| | NOVEMBER 18th, 2016
"If you want to teach people a new way of thinking, don't bother trying to teach them. Instead, give them a tool, the use of which will lead to new ways of thinking." – R. Buckminster Fuller
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The “crypto-bank” of the future is beginning to take shape.
Switzerland has been at the forefront of digital currency inclusion for a while now, with some public services payable in bitcoin, and the national railway company offering bitcoin via its ticket kiosks. Now it is taking its pro-innovation approach to regulation and supervision a step further, with a project to draft legislative amendments supporting the development of a new category of financial institution.
Due early next year, the motion should specify the capital requirements of digital currency operations and redefine corporate governance guidelines, to make it easier for startups and established businesses to operate in the region. The move seems to signal a mindshift at government level from concern over the risks to a focus on the benefits. Could this bring on a new age of Swiss banking? (Read the full story.)
Wait, there's more:
· SegWit support. Bitcoin miners can now signal their support for SegWit by changing a header value in the blocks they process. If 95% of miners signal support within a certain period, the bitcoin code will be amended to implement a way to scale transactions without changing the block size. Read more.
· Getting to work. South Korea’s Financial Services Commission has launched a task force to work on digital currency exchange regulation. The initiative includes the central bank and key ministries, and hopes to introduce new regulations early next year. Read more.
· Price surge. Bitcoin’s price is nearing its high for 2016 as it moves past $750, possibly fuelled by demand from India (as a result of the withdrawal of some banknote denominations) and China (a consequence of a devaluing yuan). Read more.
· Startup funding. Taiwan-based Bitmark has raised $1.4m in a seed round led by Cherubic Ventures. The startup is working on a system to register and protect intellectual property rights on the blockchain. Read more.
· Rumblings. In an AMA on Reddit, the CEO of ViaBTC said that most mining pools in China support larger block sizes on bitcoin. The thread drew strong support and criticism of Bitcoin Unlimited, which would allow flexible block sizes. Read more.
· Bitcoin regulation. Dubai takes a step closer to virtual currency legislation. An event on Nov 20th will bring together local and national officials to learn about the tech and look at how international law deals with bitcoin. Read more.
BTC: $749.69 +0.7%
ETH: $9.63 -3.7% at 10:00am EST more details
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