Bitcoin News Mash-Up: CNN Money Lists Bitcoin; Bitcoin Haven Turns Hellish; and More

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Bitcoin News Mash-Up

Following are the major Bitcoin news of the day

CNN Money Lists Bitcoin Price
CNN Money lately started to list Bitcoin price in their new section Bitcoin Composite Quote. The financial news giant posted about this new update on Twitter and other social media platforms. The same section also brings the Bitcoin news updates as well in the form of press releases. Following this upgrade, CNN Money has joined the news terminals like Bloomberg, Yahoo Finance and Google Finance in offering Bitcoin related information.

Isle of Man: CTS Forced to Withdraw Bitcoin Services
The Capital Treasury Services (CTS), the vertical of Capital Internal Group, is reportedly being bullied by its banking partners HSBC and RBS over the former’s Bitcoin service in Isle of Man. As a result, the banking solution provider has been forced to withdraw its Bitcoin services from the country. A month from now, CTS will cut down its professional links with local Bitcoin businesses. A statement from the subsidiary reads:

“Although support from government is very strong and we have been keen to get behind the government’s initiative, we are only able to do so with the wider support of the financial sector, which has unfortunately now been withdrawn.”

Boston Fed Praises Bitcoin for Reducing Online Shopping Costs
The Federal Reserve Bank of Boston released a paper “Bitcoin as Money?” which openly praised the cryptocurrency for reducing online costs. More specifically, the Stephanie Lo and J. Christina Wang authored note described Bitcoin as the technology that can reshape the global payment network. The paper however also noted the unsureness of such a technology replacing the well-settled traditional payment system. Echoing the similar concerns of central banks all around the world, the authors also termed price volatility and other risks as the factors that will hold the digital currency sector back. Excerpt:

“In principle, any of the functionality or services related to payment and transfer offered in the existing financial system should be, and likely will be, a candidate for reform if such reform can result in greater efficiency by using technology developed in the open-source distributed network framework that is at the foundation of bitcoin.”

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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