Úno 04

South Africa Latest to Consider Creating National Digital Currency

· February 4, 2017 · 8:00 am

One more nation, South Africa, is making the first step of migration to a fully digital economy, speaking about offering their own national digital currency based on blockchain technology.

South Africa Looks to Digital Currency

There are many advantages to nation-states, both stated and unspoken, to head in the direction of a national digital currency. The chief executive of the South African Reserve Bank (SARB) said that this would include more inclusion and economic reach, faster settlements and lower costs.

“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,” said Tim Masela, head of the National Payments System at the SARB in a statement.

We foresee that these benefits could be realized, which would be good for the transacting public. But of course, the risks have to be borne in mind as well and that’s what we want to balance.


In Africa alone, digital currency use and national propagation seem to be a step ahead of the rest of the world’s governments. At the end of 2015, Tunisia announced that they had already successfully created a blockchain and a digital eDinar.

Senegal announced last year that they have struck a deal with a regional bank for their own national digital currency and this is expected to expand into neighbor nations as well. Nigeria has taken to Bitcoin’s digital currency in a big way over the last year.

“The proponents of the technology say ‘you don’t need to regulate it; it will self-regulate’. We don’t have an idea of how that will happen, we still need to reflect on this and need a good case [to show] that it can self-regulate. Otherwise, we believe that if it is not regulated and things go wrong, it could have a spillover effect on the financial systems,” he said.

Sweden is well along in removing cash from their society and going cashless is expected by the end of the decade. The Ukraine has declared their digital intentions recently. Australia, Canada, and even the United States have had discussions about their own versions of Bitcoin as well over the last couple of years. China is fast-tracking their own national Bitcoin system to prevent “capital flight,” when citizens move their money overseas due to a loss of value, domestically.


One thing that we want to state very categorically is that, in working closely with the industry, we are very conscious about possible regulatory capture. We wouldn’t want to be seen as being captured, where the regulation would be dictated by participants in the market. We will guard our independence so that the regulation is for the good of the system and not necessarily informed by the incumbents’ positions.

Plenty of Downsides for Consumers

This eventuality of a world of national digital currencies is exciting but is ceded with potential unstated consumer downsides. Mass surveillance by banks and governments becomes a plug-and-play scenario. Economic capture is also assured, as one cannot divest themselves from the currency, as there is no way to actually withdraw funds from the system.

Cash is the last private form of payment, and that is being phased out in many nations, creating a future economic system where all transactions are monitored and all user’s finances are kept on a server, which can also be hacked.

According to the IMF, South Africa is the world’s 41st-largest economy, similar to Singapore and Columbia.

Will South Africa’s own national currency be a success? Share your thoughts below!

Images courtesy of Wikimedia, StudentBrands.co, Shutterstock

Show comments

Dub 25

Industry Report: Kraken, Others Receive Large Investments

Source: bitcoin

Bitcoin Investment Trust

Want to see what’s new in the world of cryptocurrency? This week, we saw big investments coming into the Bitcoin ecosystem, notably a funding round from Kraken. Take a gander at some of the latest stories:

Also read: Hullcoin Leads This Week’s Digital Currency News


It’s a week of investments for cryptocurrencies as Bitcoin exchange Kraken received a hefty sum during its Series B stage of financing from Money Partners Group in Tokyo, one of Japan’s leading foreign exchange brokerages. The firm holds nearly 300,000 clients and boasts a market cap of over $250 million. Kraken had also previously received a “multi-million dollar agreement” from Japanese capital firm SBI Investment last February.

Japan has had a rocky past with bitcoin granted its history with Mt. Gox and the arrest of Mark Karpeles, but the country is allegedly trying to recover from the dark stain on its financial past and move towards lighter ground, and Kraken is now serving as its fiscal partner.

Kraken CEO Jesse Powell expressed enthusiasm regarding the investment, explaining:

“Our new relationship with Money Partners Group is a huge win for Bitcoin and Ethereum awareness and adoption around the world. The results we will achieve together will show other financial institutions why they should embrace digital assets and blockchain technologies.”


