Monthly Archives: January 2014

Visa CEO Says Traditional Payment Networks Trump Bitcoin

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“Visa Inc. Chief Executive Officer Charlie Scharf said he’s more confident in traditional payment networks than in virtual currencies like Bitcoin.  ‘There are certainly some interesting things about Bitcoin and other things like it, but there are also a great deal of complexities,’ Scharf said today on a conference call to discuss quarterly results. Payments networks such as Foster City, California-based Visa are safer for consumers because of ‘the established network rules we have, the understanding of how things operate, understanding who the participants are, the fact that the business that we do has financial institutions on either side of the transaction.'”

http://www.businessweek.com/news/2014-01-30/visa-s-scharf-says-traditional-payment-networks-trump-bitcoin

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HSBC dumps small business accounts for multinationals

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“Banking giant HSBC is dumping some of its small business clients in favour of those with more internationally-oriented profiles.  Linda Bryan is the owner of a small pharmacy in White Rock, B.C., who has been banking with HSBC for 17 years. Recently, she received a letter from the bank informing her she has 60 days to transition to another financial institution.  And she’s not alone.   HSBC has been sending similar letters to small business owners in Canada and the United States for about a month. The bank will not say how many customers it is ridding itself of, but the number is large.  The Canadian Federation of Independent Business says the move is unacceptable.”

http://www.cbc.ca/news/canada/british-columbia/hsbc-dumps-small-businesses-for-international-profiles-1.2515068

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Bitcoins in Argentina: A New Safe Haven?

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“It is estimated that between 5,000 and 6,000 Argentines use bitcoins, making it the largest community in Latin America. According to the Fundación Bitcoin Argentina, around 50 to 60 local businesses accept the currency, and there are several hundred bitcoin miners.  Rodolfo Andragnes, vice-president of Fundación Bitcoin Argentina, says that the popularity of Bitcoin can be explained in part by the country’s economic past and present. ‘Argentina is very attentive to all these kinds of things. As a country we, all Argentines, have suffered financial crises many times… They see in Bitcoin an opportunity to avoid the problems that we suffer here,’ says Andragnes.”

http://www.argentinaindependent.com/currentaffairs/bitcoins-in-argentina-a-new-safe-haven/

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ATMs being rolled out in Australia for online currency Bitcoin

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“Bitcoin is traded computer to computer and has no central authority or government backing. It’s primarily used to purchase goods on the internet, and has no transaction fees.  A new company, Australian Bitcoin ATMs, is now planning to roll out 100 machines to try to increase the use of the currency. The company’s CEO is Chris Guzowski. ‘You can type in how many Bitcoins you want to sell, then our ATM goes onto an overseas Bitcoin exchange and executes that transaction for you and will spit out the cash for which you sold the Bitcoin for. And the opposite also applies, so you can put cash in and purchase Bitcoin.'”

http://www.abc.net.au/worldtoday/content/2013/s3935633.htm

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Bitcoin Arcade Machine is ‘On Like Donkey Kong’

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“The games room specialist that developed a bitcoin-operated pool table has released its arcade machine equivalent.  Liberty Games, based in the UK, has developed a method of retrofitting arcade machines so that gamers can play with bitcoin rather than a bag full of metal coins.  The company’s technical director Stuart Kerr said an arcade machine can be fitted with a Raspberry Pi, a simple credit-card sized computer, and other components so that gamers can send bitcoin to the machine owner’s wallet. The method is similar to the one used by Liberty Games to outfit pool tables to accept bitcoin. Kerr said.”

http://www.coindesk.com/bitcoin-arcade-machine-donkey-kong/

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Vera&John Becomes First Licensed Casino to Accept Bitcoin

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“Large online casino Vera&John has become the first licensed and regulated online casino to accept bitcoin deposits.  The Malta-registered site began taking deposits from customers on Tuesday, automatically converting them to Euros which would then be paid into customers’ accounts on the site. Customers making bitcoin deposits made at Vera&John will only be able to withdraw those deposits in bitcoin.  A customer’s account can be used to play over 200 slot games on the site. The back end software that runs the games therefore doesn’t have to be adapted to work with bitcoin in any way.”

http://www.coindesk.com/verajohn-becomes-first-licensed-casino-accept-bitcoin/

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Legal Online Gambling is Next Major Bitcoin Market

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“For the first time ever, the world’s largest and most comprehensive trade event in gaming, ICE Totally Gaming 2014, will feature a half-day seminar on bitcoin in the iGaming environment on 4h February. The London-based conference represents every gambling sector: betting, bingo, casino, lottery, mobile, online, and social gaming.  Moderated by iGaming attorney David Gzesh, the regulatory panel will assess the compliance challenges in dealing with bitcoin payment processing applications, including currency conversion, reduced transaction costs, payment finality, Know Your Customer rules, and coin management techniques.”

http://www.coindesk.com/legal-online-gambling-next-major-bitcoin-market/

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Show me the money: Hong Kong in “biggest ever” Bitcoin giveaway

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“Hong Kongers snapped up HK$500,000 (S$82,000) in Bitcoin vouchers on Thursday to mark the Lunar New Year in what organisers said was the biggest ever giveaway of the currency – though some were confused about how to use it.  Young women in short skirts handed out 50,000 coupons worth HK$10 around the city all day and into the evening. Vouchers were tucked into the red envelopes ubiquitous during the new year festival, embossed with the Chinese word for ‘luck’ in gold. The envelopes – known as ‘lai see’ or ‘red pocket’ – usually hold cash and are given to family, colleagues and anyone else who deserves a thank you.”

http://www.straitstimes.com/breaking-news/asia/story/show-me-the-money-hk-biggest-ever-bitcoin-giveaway-20140130

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New Hong Kong Bitcoin Exchange Welcomes Mainland Customers

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“A new Hong Kong bitcoin exchange has launched after raising $2m in funding from local investors.  The exchange, HKCex, said the funds came from ‘private financial institutions’ in the region.  HKCex is led by chief executive and chairman Pheng Cheah. The company said it will allow mainland China customers to open accounts and will also accept wire transfers from mainland bank accounts.  ‘Mainland customers are welcome,’ said Lavin Lam, a marketing and PR spokesperson for the exchange.  HKCex will also allow customers to use deposit and withdraw funds to credit cards using a PayPal gateway. This requires a signed authorisation form for transactions, Lam said.”

http://www.coindesk.com/new-hong-kong-bitcoin-exchange-welcomes-mainland-customers/

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China Bitcoin Exchange Restores Deposit Facility

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“Popular Chinese bitcoin exchange BTC China has restored a facility allowing customers to purchase bitcoin by depositing yuan into the exchange’s corporate bank account.  The move reverses a decision in December to halt such deposits, which the exchange made in response to a Dec. 5 memo from the People’s Bank of China warning national financial institutions not to trade in bitcoin.  Reached by phone in Shanghai, BTC China Chief Executive Bobby Lee said the change, which was implemented Thursday, was made after the company studied the PBOC memo and other rules that raised concerns about BTC’s banking activities.”

http://online.wsj.com/news/articles/SB10001424052702303743604579353783803642644

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