JUN 1 DIGEST: Ecuador Orders Banks to Adopt State Digital Currency, Playboy Writes About Bitcoin

The state of Ecuador has ordered financial institutions in the South America country to adopt the Official Electronic Currency, Playboy has published an article about Bitcoin and more news

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JUN 1 DIGEST: Ecuador Orders Banks to Adopt State Digital Currency, Playboy Writes About Bitcoin

The state of Ecuador has ordered financial institutions in the South America country to adopt the Official Electronic Currency, Playboy has published an article about Bitcoin and more top stories for June 1.

Ecuador orders banks to adopt the country’s official electronic currency

The Ecuadorian government has ordered all local financial institutions to adopt a state-sponsored digital currency. The nation’s central bank has given banks and other players 360 days from May 25 to include it in their products.

Through the electronic system, the South American state seeks to raise efficiency in payment systems and ultimately achieve economic stability in the country.

Economic Policy Minister Patricio River Yánez:

“All entities of the public, private, and cooperative financial sectors are obliged to incorporate themselves as micro-agents within the Electronic Currency System.”

PopChest announces bitcoin paywall for YouTube, other video websites

A Santa Monica-based Bitcoin startup, PopChest, has announced a beta version of a micropayment solution for video consumption. This is a service that will make it easy for content creators on Youtube and other video websites to get paid directly by viewers.

To use the service, the content provider will go to PopChest and enter the URL of the videos after uploading them. Viewers will be asked to unlock the video by sending micropayment to a displayed a QR code address.

Playboy’s Bitcoin article

Playboy, an American men's lifestyle and entertainment magazine, has published a detailed article on Bitcoin. The magazine, which Hugh Hefner founded in 1953, is one of the world's best-known brands and thus its coverage of the cryptocurrency is significant.

The article delves into the use of QR codes and how, together with Bitcoin, this technology makes it possible to send money unanimously and quicker.


“So far, Bitcoin users have been among the most enthusiastic adopters of QR codes in America. Scanning a QR code for someone’s Bitcoin wallet allows you to send them a specified amount of the digital currency.”

CryptoSteel Hardware Wallet raises double the goal amount

CryptoSteel, stainless steel cold storage system, has raised over US$16,000 in twelve days of crowdfunding. This is double the US$8,000 the startup was seeking for the project when it set up the 30-day campaign. The company is raising the funds for special assembly line tools, which will keep retail prices of the end product at a minimum.

IndieGoGo website:

“We have spent the last few months working hard to bring our vision to life and this campaign has been worth every minute thanks to all of our generous supporters. We will continue to keep you posted on what your donation helped us to achieve. You are part of our ‘Cryptosteel’ community.”

Cubits and Wikando partnership brings bitcoin option to 900 charities worldwide

Cubits, a Bitcoin service provider, has announced a partnership, which has taken eight months to coordinate with non-profit fundraising service Wikando . According to a press release, this arrangement gives about 900 charities worldwide the option of accepting donations in bitcoin.

Wikando is a pioneer fundraising-as-a-service platform that was started in 2008. Since then it has attracted big names such as Oxfam, Amnesty International, The Salvation Army, and Doctors Without Borders.

Peter Kral, Chief Technology Officer, Wikando:

“We are always looking for ways to expedite the donation process, whether it’s making it faster, cheaper, more secure, or more readily accessible to anyone, anywhere. Accepting Bitcoin was the obvious choice, and Cubits helped us make this choice a reality.” 

Apple approves Bitcoin tipping app ‘Game of Birds’

Apple has approved the release of a free to download iOS app "Game of Birds," which rewards players with bitcoin. In the game, you must help a chick trapped under an avalanche of owls escape. To do this, you strategically place bombs and blow up the owls to create an escape route, which earns you bitcoins if done successfully.

Apple approves Bitcoin tipping app ‘Game of Birds’

Commonwealth Bank of Australia advises banks to embrace Bitcoin and other forms of digital money.

David Whiteing, who is the Commonwealth Bank of Australia chief information officer, has advised banks to embrace technologies such as Bitcoin if they want to be ahead of the market.

David Whiteing:

"We have multi-currency bank accounts today, with 15 currencies available on your phone instantly in real-time, so it is not that difficult for us to take that technology and make that a loyalty point store. It shouldn't be that difficult for us to then add crypto-currencies to it, and whatever other means of payment transfers people might want."

Ugandan judge rules that mobile money operations are illegal

A Commercial Court in Kampala, Uganda has ruled that mobile money operations by five telecommunication companies in the country are illegal. This stems from the fact that they handle money while they are not registered as financial institutions under the country’s laws.

Justice Christopher Madrama:

“MTN is not a financial institution. It needs to obtain a license from either bank of Uganda or any other commercial bank to carry out financial businesses and operate mobile money.”


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