Central Bank of Israel Refuses to Recognize Bitcoin

The Deputy Governor of the Bank of Israel spoke at the Knesset Finance Committee on a number of issues related to the phenomenon of cryptocurrencies
09 January 2018   553

The Deputy Governor of the Bank of Israel Nadine Baudot-Trajtenberg revealed on Monday the central bank’s official position on the recognition and regulation of cryptocurrencies. The central bank official also admitted fielding a number of public complaints about banks making it difficult to move fiat money from their accounts to purchase cryptocurrencies while adding it would be difficult to issue regulations for cryptocurrencies.

Bitcoin and similar currencies do not fit the legal definition of a currency or foreign currency. A currency fulfills the functions ascribed to it in the economic literature — a unit of account, a mean of payment, and stability that enables it serve as a store of value. None of these exist with Bitcoin or similar currencies, which are characterized by higher volatility, difficulty in making transactions, and a lack of certainty regarding the parties that stand behind it.

 

Nadine Baudot-Trajtenberg

The Deputy Governor, the Bank of Israel

Addressing customer concerns about using their fiat money to buy cryptocurrencies, she added that banks face compliance risks, particularly when fiat funds swapped into cryptocurrencies may be used to launder money, finance crime and so forth.

Recently, we have reported that the Bank of Israel announced its plans to issue digital currency in order to create a faster payments system as well as reducing the amount of cash in the economy.

ACINQ to Release Lightning API For Bitcoin Mainnet

Strike is API for easy acception of Lightning network payments
25 May 2018   33

Developers from ACINQ presented a version of Strike API for Lightning-payments in the main bitcoin network.

Strike is an API for easy acception of Lightning payments. From a technical point of view, the service works as follows: ACINQ receives and aggregates incoming payments, and then periodically sends transactions to the recipient's wallet. In other words, companies can offer their clients instant and low-cost payments, receiving funds through the usual cash transaction.

We take a 1% fee on payments, and that’s it. Automated payouts to your Bitcoin wallet are free of charge, because we batch them among merchants. The threshold for automated withdrawals can be set between 0.1–1 BTC.
 

ACINQ

Also, users can make a payment to the wallet manually, however in this case you will have to pay a commission of 0.5 mBTC.

According to ACINQ representatives, although using Strike and assuming the need to trust a third party, the level of risk is minimal, since the service sends an onchain-transaction every time the total amount of payments reaches a user-adjustable threshold.

The developers noted that the Strike integration with the WooCommerce plugin is currently underway. In addition, ACINQ is considering the possibility of partnership with the Canadian Internet company Shopify, which specializes in developing software for online and retail stores. The company serves 500,000 trading companies with a combined turnover of $ 45 billion.