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Messages - Satoshi Nakamoto

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Bitcoin Discussion / J.P. Morgan Creates Digital Coin for Payments
« on: February 18, 2019, 01:58:22 AM »
U.S. banking giant JPMorgan Chase & Co. on Thursday announced the launch its own digital currency, dubbed the JPM Coin, to service institutional clients in the settlement of funds.

According to the bank, the coin is still in the prototype phase but will be rolled out to some institutional clients in a pilot program later this year.

ESMA has been working with National Competent Authorities (NCAs) on analysing the different business models of crypto-assets, the risks and potential benefits that they may introduce, and how they fit within the existing regulatory framework. Based on this work, including a survey of National Competent Authorities (NCAs) during 2018, ESMA has identified a number of concerns in the current financial regulatory framework regarding crypto-assets.

The EBA has been undertaking work in relation to VCs for some time.1 However, further to the
request from European Commission Vice President Dombrovskis for the European Supervisory
Authorities (ESAs) to carry out additional work to assess the applicability and suitability of current
EU law to crypto-assets, and as outlined in the EBA’s March 2018 FinTech Roadmap, the EBA has carried out an additional analysis, the findings of which are set out in this report.

Bitcoin Discussion /
« on: November 01, 2018, 11:47:02 AM »
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The SEC’s Strategic Hub for Innovation and Financial Technology (FinHub). As financial technologies, methods of capital formation, market structures, and investor interfaces continue to evolve, FinHub will play an important role in facilitating the SEC’s active engagement with innovators, developers, and entrepreneurs.

On October 31 of 2008, a paper written by a person or group named ‘Satoshi Nakamoto’ released a white paper called “Bitcoin: A Peer-to-Peer Electronic Cash System.” The document described a revolutionary technology that created the world’s first genuine peer-to-peer and decentralized monetary system. The internet-based money enabled online payments without a third party and also wasn’t issued by a government or corporate entity.

Virtual currencies have emerged and attracted investment in payment infrastructure built on their software protocols. These payment mechanisms seek to provide a new method for transmitting value over the internet. At the same time, virtual currency payment products and services (VCPPS) present money laundering and terrorist financing (ML/TF) risks.

In its Opinion, the European Banking Authority (EBA) defines virtual currencies as a digital representation of value that is neither issued by a central bank or public authority, nor necessarily attached to a legal tender. VCs are accepted by natural or legal persons as a means of payment and can be transferred, stored or traded.

"While the FSB believes that crypto-assets do not pose a material risk to global financial stability at this time it recognises the need for vigilant monitoring in light of the speed of market developments."

IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply

Companies and individuals are increasingly considering initial coin offerings (ICOs) as a way to raise capital or participate in investment opportunities. While these digital assets and the technology behind them may present a new and efficient means for carrying out financial transactions, they also bring increased risk of fraud and manipulation because the markets for these assets are less regulated than traditional capital markets. That’s why we are providing this information about the three “Rs” of ICOs: Risks, Rewards and Responsibilities.

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