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The state of California has approved a bill to regulate digital currency businesses, Kim Dotcom’s wins court decision against US authorities, BlockTrail Acquires SendChat, and more news
state of California, digital currency businesses, regulations, Kim Dotcom, court, BlockTrail, SendChat, New Jersey, PayPal, hackers, Paxful, KnCMiner
The state of California has approved a bill to regulate digital currency businesses, Kim Dotcom’s wins court decision against US authorities, BlockTrail Acquires SendChat, and more top stories for June 4.
The State Assembly of California has approved a bill that would regulate how digital currency companies operate within the state.
Bill AB-1326 was approved with a 55-22 vote in favor. The legislation was crafted by Assemblyman Matt Dababneh, chairman of California's Banking and Finance Committee, reported Coindesk.
“Currently undergoing review by California's Senate – having already completed the first of three readings – if passed, the bill would require digital currency businesses to obtain an annually renewable license from the Department of Business Oversight (DBO), unless they are exempt from doing so by the agency.”
Kim Dotcom, best known for the MegaUpload scandal, has received a temporary reprieve after a New Zealand court ruled that the US government could not go ahead with its plans to seize his property worth US$67m.
“The application of the fugitive disentitlement doctrine to a person who is exercising a bi-laterally recognized right to defend an eligibility hearing, with the result that he is deprived of the financial means to mount that defense, is to put that person on the horns of a most uncomfortable and (the plaintiffs would say) unconstitutional dilemma.”
Two legislators in New Jersey have presented a bill to the state’s legislature that seeks to create a favorable Bitcoin regulatory framework. The Bill (A4478) if passed will be a positive step in bringing Bitcoin to the mainstream.
An excerpt states that the bill will be used:
“[t]o promote innovation in the burgeoning digital currency industry, to protect consumers of digital currency services and to create jobs in the State of New Jersey."
PayPal has given itself a right to robocall you with advertising in its new terms of service, which are set to be effective from July 1. The company is officially splitting from eBay, its parent company, and that has resulted in new changes to the terms of service.
Customers do not have the option of opting out of receiving calls and texts from the company except by closing down their accounts.
"If you do not agree to these amended terms, you may close your account within the 30-day period and you will not be bound by the amended terms."
BlockTrail, a platform that provides Bitcoin infrastructure for developers and new enterprises, has announced on a blog post that it has acquired SendChat. The latter is a digital currency messaging app that allows for secure app-to-app cryptocurrency transactions.
SendChat’s founder, Alejandro De La Torre, has joined BlockTrail as part of the deal. Some of his new responsibilities include reinforcing BlockTrail’s business and marketing efforts and leading new project developments.
“Over the past few months we’ve been working closely with SendChat, which was using our platform for its infrastructure and security. As we continue to grow, we are always monitoring the Bitcoin and financial technology space for companies that can help further our own mission and which we have synergy with."
Police in Brisbane, Queensland, Australia have said that criminals hacked and stole sensitive data from a company based in the city. The hackers went ahead and demanded a ransom of AU$14,000 in BTC.
The company did pay the amount but not before the hackers threatened to hurt a child of one of the company's senior staff members.
Brian Hay, Acting Assistant Commissioner:
"They had obtained innocent photographs, but the threat was they would harass, menace and ruin this child's life.”
Mirror, an online Bitcoin exchange as well as a smart contract and peer-to-peer trading platform, has raised $8.8 million in a Series A venture financing that included Ripple Labs, Route 66 Ventures, Battery Ventures, and Tim Draper.
Route 66 venture partner Pascal Bouvier is set to join Mirror’s board of directors as part of the deal.
Paxful, a P2P Bitcoin exchange, has launched with a keen interest in German-ased Bitcoin traders. It prides itself as the platform that enables peers to exchange value for profit and savings. The startup also seeks to establish itself as the first global peer-to-peer marketplace to go mainstream.
KnCMiner has announced that it plans to build a new 20MW green hydro-powered data center in Boden, Sweden. This is part of its larger expansion program and comes only days after the company became first in the world to deploy a 16-nanometer chip at scale.
Already the company has a presence in the Boden area, which is located near the Arctic Circle in Sweden, with two centers totaling 30 MW.
KnCMiner stated in its press release:
“This new 20MW datacenter is to be built in two stories, each measuring 1,700m2 (~18,000ft2), equaling the size of roughly four basketball courts. KnCMiner has also purchased land to prepare for a further expansion of the new build – all adjacent to a new hydro powered 120MW substation with quadruple redundancy, being built nearby.”
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