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The Ministry of Finance of the Russian Federation has released the full version of the draft bill that, if passed in current form, would effectively ban the creation and distribution of software that allows for the use of money substitutes, including bitcoin and all digital currencies.

First announced as a proposal in August, the news marks the first time that the Ministry of Finance has made the proposed law public, as well as its definition of “money surrogates” under which bitcoin and digital currencies may be prohibited.

The two-page draft bill details a series of administrative fines to be imposed on both businesses and private citizens who issue, create or deliberately disseminate information about the release or operation of digital currencies, the language implying that the law would apply to much of the bitcoin industry, from bitcoin users to miners and service providers.

For example, individuals who are found to issue or create bitcoin or digital currencies will be penalized with fines of 30,000–50,000 rubles ($750–$1,250). Similarly, officials found to engage in such practices will be subject to fines of 60,000–100,000 rubles ($1,500–$2,500), while legal entities will be eligible for fines of 500,000–1m rubles ($12,500–$25,000).

A similar series of fines is also detailed for those found to have disseminated information that “permits the release of money substitutes”. Individuals engaging in this practice would be subject to fines 5,000–50,000 rubles ($125–$12,50); officials, 20,000–100,000 rubles ($500–$2,500); and legal entities 500,000–1m rubles ($12,500–$25,000).

At press time, much of the domestic industry was still reacting to the news. Anton Vereshchagin, founder of InterMoneyExchange, which had planned to launch in Russia but has since moved to other markets, told CoinDesk:

“If earlier Central Bank statements suggested Russia would follow the FATF and other recommendations and regulate bitcoins, now it seems that the chances are very very small.”

He added: “In fact, the restrictions and prohibitions are only getting worse.”

Amended definitions

The draft bill also calls for the amendment of the definition of money surrogates in Russia to include language that would cover new financial technologies such as digital currencies.

Under the revision, the definition would include any “monetary unit” issued as a means of payment or exchange and not allowed under federal law.

The law would also be revised so that those who promote or encourage such activities are also in violation of the law. One provision calls for the law to be amended to “prohibit the dissemination of information that permits release (emission) of money substitutes and (or) the operation with their use.”

Confirming fears

The latest language in the draft bill confirms fears long harbored by many other Russian market observers.

Артем Толкачев, a managing partner at the law firm Толкачев и Партнеры, who has spoken publicly at Russian bitcoin conferences and who advises bitcoin startups on local regulation, told CoinDesk in September that he was pessimistic the law might only apply to those seeking to exchange fiat money for digital currencies.

In particular, Толкачев pointed to statements from the Ministry of Finance in September that suggested the bill might make this interpretation. The statement read:

“We are not going to prohibit people to play checkers and to call checkers money. What we prohibit is to exchange substitutes to money and vice versa.”

Толкачев also pointed to the gradual evolution in statements from Russian authorities as well as the milder positions of the Bank of Russia, the country’s central bank.

Image via Shutterstock

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Coinbase has announced its first expansion beyond the US market, launching bitcoin buying and selling services in 13 countries across Europe.

With the beta launch, Coinbase will now allow consumers in Austria, Belgium, Cyprus, Finland, France, Greece, Italy, Latvia, Malta, the Netherlands, Portugal, Slovakia and Spain to buy and sell up to €500 in bitcoin per day.

Speaking to CoinDesk, CEO and co-founder Brian Armstrong framed Coinbase’s European market entrance as the natural next step for his business, which now boasts more than 1.6 million wallet users in the US as well as a host of billion-dollar US businesses that now use its merchant services, including Dell, Expedia andOverstock.

Armstrong told CoinDesk:

“We looked at what markets to move into next, and Europe seemed like the next biggest economy. It’s developed, there are people there who want to get bitcoin, there’s a lot of demand for it, but they really don’t have an easy way to do it.”

Though a big step for the Andreessen Horowitz-backed company, Armstrong also sought to frame Coinbase’s expansion as a boon for the broader bitcoin industry, citing its expanded reach as an enabler of cross-border payment and new remittance products.

“These are the kinds of things that will start to unlock once we build this kind of infrastructure in each country,” Armstrong added.

The news marks the second major announcement this week for the California-based bitcoin services provider. On 8th September, Coinbase revealed a new partnership with eBay-owned PayPal subsidiary Braintree that will expand bitcoin acceptance to more merchants, potentially including big brands such as LivingSocial, TaskRabbit and Uber as well as Armstrong’s former employer Airbnb.

The next step in remittance

Throughout the interview, Armstrong sought to position Coinbase’s expanded service as one that will help enable “bitcoin’s killer use case”, remittances.

Armstrong suggested he sees Coinbase as having no direct competitors in the European bitcoin market, in part, because of the larger vision the entire community is working toward and the combined effort it will take to achieve.

