Patents for an open source project sound scary, but it makes sense. _ coin center

The University of Cambridge Judge Business School’s Centre for Alternative Finance is launching the first Global Blockchain Benchmarking Study. Bitcoin price 2013 We’ve partnered with the centre to help create what will be a global empirical understanding of how cryptocurrencies and blockchain technology are being used today.

But of course a study needs data! And that’s where you come in. Bitcoin price ticker widget If your company is building products in the areas of token exchange, wallet security, mining, wallets, and payments/money transfer then we would appreciate it if you took the time to fill out a brief survey.

The results of this study will be published by the CCAF in early 2017.


What is bitcoin farming All survey participants have the option to be prominently acknowledged in the benchmarking report with their logo displayed. Bitcoin homepage Please note that all identifying information from organizations that complete the benchmarking surveys will be removed from the research team’s analysis, and findings will only be presented in an aggregated form (e.g., by country).

We’ve been calling for a federal alternative to state money transmission licensing for digital currency companies since our inception, and today we are thrilled by Comptroller Curry’s remarks: that the OCC will be providing that path in the form of a national fintech charter.

We’ve repeatedly argued in regulatory comments, letters, testimony, and breifings that the complexities and uncertainties of the state licensing system is one of the key impediments to digital currency innovation here in the U.S. Bitcoin price calculator As we wrote in our most recent comment to the OCC: The U.S. What gives bitcoins value does not currently offer a particularly welcoming home for digital currency exchanges because of two troublesome structural features of U.S. Bitcoin exchange market share financial regulation that are not present in many foreign jurisdictions: federalism, and a rules-based rather than principles-based approach.

Today’s announcement is great news for the federalism half of that problematic equation, because it opens up the possibility for preemption of state by state licensing laws for those companies that obtain a federal charter. Dollar bitcoin exchange rate Best of all, this approach doesn’t necessarily create new obligations for companies. Firms can still seek licenses or charters at the state level, but now a unified federal approach will also be an option. Bitcoin exchange wiki As the Comptroller remarked: Merely making a charter available, does not create a requirement to seek one. What is bitcoin price Nor does it displace the other choices a fintech company may have—for example, seeking a state bank charter in a state that makes one available or to continue operating outside the banking system. What is bitcoin in urdu A company’s choice to pursue a national charter should be driven by the company’s business model and strategy on how best to serve their intended customers.

And a federal charter would be a very sensisble option for companies in the digital currency space who, because of the nature and of the Internet and digital currency networks, operate globally from day one. Bitcoin exchange api We’ve yet to review any specifics of the proposed chartering process but hopefully it will be in line with our other big ask from the OCC: that consumer protection regulation of these innovative firms follow a principles-based rather than rules-based approach, mirroring the FCA’s flexibile approach to regulating these firms in the UK.

In a recent editorial for American Banker, Coin Center executive Jerry Brito lays out why this apparent fishing expedition by the agency is based on flimsy evidence and a simplistic assumption that all Bitcoin users are tax cheats:

In this case, the specific criteria are not very specific at all. Bitcoin btc The government is seeking the information on every U.S. Bitcoin price in usd customer who used the exchange between 2013 and 2015 – a class so broad that it encompasses millions. Bitcoin page And what is the “reasonable” basis? In its filing, the IRS notes the fact that some people have indeed used bitcoin to evade taxes, as well as “a public perception that tax evasion is possible with virtual currency.” But all the IRS cites to back up that point is a Huffington Post article. Bitcoin value dollars This is an incredibly weak foundation to support breaching the privacy of millions of Americans. When was bitcoin invented It’s possible to use cash to evade taxes, so by this standard the IRS should be able to access the private records of everyone who uses cash with a single court order.

It has petitioned a court to let it serve what is known as a “ John Doe Summons,” which requires a business to turn over information about any of its customers that match a specific criteria. Bitcoin exchange usd In this case it is “United States persons who, at any time during the period January 1, 2013, through December 31, 2015, conducted transactions in a convertible virtual currency[.]” That is such a broad class that it could encompass millions of accountholders.

Often used on off-shore banks, a John Doe summons is a powerful tool that the IRS uses to identify tax evaders when there is “a reasonable basis for believing that such person or group or class of persons may fail or may have failed to comply with any provision of the tax laws.” In its filing, the IRS cites a couple of instances in which virtual currency was used to evade taxes, as well as public perceptions about it, among other things, as its reasonable basis.

That the IRS is investigating possible tax evasion using cryptocurrency is not surprising. Bitcoin to money What is surprising is how low the burden is that the IRS must meet to acquire the identities and transaction histories of millions of Americans–identities and histories that Coinbase is obligated to record by the Bank Secrecy Act. Bitcoin dollar graph Coinbase has responded:

We take user privacy very seriously and will work to protect the privacy of our users in broad information requests. 4 bitcoins We are taking a very careful look at this petition and the scope of the government’s authority as it relates to this request.

I’m not a tax lawyer, nor an expert on these types of petitions, but I can’t imagine that such a request affecting so many people can have many precedents, and I would hope that a court would want to see much more before it allowed the privacy of so many people to be affected. Bitcoin value in usd Stay tuned.