Bitcoin News Roundup – 5 Jul. 2015

Posted by: DeepDotWeb

July 5, 2015

Recapping the week’s biggest Bitcoins stories from around the web.

Greeks are turning to the bitcoin as a result of the current banking crisis. According to CNN Money, there is an increasing number of Greeks are registering to online trading platforms, mainly the German Bitcoin.de, in an effort to investigate the benefits of the bitcoin compared to the euro and if there is a point in trading in the digital currency. In addition, it is estimated that the bitcoin trades from Greece on Bitstamp have skyrocketed to 79%.

Reveal, the mobile startup, is looking to become a huge social network by issuing its own cryptocurrency to sponsor network expansion. Michael J. Casey of The Wall Street Journal reports that Reveal has raised $1.5-million to promote its own network with the contribution of private investors, including Mike Hirshland of Resolute Ventures and Adam Draper of Boost VC. Within the first year, the members of Reveal will be rewarded with 1,000 Reveal Coins (RVL), while there is an option for a 10,000 RVL reward for every referred friend who joins the network and 100 RVL for every “like” gained in their posts.

BitGo, the secure bitcoin wallet company, provides a financial transparency service to businesses.

As Brian Booker of 99bitcoins writes, the “Verified by BitGo” service is created to enable companies to validate their financial solvency online, including the bitcoin. Following several bitcoin scams and collapse of bitcoin exchanges, the BitGo service is expected to increase the extra security and transparency required in the cryptocurrency space.

Regulation

The Financial Action Task Force (FATF) takes action against money laundering using the bitcoin. According to Joseph Young of Bitcoin Magazine, a report released by the FATF serves as a directive for using the virtual currencies, highlighting the potential risks of money laundering and terror financing. The report explains how the bitcoin can be used as “a means for money laundering and discusses policies for the regulation of the digital currency”, following the Brisbane meeting where 34 nations participated along with the European Union (EU) and the Gulf Co-operation Council (GCC).

In a letter addressed to the Finance and Taxation Committee, Manoel Junior, a Brazilian congressman requests a public hearing on the bitcoin. As Gola Yashu of NewsBtc writes, Mr. Junior has not proved record of any sort of affiliation with the digital currency and he speaks out for the first time in his political career in support of the bitcoin. In addition, Mr. Junior is supporting coinBR, the Brazilian bitcoin exchange, aiming to boost the digital currency market in the country.

The UK should regulate the bitcoin firms, says Silicon Valley Bank. As Yessi Bello Perez of Coin Desk reports, the US bank has submitted a report to the UK Treasure suggesting the legalization of the bitcoin activity in the UK. According to Silicon Valley Bank, the bitcoin regulation could help leverage the potential risks of dealing with virtual currencies and would provide a legal framework for the bitcoins firms to operate. “The [UK] government should lead and ensure accountability, sustainability, credibility and liquidity of digital currency participants or designate an appropriate body to the same”, the report notes.

Payments

Coinay allows people to use the bitcoin in 3,000 Spanish retailers. As P. H. Madore of CryptoCoins News writes, Coinay is a service that allows the consumer to purchase a voucher and then redeem the value in bitcoins. According to Paolo Premoli, Coinay Head of Sales South Europe “we can enable customers to buy easily bitcoins in retail locations all over Spain. Using vouchers makes buying bitcoin fast, easy and convenient for customers.” The value of the vouchers ranges between 10 Euros and 100 Euros.

Hotelgo24.com offers free bitcoins for bookings. According to Ebt Travel News, the international online booking website has launched a strategy to increase the number of online bookings by offering to customers up 5% of bitcoin cash back for every booking. The startup offers a wide range of accommodation around the world, including 130,000 hotels in 198 countries.

Updated: 2015-07-05