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...

BitPesa to Strengthen Africa-China Remittance Corridor

BitPesa to Strengthen Africa-China Remittance Corridor

BitPesa, through its website, is helping businesses in China and Africa to send instant payments in local currency directly from African bank accounts to Chinese bank accounts. Users in Kenya, Uganda, Tanzania, Nigeria and the Democratic Republic of Congo can now send money directly to bank accounts in China. The remittance service offered by BitPesa is low-cost as it cuts conventional money transfer costs by up to 60%, according to the company. The trade between China and Africa increased to more than $170 billion in 2013 according to the World Bank and is estimated to have hit $220 billion in 2016, as Chinese companies invest heavily in small businesses across the continent. But until now, African companies had limited options for paying their Chinese suppliers...

U.S. Government Will Keep an Eye Out for Digital Currency Crime

U.S. Government Will Keep an Eye Out for Digital Currency Crime

With only two weeks left in 2016, bitcoin seems in a rush to “catch up.” For the longest time, analysts have predicted that bitcoin would reach $800 by the end of the year, and for the last few days, it seems like that prediction could become a reality. Currently trading at around $787, bitcoin is just $13 away from reaching such a stellar point. But not everyone is celebrating. The U.S. government is still employing the idea that bitcoin is the most popular currency amongst criminals and terrorists, who likely use digital currency to fund their evil deeds. Bitcoin-related crime is relatively low in the U.S., though representatives are concerned that eventually, terrorists will create a cryptocurrency so anonymous and so powerful it will block any possibility of...

Greenpeace Receives Big Digital Currency Donation Through M.A. Blockchain

Greenpeace Receives Big Digital Currency Donation Through M.A. Blockchain

Greenpeace has secured massive donations in digital currency by way of M.A. Blockchain. The organization’s USA branch made headlines in September of 2014 when it announced it would begin accepting bitcoin payments as part of its donation protocol. This caused many to start wondering whether or not bitcoin and related digital currencies would become the future of charities in America and abroad. While things haven’t quite reached this spectrum yet, steps are certainly being taken in that direction. The M.A. Blockchain is a “branch” of Mind Asset, which works to provide distributed database solutions for establishing and encrypting digital currency systems. The project was first announced at a press conference on December third in Montreal, Canada by the Mind Asset...