Gold-backed digital exchange Digix raised millions of dollars in just a matter of hours through an Ethereum blockchain crowdsale, purportedly the first of its kind. Funds will be used to create one of the first Decentralized Autonomous Organizations by DigixGlobal Ltd, which according to CryptoCoinsNews will, “employ a proof of asset (POA) protocol to back Digix tokens (DGX) with ’99.99% London Bullion market Association (LBMA) approved gold.’”

RUSSIA (again)

It seems like Russia’s stance on bitcoin and related currencies is really easing up. In our previous industry piece, we looked at how the nation was allegedly developing plans for a future digital currency that the country could declare all its own. Now, Russia is holding a cryptocurrency conference titled, “Electronic Currency in Light of Contemporary Legal and Economic Challenges.” The event is slated to invoke study of the problems cryptocurrency poses and how best to deal with them.

Among those invited to the conference include leading scientists and members of Parliament. Bitcoin entrepreneurs and representatives from the Russian Civic Chamber are also scheduled to make appearances.

Would you like to see a particular story recapped in one of our weekly industry articles? Let us know which ones below!


Images courtesy of digix.co.th & angel.co

The post Industry Report: Kraken, Others Receive Large Investments appeared first on Bitcoinist.net.

Industry Report: Kraken, Others Receive Large Investments

Dub 25

Bitcoin Price Moves Forward: $457 and Rising

Source: bitcoin

Wall Street Bitcoin Price

Since our previous look at the bitcoin price, everybody’s favorite coin has jumped another $14, bringing it to $457. What has once been described as a stagnant, slow and stuck in the middle entity is now rising faster than it has in quite some time, and digital currency enthusiasts are keeping their fingers crossed and hoping things last this way for quite a while.

Also read: Bitcoin Price Enjoys an Impressive Jump, Will it Endure?

Bitcoin Price on the Rise

Presently, the price of bitcoin is described as “bullish,” meaning it’s enduring a steady rise that investors can sink their teeth into. While speculation is anybody’s game, there are a few possible answers as to why bitcoin is moving forward at such a rapid rate.

We’ve mentioned the fact that positive media and a change in ideals towards bitcoin have certainly helped the currency along the way. As cliché is it may sound, nothing’s going to survive as long as it’s being hit with illicit and negative vibes. There’s no room for anything to step in, take the wheel and start heading into the sunset away from the storm…

But the news of Steam’s upcoming integration with bitcoin may have a lot to do with the sudden rise. Segregated Witness also has a lot of people feeling confident and healthy, and capitalists such as Tim Draper believe that the price will allegedly continue to soar over a two-year period, making bitcoin the hot virtual currency of the ages. Men like Draper think that bitcoin investing is just getting started, and the playing field will soon be the largest in the world of modern finance.

Presently, many eyes also find themselves turning towards China. The country has recently experienced a heavy economic downturn, but China has often been regarded as one of bitcoin’s top users, and now that its monetary system is experiencing a period of temporary failure, many are beginning to invest in alternative methods, bitcoin being a prime staple. Investors in China are still fairly limited, but with time, the number is expected to increase heavily.

Finally, there’s the topic of bitcoin halving. At present, every bitcoin block produces about 25 single bitcoins. They are always kept new to prevent liquidity, but things are expected to change in July of this year when bitcoin blocks will purportedly be reduced to 12.5, making bitcoin harder to get one’s hands on. Obviously, something rare or less common is likely to spike in value, and bitcoin is no exception.

With such a positive future ahead, bitcoin’s primary goals of taking over the financial world and rewriting monetary practices as we know them seem to be taking full force. With increased help, bitcoin can finally slide into home without skinning its knees.

What are your thoughts on the bitcoin price rise? Post your comments below!


Images courtesy of Salon.com, Shutterstock

The post Bitcoin Price Moves Forward: $457 and Rising appeared first on Bitcoinist.net.

