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Regulatory bureau for banks within the United States Department of the Treasury called for a “balanced” approach to Bitcoin regulation and more news
The Tokyo police suspect that Mark Karpelès, the arrested former MtGox CEO, may have embezzled some of the funds of his collapsed exchange; a regulatory bureau for banks within the United States Department of the Treasury called for a “balanced” approach to Bitcoin regulation and more top stories for August 11.
Tokyo police are investigating the alleged massive outflows of customer money from the collapsed bitcoin exchange MtGox, suspecting that Mark Karpelès, the arrested former CEO, may have embezzled some of the funds. According to investigative sources, there is reason to believe that Karpelès manipulated the exchange rate, and used most of the money he acquired through this manipulation to buy bitcoins. Karpelès has denied manipulating the currency, claiming he only tested depositing and other procedures after system changes.
The head of the Office of the Comptroller of the Currency (OCC), a regulatory bureau for banks within the United States Department of the Treasury, has called for a balanced approach to regulation governing financial technology development in the United States, citing bitcoin as one such example.
OCC Comptroller Thomas Curry stated:
“As the industry continues to innovate, it’s important that regulators strike the right balance between encouraging responsible innovation and managing risk. Virtual currency, like bitcoin provides a good example.”
BitQuick.co has announced that users on the security-oriented wallet service Coinkite will be able to conveniently utilize the BitQuick platform directly from within Coinkite's wallet interface. The integration allows Coinkite users to acquire bitcoins in a peer-to-peer fashion without really exiting Coinkite’s user interface.
Jad Mubaslat, CEO and co-founder of BitQuick, said:
“Our integration with Coinkite allows us to automatically pull the address from the Coinkite user, removing the necessity of comprehending Bitcoin addresses [for Bitcoin newbies]. Before, users had to visit an external source to purchase Bitcoin and provide their Coinkite wallet address.”
In a recent post called “Blockchain – attack is probably the best form of defense,” Deutsche Bank Research has suggested that banks should seek to leverage blockchain technologies as part of a bid to defend their business models from disruption. Author Thomas Dapp explains that he thinks that the true power behind Bitcoin and the blockchain lies in the application of peer-to-peer technology to the financial sector.
“Financial services and products that can be offered virtually in real time around the globe in future while at the same time reducing costs could catapult the traditional banks back to top spot in the race to devise financial innovations.”
Meanwhile, the multinational professional services network PricewaterhouseCoopers (PwC) explained its position on cryptocurrency and blockchain technology in a new report called “Money is no object: Understanding the evolving cryptocurrency market.” According to PwC, the inherent value of cryptocurrency has gained acceptance from a critical mass of investors, technologists, regulators, merchants, entrepreneurs, and consumers.
The report reads:
“[In] our view, cryptocurrency represents the beginning of a new phase of technology-driven markets that have the potential to disrupt conventional market strategies, longstanding business practices, and established regulatory perspectives – all to the benefit of consumers and broader macroeconomic efficiency.”
Anthony Murgio, the Florida resident who was charged last month by federal prosecutors in Manhattan with running the illegal bitcoin exchange Coin.mx, has appeared in court. Federal authorities contend that Coin.mx allowed online criminals to exchange bitcoin for cash as part of a money-laundering scheme. The hearing was brief and the judge allowed Murgio to remain free on US$100,000 bail. Both Murgio and his lawyer declined to comment after the proceeding in federal court.
Bitcoin exchange CEX.IO has partnered with QIWI, a leading Cypriot payment solution provider with a significant user base in Russia. Additionally, CEX.IO announced the implementation of the bitcoin/ruble trading pair by adding the Russian ruble to its trading platform. The partnership with the payment service provider will enable owners of QIWI wallets to deposit and withdraw funds in Russian rubles in their CEX.IO accounts.
In a feature for CoinTelegraph, Evander Smart analyzes a recent trend in the financial sector: a growing number of executives from the “old” financial world are making a plunge into the Bitcoin and FinTech space. Big names such as Blythe Masters, Timo Schlaefer and more are joining the crypto community, which, Smart argues, has to be a telling sign.
“These aren’t common gamblers, but the market’s most conservative, educated, and established executives making uncommonly dynamic moves towards an uncommonly dynamic technology that just might change everything.”
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