Chairman of SNB considers bitcoin an investment

He thinks that this question is not about technology but about security
24 November 2017   711

Thomas Jordan, the Chairman of Swiss National Bank, declared that the cryptocurrency, for example bitcoin, is not a currency but is an investment. He considers important the question of who and how has access to the money of a central bank, and not about what technologies are used. He also said that central banks are intensively working on the issue of regulating cryptocurrency and the attitude towards them.

He also believes that the impact of crypto-currency on the financial system as a whole is very important, and therefore central banks should monitor this because in this area there are still many unresolved issues.

Then he said that the SNB will try to reduce pressure on the Swiss franc and at the same time make investments in it less attractive. At the same time, the Swiss franc will remain "highly valued".

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   102

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.