Bitcoin Price Moves Forward: 7 and Rising

Dub 15

Celebrate Two Years of Arnhem Bitcoincity During “Bitcoin In Use” Event

Source: bitcoin


Arnhem Bitcoincity is one of the most compelling digital currency initiatives taking place in Europe these days. Getting consumers to buy and spend Bitcoin seems to be working well in this region. On May 28th, the team of Arnhem Bitcoincity will celebrate the two-year anniversary of this initiative with a special event.

Also read: European Parliament To Host Educational Blockchain Conference

Special Arnhem Bitcoincity Event On May 28th

It is hard to imagine the Arnhem Bitcoincity initiative has been around for nearly two full years already, especially when considering very few people thought this project had any chance of success in the long run. But as it turns out, this has been one of the most popular Bitcoin initiatives all across Europe in recent times.

Keeping in mind how over 100 merchants have signed up for the Arnhem Bitcoincity initiative, there is no denying this project has been incredibly successful over the course of two years. To celebrate this joyous occasion, there will be a special event taking place on May 28th, which will be extended to May 29th as well for those who want to explore the city the next day.

Things will kick off with a small conference in the Arnhem city center on May 28th, which will run from 1 PM until 6 PM. Afterward, there will be a dinner at one of the many restaurants in the city accepting Bitcoin payments, which will also give enthusiasts a chance to explore the possibilities of digital currency payments.  Last but not least, there will be a meetup / party starting at 8 PM until the early morning hours.

During the mini-conference, various speakers will tell the attendees more about digital currency and distributed ledgers. Among the speakers are Monero developer Riccardo Spagni, Bitcoin developer Peter Todd, and Bitsquare Founder Manfred Karrer. More names will be added to this list over the next few weeks, so make sure to keep an eye on the event website.

Events like these would not be possible without some prominent sponsors, including Bitonic, BitKassa, Anycoin Direct, and Breadwallet. Do keep in mind attending the presentations during this event is not free of charge – early bird tickets are still available –  and the number of available tickets is limited. More importantly, tickets can be purchased with Bitcoin.

Will you be attending the Bitcoin in Use event to celebrate two years of Arnhem Bitcoincity? Let us know in the comments below!

Source: Arnhem Bitcoinstad

Images courtesy of Arnhem Bitcoinstad, Shutterstock

The post Celebrate Two Years of Arnhem Bitcoincity During “Bitcoin In Use” Event appeared first on Bitcoinist.net.

Celebrate Two Years of Arnhem Bitcoincity During “Bitcoin In Use” Event

Úno 23

Ledger Finds Bitcoin Hardware Wallet Ally In Segregated Witness

Source: bitcoin

Bitcoinist_Ledger Nano

Ledger is one of the most well-known Bitcoin hardware wallet companies in the world. The primary goal of these products is ensuring customer funds are safe at any given time, and remove any mistakes that might occur when sending or receiving money. The company is also in favor of Segregated Witness, as this solution can be quite beneficial to all Bitcoin hardware wallet manufacturers. That is, by making some minor adjustments.

Also read: Expanse dApps Project Soars to New Heights

Ledger And Segregated Witness

Very few people are aware of how Bitcoin hardware wallets work under the hood, as the software has to take various complex pieces of information into account. After all, such a hardware wallet solution would be quite useless if an attack could lie on the amount associated with the inputs of transactions as this could result in inflated fees. Ledger validates all transactions thanks to a proprietary Previous Output structure, called Trusted Input.

Rather than taking various pieces of information from a transaction – amount, recipient, sender, and fee – Trusted Input will parse the full previous transaction. This process returns a signed and verified Previous Output with an associated value. Unfortunately, this solution is far from perfect, as every transaction needs to be looked up on the blockchain, and then redirected to the ledger Hardware Wallet as it is connected to a host computer.

This is where Segregated Witness comes into the picture, as Ledger sees tremendous value in this software solution. Segwit brings a new transaction signature algorithm to the table, which includes the Previous Output value in the signature itself. This removes the need to parse entire transactions and sort through the information with the Ledger Nano’s limited amount of RAM.

