A new law introduced in the Netherlands last week could allow surveillance to tap the Bitcoin network, the Irish company Spartan Route comes to the rescue of Greek businesses with an innovative service proposal using Bitcoin to avoid capital controls, and more top stories for July 7.
New Dutch Law on Bulk Surveillance Allows Tapping of Bitcoin Network
A new law introduced in the Netherlands last week could allow surveillance operations to tap the Bitcoin network if investigations require it. The Dutch government released the bill for public consultation, meaning that there is still an opportunity for members of the Bitcoin community to weigh in with their suggestions.
According to technical security consultant Matthijs Koot:
“The services are authorized to, using a technical aid, wiretap, receive, record and listen to any form of telecommunications or data transfer via an automated work [a computerized system] regardless of location.”
Irish Company Offers Invoicing and Bitcoin Payment Service to Greek Businesses
With the banking system locked down, capital controls are preventing Greek citizens from accessing cash, disrupting the country's economy. Now, Irish venture Spartan Route has come to the rescue of Greek businesses with an innovative service proposal: they will invoice their Greek clients’ foreign customers in euros, collect payment, then send Bitcoin back to Greece.
Spartan Route states:
“Bitcoin can [...] help the Greek export industry to stay intact, economic sanctions make it near impossible from many Greek business [sic] to operate and survive. The adoption of Bitcoin can help transcend these trade barriers, opening up Greek exports to the world once more.”
Trustee Extends Online Deadline for Mt. Gox Claimants
Customers affected by Mt. Gox's insolvency have been given more time to file their online bankruptcy claims. A document from bankruptcy trustee Nobuaki Kobayashi, released on the former exchange's webpage, indicated the deadline has been extended from the end of May to July 29.
The document states:
"Nearer the time of distribution, the bankruptcy trustee is planning to give users an opportunity to use the system again to make changes to the details of their bankruptcy claims other than increasing the amount of the bankruptcy claims that users have filed.”
Singapore Bitcoin Exchange BitX Launches in Nigeria
Singapore-headquartered Bitcoin exchange BitX has launched operations in Nigeria. The launch will allow Nigerians to buy or sell Bitcoin instantly using Nigerian naira for the first time through the mobile BitX Wallet on iOS and Android. They will also be able to trade Bitcoin and use the BitX API to develop their own Bitcoin products.
BitX CEO Marcus Swanepoel said:
“We are very excited to launch a broad suite of bitcoin products and services to the Nigerian market, all with the view of making it easier for Nigerian consumers and businesses to buy, sell, store and transact in bitcoin.”
Coinbase Positioned to Grow Bitcoin Presence in Australia after Investment by Westpac
Following the strategic investment of Westpac Banking Corporation’s venture capital firm Reinventure earlier this year, Coinbase co-founder Fred Ehrsam announced that the company is planning potential expansion in Australia. Ehrsam is currently attempting to educate local regulators on the benefits of Bitcoin.
“In the U.S., we are known as the pre-eminent bitcoin company because we have trust of consumer in terms of security and relationships with regulators. As we open to new markets, we want to establish that trust as well.”
Coinbase Introduces Coinbase API v2
Coinbase has announced the release of Coinbase API v2. The company introduced API v2 into developer preview two months ago for feedback and suggestions from the community. Now, the final version of API v2 is available for all developers and merchants to use.
In a blog post, Coinbase stated:
“At a high level, the improved API is easier to use and has new functionality that we hope will enable new types of bitcoin applications to be built.”
Digital Currency Companies Race to Offer End-to-End Service
Startups in the FinTech sector are increasingly looking towards offering end-to-end services to keep their users on their platform and away from those of their competitors. Cointelegraph spoke to Alex Alexandrov, CEO at CoinPayments, about how the company has seen its range of services grow since launching as a digital currency payment platform in 2013.
Alexandrov explained why he saw creating this wider platform as important:
“We believe that in the future, most of the payment processing and exchanging will become decentralized as it is a more effective and secure way of handling finances for people long-term. By adding additional services to our system, our goal is to offer a broader service to our clients which will engage them for years to come by simplifying their life and having everything in one convenient place.”
Voat.co Back Online After Massive Reddit Traffic-Induced Crash
Bitcoin friendly Reddit competitor Voat.co has returned to regular service after a tumultuous week of new Reddit traffic crashed the up-and-coming site on Thursday. The internet news posting resource has seen disgruntled Reddit users flood the site after the swift dismissal of beloved moderator Victoria Taylor. Voat has seen massive traffic spikes over the last two months that have overwhelmed the site, which was not equipped to handle Reddit-level traffic.