Bitcoin News Mash-Up: IMF Acknowledges Bitcoin; Bitcoin Operations Suspended; and More

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Bitcoin News Mash-Up: IMF Acknowledges Bitcoin; Bitcoin Operations Suspended; and More

Following are the major Bitcoin news of the day

IMF and World Bank Acknowledge Bitcoin Blockchain Technology
This weekend, representatives of both the public and private sector took part in a panel discussion. The purpose of the discussion was to acknowledge the role of technology as a means to achieve greater global financial inclusion. The significance of this discussion lies in the fact that it was conducted in the ‘Annual Meetings of the International and Monetary Fund and the World Bank Group’. One of the panelists, the Executive Director of Standard Chartered Bank Group Mr. Peter Sands, surprised the group by mentioning Bitcoin blockchain as a potential technology that could reform the most bureaucratic and inefficient mechanism that currently exists in first world economies. Citing property titles as an example, Sands quoted:

“You could transfer title to the thing you’re buying … If you’re buying a car or a house, your transfer of title using this kind of distributed ledger-type technology could be massively more efficient than the system at the moment.”

Australian Company Closes Bitcoin Operations
Living Room of Satoshi, an Australian company that earlier allowed its customers to pay bills in BTC, suspended the operations in the wake of new Bitcoin regulation. The company’s CEO and founder Daniel Alexiuc took their website to distribute the new amendment and said:

“It is extremely disappointing, but we are one of the young and innovative companies that has been hurt by the ATO’s recent GST ruling on bitcoin. This ruling makes it economically infeasible for any Australian-based business to use bitcoin as the currency that it was designed to be.”

New York: Bitcoin Software Developers Won’t Need BitLicense
In one of its first amendments in the controversial BitLicense proposal, New York Department of Financial Services (NYDFS) excused Bitcoin software developers from obtaining the permit-to-work. The NYDFS Superintendent Benjamin Lawsky cleared this new amendment ahead of finalizing the cryptocurrency regulations in New York. The man is planning to release the BitLicense final draft somewhere this month.

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