The New York State Department of Financial Services (DFS) completed a hearing to consider how it would be best to regulate Bitcoin. The hearings included a number of important Bitcoin related business persons. One suggestion to outsource compliance was objected to by the Bitcoin people as introducing cost that Bitcoin was meant to avoid. Bitcoin has been used for money laundering in a couple prosecuted instances leading to the regulatory concerns.
Some good news for individuals who deal in Bitcoin. Financial Crimes Enforcement Network (FinCEN) a bureau of the Treasury Department give a small “pass” to Bitcoin miners and investors. Bitcoins can be traded and mined without being considered money transmitters but they will still have to register with FinCEN and comply with money laundering regulations.
The article concerns a newly formed partnership between Coinbase, a US Bitcoin wallet provider, and Intuit’s personal finance app Mint. This allows Mint users to monitor Coinbase transactions alongside their traditional financial accounts. Mint now becomes the first financial tool allowing bitcoin transactions to be viewed by it’s users.
The US based bitcoin provider Coinbase has forged a union with Mint, the web based personal finance software provider from Intuit, to allow clients to track their bitcoin transactions. This marks the first time a personal fiance tool has integrated bitcoin. Mint provides service to over 14 million users and has partnerships with over 20,000 banks and credit services.
The article suggests confirmation that the novelty of bitcoin is wearing off bringing it to a more stable pricing. It indicates a reasonable price range in January as proof of its stability. Opposing this to times when it could lose 50% of it’s value. It points out the positive effects for Bitcoin resulting from increased stability.
The price of the Bitcoin currency has risen dramatically over the course of the past few years. This has prompted many people to take interest in discussing news and major events related to the currency. The first ever North American Bitcoin Conference was recently held in Miami. This event has been established to promote the currency and to give interested investors the chance to learn more about it.
A new interview is exploring the different security protocols people have set out for Bitcoin. Wells Fargo has actually stepped in to provide service for people interested in securing their accounts. This may prove to be a substantial development in the way that the currency is utilized. Most people will want to review how these developments may change the way that the use and even look at the currency itself.
Though the Bitcoin model has proven to be successful, there are some issues that people should consider. It has been vulnerable to different types of attacks in the past. This is why many people should consider the benefits of having a legal structure installed for these different forms of currency. This could add structure and provide some much needed stability to the way that it is currently being used.
Many people using Bitcoin will be glad to see that the currency has revamped the way that they are providing security. The Coinbase blog is covering some of the basic changes that people may encounter along the way. This is an important development, because it can allow people to use this currency confidently. It may also help people learn new ways of getting this currency and keeping it safe.