But this solution would not just apply to devices manufactured by Ledger, as any Bitcoin hardware wallet provider could reap the benefits of Segregated Witness. None of these solutions will have to process transactions on their own accord, and no requests have to be sent to the blockchain to request additional information.

Moreover, Ledger sees an additional benefit in Segregated Witness thanks to the way transactions will be signed. Thanks to a thorough review, there will be no possibility to rehash the full transactions for individual inputs, and an image of the transaction data – which will be hashed – can be stored in the device’s memory to avoid repeated unnecessary steps in the signing process. As a result, precious time will be saved, making the Ledger – and other – products more appealing to mainstream consumers.

A Bright Future for Bitcoin Hardware Wallets

It is very insightful to see what Segregated Witness brings to the table apart from an increase in block size and various other features that most people might never even use. Bitcoin hardware wallets such as the Ledger Nano are becoming more popular, as they provide a way to store bitcoins offline, yet can be carried around whenever needed.

Up until this point, the concept of Bitcoin hardware wallets has been quite appealing, but the devices were still rather slow when dealing with transactions. Segregated Witness seems to alleviate two of the critical performance issues, and further research by developers will hopefully speed up the process even more in the future.

What are your thoughts on the advantages of Segregated Witness for Bitcoin hardware wallet manufacturers? Let us know in the comments below!

Source: Medium

Images courtesy of Ledger, Shutterstock

The post Ledger Finds Bitcoin Hardware Wallet Ally In Segregated Witness appeared first on Bitcoinist.net.

Ledger Finds Bitcoin Hardware Wallet Ally In Segregated Witness

Úno 22

Multipool.us Launches Bitcoin Classic Mining Pool As Network Hashrate Decreases

Source: bitcoin

Bitcoinist_Bitcoin Classic

By the look of things, support for Bitcoin Classic is growing in the mining scene, as Multipool.us has opened up a new mining pool for this so-called “altcoin”. With over one petahash of mining power directed to this Bitcoin Classic pool alone, the competition with Bitcoin Core is being taken to a whole new level. However, only three blocks have been mined so far, and there is still a long way to go before Multipool.us will become a major contender.

Also read: Lisk Announces ICO With ShapeShift, Dapps Made Easy

Multipool.US Supports Bitcoin Classic Mining

While it is positive to see further competition between developmental solutions, the big question is how much effect these mining pools will have overall. Not just regarding adopting Bitcoin Classic itself, but also how they let miners generate these “alternative” blocks on the network.

So far, only three Bitcoin Classic blocks have been mined on the network, between the dates of October 28, 2015, and right now. That is not a great sign to stimulate adoption of this alternative development solution to the Bitcoin block size debate. After all, Bitcoin Classic will not activate the block size increase unless they reach a large majority of the network hashpower.

That situation might be getting one step closer to reality in the near future, though, as Multipool.us has opened up their Bitcoin Classic mining pool. Based on the statistics at the time of publication, their BTC_C mining pool has over one petahash of mining power pointed towards it, which is quite a margin.

With over 40 users active on the Multipool.us Bitcoin Classic pool already, there appears to be a growing demand for mining pools supporting this solution. It will be quite difficult to reach a majority mining consensus on the Bitcoin network, though, but over one petahash of mining, support is a big step in the right direction.

Multipool.us is not the first to launch a Bitcoin Classic mining pool either. A topic has surfaced on the Bitcoin.com forum detailing how interested miners can solo mine on a particular server without running their own node. This pool has over one petahash of hashpower as well and operates on a 1% fee structure.

Bitcoin Hashrate Is Decreasing

As these Bitcoin Classic mining pools seem to gain more popularity, the overall Bitcoin mining power appears to be decreasing. The way things stand right now, BitcoinWisdom is reporting slightly over 1.5 petahash for the entire Bitcoin network, which would mean Bitcoin Classic mining is at close to 100% of the total mining capacity.

The statistics project by Multipool and the other mining pool can not be entirely correct, as they seem to display the total network hashrate rather than the dedicated numbers for their own mining pools. However, the decline in overall Bitcoin hashrate can not be denied, as things are starting to drop off slowly for some unknown reason.

