Thursday, 11 June 2015

BitNews110615


First-Ever iPhone App for Trading Every ‘Major’ Digital Currency Released

ShapeShift CEO Erik Voorhees has spoken out against exchange security protocols at the launch of its multi-currency iOS app, calling them “archaic and insecure.”

Quoted in a press release about the app, which ShapeShift says is the first to allow trading of all “major” digital currencies including Monero and Counterparty, Voorhees today stated that security and data protection had already departed from current norms.

“Most exchanges hold customer funds and extract personal information, which is an archaic and insecure model,” he said. “Mt. Gox was a teachable moment for everyone in the Bitcoin community and ShapeShift has innovated these problems out of the picture.” Read More...



Ecuador’s e-Money Initiative Outlaws Bitcoin, Makes Mandatory for Banks to Follow Dictate

In July 2014, the National Assembly of Ecuador banned Bitcoin and decentralized digital currencies while establishing guidelines for the creation of a new, state-run currency, not a lot of people had thought the country would move so fast on the initiative. However, now Ecuador’s e-money initiative is about to see wider institutional involvement following a government directive.

In a mandate in Resolution 064-2015-M, released on May 25 in the official register, the central bank of Ecuador gives the banks 360 days to get on board. With this, President Rafael Correa’s government is pushing forward with its own brand of centralized digital currency. The directive says that Ecuadorean banks that possess $1b or more in assets have 120 days to integrate. Similarly, the banks with less than $150m have 360 days as of 26th May to add support. Banks with an amount of assets that fall between those amounts have 150 days to do so.

Earlier the last year, the National Assembly had issued a statement declaring that the new electronic money would offer benefits to both the under-banked and the broader economy. Interestingly, on one hand, the government is pro-cryptocurrency; on the other hand, it bans Bitcoin – this has not gone well with the Bitcoin supporters in the country.

Then the National Assembly had said:

“Electronic money will stimulate the economy; it will be possible to attract more Ecuadorian citizens, especially those who do not have checking or savings accounts and credit cards alone. The electronic currency will be backed by the assets of the Central Bank of Ecuador.”

The latest document released and signed by the Economic Policy Minister Patricio River Y├ínez makes it mandatory that all entities of the public, private, and cooperative financial sectors are obliged to incorporate themselves as macro agents within the Electronic Currency System. It also makes it mandatory for financial institutions to provide an electronic tender option for all the services that they currently offer and those that they will subsequently offer. Nonetheless, the guidelines also mention that each bank will thus have to open an account with the government-run Electronic Currency System. Read More...





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