EU Lawmakers Propose to Ban Geo-Blocking of Digital Currency Users

A European Parliament committee has proposed new measures that would prevent location-based discrimination against consumers in the economic bloc, including users of digital currencies. The proposal, authored by the European Union Committee on Internal Market and Consumer Protection, targets so-called ‘geo-blocking’, or prejudice against consumers on the internet based on their location. According to the lawmakers, geo-blocking is seen of the last obstacles to obtaining a cohesive European digital common market, known as the Digital Single Market. The draft document states: “The Commission should assess whether to provide the legal framework that allows, subject to the freedom of contract principle, the protection of undertakings and consumers when...

South African Reserve Bank Plans to Introduce National Digital Currency

South African Reserve Bank Plans to Introduce National Digital Currency

The use of cryptocurrencies as legal tender is one of the most discussed topics among the cryptocurrency community members. The very thing may soon happen in South Africa. One of the South African financial magazines has recently reported about the willingness of the South African Reserve Bank to issue digital version of its fiat currency. The new currency referred to as the “national digital currency” is expected to be based on blockchain technology. The publication, in its article, quotes the Head of National Payments System at the South African Reserve Bank — Tim Masela saying, “If we go the route of issuing a digital currency, the objective would be to take advantage of emerging technologies so that we reap the benefits.” The “emerging...

Creditbit – Secure and Easy to Use

Creditbit, the ethereum-based software management platform, is one of the faster growing digital currencies in the cryptocurrency segment. It is an open source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software. Creditbit is not just any other cryptocurrency but is rather looking to change the crypto world by improving drastically up on Bitcoin. It is ten times better than Bitcoin in terms of speed and rate of transactions. Creditbit’s recent price surge has also garnered a fair bit of traction. Moreover, its rapid adoption and development has positioned it as the ‘Future of Money’. Creditbit is easy to use and available to one and...

The Industry's Critique of Illinois's Digital Currency Guidance is In

A planned approach to regulating digital currencies is winning praise from industry participants, public documents reveal. The Illinois Department of Financial and Professional Regulation published its initial guidance in late November as part of a broader push to create a working environment for startups working with the tech (public comments for which the state will be publishing on Monday) The digital currency guidance notably included language that, if finalized, would apply money transmission rules to companies that exchange digital and government-issued currencies, leaving firms that only deal in digital currency outside of those requirements. Elsewhere, the state said that digital currencies wouldn’t be considered ‘money’ under the...

Senegal to Introduce Digital Currency in Western Africa

Senegal to Introduce Digital Currency in Western Africa

The African continent has emerged as a leader in digital currency and blockchain technology adoption. The West African nation of Senegal may soon contribute to the digital currency revolution by launching eCFA. The proposed eCFA is the digital version of CFA francs being currently used by either independent states in West Africa. Expected to be launched sometime in 2017, eCFA will be rolled out by the Banque Régionale de Marché – regional bank of Senegal. According to reports, the new eCFA is expected to promote financial inclusion in the region by offering easy access to money and financial services to the unbanked and underbanked population. The eCFA will be designed to work with existing financial platforms like M-Pesa to ensure a wider reach. There are...