in October 2015 over the regulation, often referred to generally as the “BitLicense.” Officially introduced in June 2015, the policy requires bitcoin-related firms that reside in the state to apply for a license to operate.

Chino accused the agency of over-regulating the bitcoin industry, claiming the restrictions it imposed overstepped its ability to regulate companies using the technology. He further claimed that NYDFS’s regulations forced him to shut down his own business.


Australian Banks Reportedly Freezing the Accounts of Bitcoin Users

The Australian banks which have been accused of freezing accounts of Bitcoin users have been listed as the National Australia Bank, ANZ, Commonwealth Bank of Australia, and Westpac Banking Corporation. The claim was made in a tweet saying that user activity associated with certain websites (BTC Markets, CoinSpot Australia, CoinJar, and Coinbase) have been affected as triggering suspicious activity on Australian users’ bank accounts.


Japanese Banking Giant Wants To Prevent Another Mt. Gox

Japan’s Mitsubishi UFJ Trust and Banking is preparing to launch a service that will protect cryptocurrency holders if the exchanges they use shut down or are hacked, reports Japan-based online publication Nikkei Asian Review.

The banking giant will keep matching records from cryptocurrency exchanges of customers who opt-in for the scheme. In the event the exchange fails or is compromised, Mitsubishi UFJ will compensate its clients for their losses according to the records they maintain.

Nikkei reports that the service will start with Bitcoin trading and could launch as early as April. Crypto exchange users who opt-in to have their funds protected by the Mitsubishi UFJ will be charged a fee for the service.

However, as CEO of Tokyo-based exchange Bitbank Noriyuki Hirosue asserts, the extra fee may be an easy price to pay for those who prefer to trust traditional financial institutions: