Bank of Japan asserts immaturity of digital currency

Representatives of the central bank say that cryptocurrency cannot replace public money
23 November 2017   607

During a FinTech forum in Tokyo, the head of the Bank of Japan (BOJ) Hiromi Yamaoka announced that he doesn’t support the idea of substitution of physical money by cryptocurrecy. He noticed that Japan is a country with established financial infrastructure, which is free from the danger of digital money expansion. Yamaoka suggested that digital money is out of government control and that is the reason of its immaturity.

Besides that, the Bank of Japan emphasized that the excitement for ICO, which is inextricable linked to cryptocurrency, is impressive. A number of smaller japanese banks does not share the view of the central bank. They are trying to use the blockchain technology in a money transmission, which can replace existing unprogressive payments platform named “Zengin”.

The problem is that Japan — one of the most developed countries — remains behind China and Korea because of underdevelopment of payment systems. The ministers of Japan decided to implement a FinTech growth strategy to increase the percentage of adoption rate of cashless payments from 19 to 50%.

 

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   101

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
 

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.