What are your thoughts on these new Bitcoin Classic mining pools popping up? Will the miners favor this solution over Bitcoin Core? Let us know in the comments below!

Source: Multipool.us

Images courtesy of Multipool, Shutterstock

The post Multipool.us Launches Bitcoin Classic Mining Pool As Network Hashrate Decreases appeared first on Bitcoinist.net.

Multipool.us Launches Bitcoin Classic Mining Pool As Network Hashrate Decreases

Úno 18

Burger King Arnhem Now Accepts Bitcoin Payments

Source: bitcoin

Bitcoinist_Burger King

Many businesses around the world have started accepting Bitcoin, and it is only a matter of time until the popular digital currency gains more use cases. Up until this point, a lot of people saw Bitcoin as e-money that could only be spent on goods and services online. Slowly but surely, that is starting to change, as Burger King Arnhem is now accepting Bitcoin payments.

Also read Multi-sig Wallet BitGo Integrates with ShapeShift.io API

Arnhem Bitcoinstad Welcomes Burger King

One thing Bitcoin lacks is a major use case for everyday consumers, such as paying for food at a major brand,  or paying for public transportation. Companies like Plutus are working on solving that latter problem, as their mobile application will be released later today, letting consumers pay with Bitcoin wherever NFC payments are accepted.

At the same time, the first issue is slowly being solved as well, thanks to initiatives such as Arnhem Bitcoinstad and Ghent Bitcoinstad. Both of these major European cities are converting local businesses into places where consumers can pay for goods and services with Bitcoin.

Speaking of Arnhem Bitcoinstad, they have recently welcomed the 100th participant. Not only is this a joyous occasion, but the team also managed to add a significant food location to their list of Bitcoin merchants, as none other than Burger King Arnhem is now accepting digital currency payments.

It seems to make a lot of sense for companies like Burger King to accept Bitcoin payments, as this is a global payment method that removes any friction associated with credit cards or foreign currency exchange. However, such a decision will not be made easily, and the Arnhem location is the first Burger King restaurant to experiment with Bitcoin.

Mystery Event To Celebrate Bitcoin Efforts

To celebrate the 100-retailer milestone, a mystery event will be held at Burger King Arnhem tomorrow evening, starting at 19:02 GMT+1. This meetup is organized by the Arnhem Bitcoin Users group, and further details are unknown at the time of publication. What we do know is how this meetup will be a great way for Burger King staff to get acquainted with Bitcoin payments.

It goes without saying how initiatives such as Arnhem Bitcoinstad are doing an excellent job of putting Bitcoin on the map in Europe. Up until a year or two ago, it was all but impossible to spend Bitcoin at a physical location, and now there are one hundred in Arnhem alone. More efforts like these are needed throughout the rest of Europe, as well as across other continents.

Source: Facebook

Images courtesy of Arnhem Bitcoinstad, Burger King, Shutterstock

The post Burger King Arnhem Now Accepts Bitcoin Payments appeared first on Bitcoinist.net.

Burger King Arnhem Now Accepts Bitcoin Payments

Úno 15

AirTM Currency Conversion Success Hinges on Bitcoin Integration

Source: bitcoin

Bitcoinist_Currency Conversion

Growing a Bitcoin exchange or brokerage service is not an easy task, as there is a lot of competition in this niche market right now. Furthermore, there are plenty of consumers who are not looking at Bitcoin as a solution to their financial problems just yet. But neither of these factors is keeping AirTM from becoming a big success. This service built on top of Uphold’s cloud money platform make it easy for consumers to convert in and out of Bitcoin.

Also read: Jamie Dimon: Bitcoin Doomed While Blockchain Is for Real

AirTM Powers Cloud-based Currency Conversions

What makes the services provided by AirTM, so appealing is how they work with local cashiers in various regions, which help clients deposit and withdraw local currency. For example, it is possible to send Chinese Yuan to an AirTM cashier via bank transfer and have them convert it to US Dollars, which are then deposited into the client’s account.

