Weekly Digest: Events that influenced the Bitcoin price

This week was rich with events that may cause a change in the value of bitcoin. George Osbourne’s promise to make changes in the UK regulation system, the announcement of a new proof-of-concept Blockchain-based remittance services from Visa Europe, and of course, the Ethereum Devcon1 conference, could all positively effect the price of bitcoin.

Bitcoin Companies In London Consider George Osbourne To Regulate A Problem Of Opening Bank Accounts

UK Bitcoin companies face problems with opening bank accounts. Banks simply refuse to cooperate with startups involved with Bitcoin in any way. Naturally, this alarms Bitcoin-related companies as it may cause a certain number of problems in providing their services. George Basiladze, the CEO of Bitcoin wallet and exchange service Cryptopay.me based in London since 2013, told Cointelegraph:

“You may have favorable regulations and the FCA may support and license you, but if you cannot get a bank account (just a standard one) you cannot operate. This is easy. Not for BTC companies, though. If you say that you are doing anything connected to bitcoins and bitcoin exchange, you will not get a bank account in the UK. Banks do not like Bitcoin companies as they make their compliance department’s head explode.

Companies cannot provide truly innovative solutions with ~ zero fees, because they do not have the means to do that. No bank account is the way to additional fees, bad service and other issues.”

Now, UK Bitcoin companies expect George Osbourne to deal with this problem as he has promised to make London a leader in FinTech and cryptocurrency industries during his speech at Bank of England's Open Forum, held on November 11.

Bitcoin Companies In London Consider George Osborne To Regulate A Problem Of Opening Bank Accounts

Visa Europe Announces Blockchain Remittance Proof-of-Concept

Bitcoin and Blockchain technologies are quite controversial. On one hand, they seem to have huge disruptive potential for the entire financial system. On the other, they still appear to be uncertain and unreliable especially if we look at “epic fails” like the hack of Mt. Gox and the  significant price volatility. Nevertheless, the technology deserves to live despite some