Digital money users do not have to pay value added tax (VAT) on Bitcoin transactions in Switzerland. The Swiss Federal Tax Administration (FTA) has announced there will be no VAT on Bitcoin transactions, according to Bitcoin Association Switzerland.
The Monetary Authority of Singapore, the city-state’s central bank, has funded a block chain-based record-keeping system as part of a five-year investment plan aimed at financial technology. Managing director Ravi Menon announced the Financial Sector Technology & Innovation initiative during a speech at the Global Technology Law Conference 2015 in Singapore.
The European Banking Association (EBA) has issued a new research paper on Crypto technologies, a major IT innovation and catalyst for change. The paper covers four use cases of crypto technologies: currencies, asset registries, application stacks and asset-centric technologies. The EBA paper perceives the distributed ledger to be the driving innovation:
Despite the digital currency’s reputation connected with criminal activities, bitcoin is hardly a proper tool for money laundring nowadays. Even Jeffrey Robinson, the author of 1990s classical book on money laundring, states this. Bitcoin is too small for money laundring: “… when it comes to transforming dirty money into apparently legal income… which is the function of all money laundering processes… it simply stinks.”
This is the title of a guide to the monetary and banking system by English economists. It is a must read if you really want to understand how the system works, and what money is nowadays.
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.
German Fidor Bank brings Bitcoin to mainstream banking and expands overseas.
Fidor Bank CEO Matthias Kroener commented: “The prompt conducting of Bitcoin transactions from one bank customer to another bank customer enhances security massively. As such Fidor Bank is setting a further milestone in digital banking.”
The other day we were discussing the possibility of state-made cryptographic coins for book money creation by banks.
In such a scenario, banks would issue digital money against credit following the pattern of book money creation. At the end of the day, there would be digital cash pegged to legal tender besides the usual metal coins and paper monies.
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.