Citing the historical challenges faced by technology startups when attacking large financial incumbents such as American Express, MasterCard and Western Union, Armstrong said:

“It has been impossible before this for any individual company to tackle the big incumbents because of the amount of capital required to compete with them at a global scale. Even Facebook tried to do it withFacebook Credits, but I think bitcoin will win because it is that open network.”

With the expansion, Armstrong also hopes to encourage other businesses to build on his work, even as he pledged to expand Coinbase into more European countries.

“I want there to be 100 entrepreneurs in each of these countries, someone there with local relationships who will get a bank deal done and launch some version of it that will help the whole ecosystem grow,” Armstrong added.

Merchants services to follow

Coinbase’s wallet service has long been available in Europe to bitcoin holders, but the announcement marks the company’s formal entrance into the market by expanding its core offering – bitcoin brokerage services – into the region.

Though Armstrong stopped short of saying that Coinbase would begin seeking out merchant partners in Europe, he cited it as a service that could already be used for this purpose, saying:

“Obviously, merchants need the ability to cash out if they don’t want to hold bitcoin. So, those are the services that have now been turned on as a result of this launch.”

Coinbase’s largest rival in the US market, BitPay, is currently offering merchant services to the European market, and recently expanded into a new, 2,500 square-foot office.

The company aims to enroll as much as 40,000 European merchants by the year’s end and is competing against smaller competitors including Bitmarket.lt and SpectroCoin.

Igniting the European market

Though BitPay has sought to paint the European market as being subject to different needs and forces than the US, Armstrong took a different approach, expressing optimism that Coinbase could replicate its success in the US abroad.

Armstrong framed his company’s buying and selling services as the seeds that will allow Coinbase’s services to blossom in the region, asserting his belief that this was the initial spark that lead to greater bitcoin awareness in the US.

Armstrong told CoinDesk:

“We haven’t seen that kind of merchant adoption in Europe yet, and I think the reason is that there’s just still not as many consumers have an easy way to get a little bit of bitcoin.”

Unsurprisingly, Armstrong cited awareness as his company’s biggest obstacle, though he suggested that by entering the market and creating more excitement around bitcoin, Europe’s market could follow a similar trajectory.

He explained:

“In the US, it reached a saturation point where you heard about bitcoin three times in a month and then made an effort to get educated and buy a little bit. I suppose in Europe, they’re exposed to a lot of the same press, but they haven’t had that ability.”

Planning the expansion

For the expansion, Armstrong said that Coinbase reached out to a number of countries in the region, writing letters and engaging local regulators in dialogue about its ability to extend its services to their jurisdictions.

Countries were then given the greenlight based on how favorably they responded to this outreach, and how specific their regulatory requirements were for bitcoin businesses.

Armstrong said:

“We reached out to each country in that region on a case-by-case basis. It was a lot of bank partnerships, a lot of legal and compliance work and some technical integration as well.”

Armstrong did not reveal Coinbase’s banking partner, but did suggest that multiple partnerships could be supporting the expansion.

“You don’t actually need one in each country, because we’re using the SEPA network. But, you need at least one, and ideally more than one, so that’s what we spent a bunch of time doing,” he said.

Long road ahead

While the beta launch is an exciting step for the company, Armstrong framed the service introduction as just the first leg in much longer journey to to ensure that its brand takes root in the region.

Armstrong noted that Coinbase has begun the process of ‘internationalizing’ its website, but that this feature is not yet available. He said:

“These are the sort of things where localizing a website can take years to get right. There’s lots of little details where you have a person in another country they’ll come to a website and there’s some subtle thing that gives it away as an American website that’s translated.”

The CEO went on to suggest that Coinbase will continue its beta launch until it’s ready to take on higher volumes. During this time, Armstrong said that Coinbase will work to ensure it can handle demand and that its risk management services are operating correctly.

As such, Armstrong’s comments suggested that he hopes initial users can remain patient with the company until such time as the service can grow, saying:

“I’d hate to launch something with such low limits and have people say ‘Oh it’s not even useful yet’. But, you’ve got to start somewhere and hopefully we can raise it from there.”

Image via Shutterstock

A central question within the Scottish independence campaign has targeted on currency. The Bank of England has aforesaid repeatedly that the independant state can't use the Pound, apart from an 18-month emergency period following the affirmative vote. No one has sorted out what currency the 'New Scotland' would use after that period, however there’s been some speculation that digital currency bitcoin may well be a decent match.

That idea could appear far-fetched, however it's been posited in a minimum of one high-profile monetary forum by the assistant governor of Australia’s financial organisation and in a very publication by a British company.

The country will have some expertise in experimenting with currencies. throughout the eighteenth and nineteenth centuries, European nation tested out non-public currencies in associate degree unregulated banking industry before relinquishment management to the Bank of European country.

