Federal Reserve Outlines What Community Bankers Should Know about Virtual Currencies

Posted on Posted in Bitcoin, Blockchain, Financial Services, Regulation, Virtual Currencies

Wallace Young, director of The Federal Reserve Bank of San Francisco, published an advisory outlining the potential challenges for community banks when working with bitcoin firms and consumers. Providing banking services to these entities presents some unique risks and challenges Due to continued growth of bitcoin and other virtual currencies, Director Young emphasizes that “opportunities […]

Bitcoin is Good for the Financial Sector

Posted on Posted in Bitcoin, Blockchain, Financial Services

In a recent article in the New York Times, Michael Beckerman, President and Chief Executive of the Internet Association, outlines the benefits of allowing Bitcoin to flourish. He points our that “after the financial crisis, the prevailing wisdom was that most financial innovations, like derivatives, were dangerous.” However, “Bitcoin has proved to be a financial […]

Leading Banks Join Forces to Explore Blockchain Technology

Posted on Posted in Bitcoin, Blockchain, Financial Services

On September 29, thirteen of the “world’s leading banks joined a project to explore the possibilities behind using [blockchain technology] in the mainstream financial world” according to an article posted on CNBC’s website.   The blockchain is the protocol upon which the digital currency Bitcoin is based.  In simple terms the blockchain can be considered […]

Bitcoin is Now a Commodity

Posted on Posted in Bitcoin

Regulators from the U.S. Commodity Futures Trading Commission (the CFTC) have determined that Bitcoin and other virtual currencies should be considered a commodity covered by the Commodity Exchange Act just like oil or gold. As a result, if a company wants to run a Bitcoin trading platform it must register with the CFTC and comply […]

Bitcoin, Blockchains and Cryptocurrency: 3 Pillars of a New Economy

Posted on Posted in Bitcoin, Blockchain

At a keynote address given for the York Angels Investors group, William Mougayar noted that the key component of Bitcoin is its underlying technology – the blockchain.  The blockchain is “decentralized, auditable and secure.”   With blockchain there is this concept of smart property.  Mr. Mougayar describes smart property as “a digital asset.”  This is the very essence of […]