Zurich/Delaware, March 2015. The owner of the Payment21®-brand is now registered as a financial intermediary in Switzerland. The third-party processor is supervised by a semi-governmental regulatory organization for compliance with Anti-Money-Laundering (AML) laws and Know-Your-Customer (KYC) rules. This regulatory body acts on behalf of the Swiss Financial Market Authority.
IBM-expert is bullish on Bitcoin: “This is a field where you truly have to be interdisciplinary to make progress.”
Richard Gendal Brown is IBM’s-architect on innovation in banking and financial markets. In a Finextra interview he talks about the future of Bitcoin.
An event to be held by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) next month is set to include a panel of payments and cryptocurrency professionals.
Taking place in New York, the Business Forum panel will discuss cryptographic protocols and their potential impact on correspondent banks, those that provides services to other financial entities.
Singapore-based bitcoin startup CoinPip is one of 10 technology companies selected by a government agency to represent the country at this year’s South by Southwest (SXSW) event in the US in March. Notably, this is the first time a national government has shown such support for bitcoin enterprise development.
Even though cryptography fosters anonymous transactions, Bitcoin payments can be processed in a banking-complaint way easily
Cryptography protects basic privacy rights of Bitcoin owners. Digital money has a potential for criminal misuse – just like paper money. Therefore, regulators and bank’s compliance officers are concerned about the anonymity that comes with plain cryptographic transactions.
Currently, there about 280 Bitcoin ATMs worldwide. This number was reached in less than a year. Some Bitcoin enthusiasts compare Bitcoin ATMs with bank ATMs but forget to mention that there are more than 2 million of them available worldwide. It took 40 years to arrive at this impressive number. Rome was not built in a day.
The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, and was made of leather.