Bitcoin value listed close to a one-month low on weekday, as pessimistic chart signals weighed.

Bitcoin (BTC/USD) slouched $6.66, or 1.44%, on BitStamp to trade at $457.34 throughout U.S. morning hours. Price fell to a session low of $456.00 earlier within the day, A level not seen since August nineteen.

Bitcoin value was to search out support at $444.40, the low from August eighteen, and resistance at $490.74, the high from Sep 10.

Elsewhere, the value of a bitcoin on Bulgaria-based BTC-e shed $3.58, or 0.79%, to trade at a four-week low of $452.55, whereas costs on Singapore-based itBit declined $4.72, or 1.01%, to trade at $461.00.

According to the CoinDesk Bitcoin indicant, that averages costs from the main exchanges, costs of the crypto-currency slipped zero.85% to trade at $459.79. Investors hesitated to open recent positions once costs did not shut higher than a key resistance level close to the $490-mark last week, indicating pessimistic chart signals. Meanwhile, euro-denominated Bitcoin costs (BTC/EUR) lost €3.80, or 1.06%, to trade at €355.72 on U.S.-based Kraken Exchange.

Bitcoin exchange Coinbase proclaimed few days ago that it absolutely was increasing into thirteen European countries, permitting users with European bank accounts to currently purchase and sell bitcoins in exchange for euros.

Paypal can begin accepting bitcoin payments through its subsidiary, Braintree, the organization has proclaimed.

The firm is partnering with bitcoin payment platform Coinbase, one among the most important bitcoin corporations, that already handles payments together for clients including Overstock and Reddit.

“This is PayPal making a move to embrace bitcoin.”

Bill prepared, Braintree’s chief operating officer, told the Techcrunch Disrupt conference in San Francisco.

The integration of bitcoin means that corporations that already use Braintree to run their payments are ready to settle for bitcoin within the coming back months while not dynamical their configuration, a move that might boost adoption of the cryptocurrency.

Braintree already handles transactions by corporations together with Uber, AirBnB and Dropbox.

“We had lots of developers tell North American nation they’d like to add bitcoin,” Coinbase’s chief operating officer, Brian Armstrong, told Techcrunch. “But Braintree would handle all of their payments and that they didn’t need to feature another SDK. they might say that if Braintree else it, they might add it.”

BlockStock, the UK’s 1st 10-day Bitcoin Festival is going to start tomorrow in Shoreditch, to boost awareness of bitcoin as a digital currency. The festival could be a celebration of Bitcoin further as a series of events, activities, special offers, seminars and exhibitions interconnected with everyday main street businesses like retailers, pubs, bars, restaurants and cafes.

Created by 2 Bitcoin enthusiasts and supported by the London Borough of Hackney, BlockStock takes place within the heart of school town, Europe’s largest school hub. Bitcoiners and people inquisitive about Bitcoin are going to be able to purchase tickets to gigs and comedy shows, dine out, buy coffee, book yoga categories, attend artistic workshops and an entire manner of ‘everyday’ things with the digital currency throughout BlockStock.

Bitcoins acceptive businesses for the BlockStock competition embrace The Brew co-working areas that has 5 locations in Shoreditch; Gallery and building, The Proud Archivist; bar and live music venue Zigfrid von Underbelly on Hoxton Square; The lexicon Hostel on Kingsland Road, and more.

Ljubljana in European country going to have the Bitcoin Central & European Conference on September 11 and twelve to push and endorse Bitcoin cryptocurrency within the Central & jap European Region. The organizers of the event claim that the event can promote the region as a prospective capital of the digital currency transactions.

Comprehensive list of the international speakers at the conference United Nations agency square measure planning to cowl, analyze and gift eminent case business studies inside the Bitcoin scheme shows that the organizers of the event have planned it impeccably. in line with them the event goes to be extraordinarily helpful for a Bitcoin owner, someone, developer, etc.

The speakers coming back from made technical and skilled backgrounds square measure planning to impart their information and knowledge for businessperson, regulator, decipherer, expert, plunger or simply a private United Nations agency is trying to step into Bitcoin community. The organizers of the conference claim that their agenda can provide haemorrhage edge intelligence for everybody and anyone concerning|inquisitive about|fascinated by} learning additional about Bitcoin. Important Topics are going to be mentioned.

Money came simply to startup KnCMiner, that says it created $70 million in revenue in its initial year of operations from merchandising bitcoin miners.

But not everything was rosy in its business, as many shoppers were discontented with the long waits for its instrumentality and square measure strict refunds. Now, with $14 million in capital backing, the corporate is obtaining out of merchandising bitcoin mining machines entirely.

Back in June 2013, eons past within the fast-changing sector of bitcoin, KnCMiner launched with a proposal to sell semiconductor instrumentality that will enable patrons to come up with bitcoin.

Sam Cole (KnCMiner’s Chief Executive) says ;

“We took in $6 million on the first four days that we were open last year, of the pre-orders.”

Few startups will boast of the same deed, however such is that the world of bitcoin, a virtual currency that has created fortunes however additionally caused lots of fear owing to its volatility and different issues.

Along with the quick cash, KnCMiner found that it alienated some customers.

A small however growing range of employees ar rejecting Canadian dollar salaries for Bitcoins, in keeping with a Waterloo, Ont., payroll firm.

Wagepoint corporate executive Shrad Rao aforementioned his firm came up with the cryptocurrency payment choice in Gregorian calendar month last year as a facet project and didn't expect any take-up. But because the on-line currency gained quality this year, he said, staff from ten corporations have signed up for the Bitcoin choice, and plenty of additional are asking regarding it.

"When we started off, we didn't even think we'll get one," he spoke over the phone from NY, wherever Wagepoint has another workplace.

"What's interesting is that we've actually had customers come to us because of the (Bitcoin) integration, which we were not expecting at all."

The United Arab Emirates (UAE) is one among the richest countries within the world. Home to the seventh largest oil reserves on the world and nineteenth highest nominal GDP per capita, the UAE has quickly developed a high-income economy. Large, artificial islands and gold peddling machines area unit nothing out of the normal within the cities of the UAE. That’s why it's going to come back as a little of a surprise that Bitcoin hasn’t very caught on within the Emirates. However, that might before long amendment with the launch of igot’s Bitcoin exchange in city.

Bitcoin is catching on at U.S. on-line merchants together with Overstock.com and Expedia, as customers use a digital currency that simply a couple of years agone was just about unknown however is currently showing some endurance.

Though sales got in bitcoin thus far at vendors interviewed for this text are a fraction of 1 p.c, they expect that as acceptance grows, the virtual currency can someday be as ubiquitous as the web.

"Bitcoin is not going anywhere; it's here to remain," aforementioned Michael Gulmann. "We want to be there from the beginning."

Expedia started accepting bitcoin payments for hotel bookings on July 11.

Until recently a distinct segment various currency touted by an ardent cluster of followers, bitcoin has evolved into a software-based payment on-line system. Bitcoins ar hold on during a case with a singular positive identification and firms like Coinbase and Blockchain will hold the currency for the user.

Welcome to the ATM. of the long run, where customers insert money and leave empty handed. ..Yeah! Its RoboCoin. A Bitcoin Cash ATM.

A cashless society continues to be an extended manner off, however automated machines that flip regular cash into virtual currency area unit cropping up across the world. The trend has return to NY — Flat 128, a distributer that sells British jewellery and accessories within the West Village, is home to the primary such machine in Manhattan and is changing into a destination for Bitcoin enthusiasts.

Yet this new Bitcoin A.T.M. is just a way for users to deposit money and convert it to Bitcoins for his or her accounts; it doesn't provide money withdrawals.

Still, virtual currency supporters see the expansion of those machines as a milestone which will facilitate Bitcoin A.T.M.s become as widespread as ancient bank A.T.M.s. For that to happen, however, customers can have to be compelled to get wont to exchanging real cash for digital code, which can be to a small degree unsettling for those at home with money, or perhaps credit cards.

Amsterdam is going to host another Bitcoinference from 3 to 5 Sep. and supply a platform for participants to speak business and be a part of Bitcoin revolution. The organizers of the event say that it’s a beautiful chance for participants to pay attention to the visionary voices of consultants and Bitcoin entrepreneurs.

Bitcoinference Summer 2014 is predicted to hide the business and scientific aspects of Bitcoin, currencies and their derivatives. For the organizers of the event its 1st conference when last March’s productive event that saw many participants flocking in. Amsterdam Science Park goes to host the event. The organizers square measure requesting the interested parties to send them associate degree email if they need to grasp additional regarding registering for the Bitcoinference that aims to assemble the international business and scientific community around Bitcoin and its derivatives.

The selection of the capital of The Netherlands Science Park is military science as consistent with the organizers it had been the place wherever the thought of digital currency came up for {the 1st|the primary} time once David Chaum created his first tries to integrate cryptography with electronic cash. Currently, adult male Chaum is inventing in several cryptological protocols.

Virtually all investors grasp that the worst exchange crash in history, the crash of 1929, was in giant half caused by folks shopping for on margin - borrowing cash to shop for stock.

As stock price fell, such investors required to dump their holdings quickly, as they were losing cash they did not extremely have. The panic mercantilism triggered even a lot of panic mercantilism.

That's basically what happened with Bitcoin last week, tho' on a so much smaller scale.