Some people might be wondering how this principle is possible, as it requires cooperation by banks and other financial players. Bitcoin holds the answer to all of the questions, as the popular digital currency is used to convert funds to US Dollar through the Uphold platform. This funds is then used to fund AirTM cashier accounts and service clients looking to convert currency.

Most people who make use of such an AirTM cashier are not even exposed to the Bitcoin factor, as all they see, is local currency going in and foreign currency appearing in their account. While this method should be heralded and applauded by the Bitcoin community, AirTM deliberately remained quiet on using this technology when dealing with customers. After all, there is a fair amount of bias in regards to Bitcoin services, even if they use the digital currency to convert between fiat currencies.

Bitcoin can serve as a great tool to provide financial services to the unbanked, but AirTM is using the digital currency for a different purpose. By embracing Bitcoin, the company can offer a digitized US Dollar to its customers, which is subject to a far larger addressable market than digital currency – for now, at least.

Using Bitcoin Without Advertising It

While some people might disagree with the business strategy employed by AirTM, the company is seeing tremendous success from using Bitcoin. Granted, they are not advertising the involvement of digital currency by any means, yet their entire business runs on top of Bitcoin.

This strategy seems to be work quite well, especially when considering how the concept of Bitcoin is too volatile for most everyday consumers and businesses. Right now, there is a growing demand for various currency exchange solutions, and Bitcoin provides companies such as AirTM with the functionality to offer these conversions on the fly.

The connection with Uphold is of great importance as well, considering how the latter has no ties with the financial infrastructure in most of the countries where AirTM operates. Exchanging local currency to US Dollar can be a major hassle in some of these regions, and Bitcoin – unknowingly – provides them a way out.

What are your thoughts on the service provided by AirTM? Is this a great way to showcase Bitcoin’s strengths/ Let us know in the comments below!

Source: Medium

Images courtesy of Shutterstock, AirTM

The post AirTM Currency Conversion Success Hinges on Bitcoin Integration appeared first on Bitcoinist.net.

AirTM Currency Conversion Success Hinges on Bitcoin Integration

Úno 12

Budapest Taxi Drivers Now Accept Bitcoin Payments Through TheCoinPAY

Source: bitcoin

Bitcoinist_Budapest Taxi

One thing the Bitcoin ecosystem is always in need of is more use cases for consumers to conveniently spend digital currency. Even though there are plenty of merchants accepting Bitcoin in the online space, brick-and-mortar locations are a few steps behind. In Budapest, you can now pay your taxi rides with Bitcoin, creating a huge use case for the modern digital currency by affecting the daily lives of residents. Budapest Taxi is among the first public service companies in the country to experiment with Bitcoin.

Also read: Ethereum Foundation Appoints ​Dr. Christian ​Reitwiessner to C++ Team Leader

Budapest Taxi Embraces Bitcoin Payments

Hailing a cab in any city in the world can be quite a challenge, and when it comes to making payments, there are very few options a tone’s disposal. Either consumers have to fiddle around with cash, or they will have to take out their credit card to make a payment. But what if one had neither of these payment methods with them? Bitcoin is the answer, according to Budapest Taxi.

All of the taxi drivers in Budapest will soon start accepting the popular digital currency as a payment method, thanks to a collaboration with Hungarian Bitcoin payment processor TheCoinPAY.More commercial use cases for Bitcoin are direly needed, and this partnership is just the first step along the way of achieving that goal.

At the time of publication, Bitcoin payments are accepted by 580 cabs in Budapest. Even though Budapest Taxi managing director Csaba Horváth doesn’t expect an immediate surge in Bitcoin payments, there is no better time than now to experiment with digital currency payments. Missing out on being part of this revolution would be quite a shame, and Budapest Taxi has nothing to lose by accepting alternative payments.

Every business around the world has to keep tabs on what is going on in their industry, as well as in different sectors. Taxi companies heavily rely on making payments convenient for their users, and Budapest Taxi is keeping an open mind as far as Bitcoin is concerned. After all, it might just become successful, and transform the taxi business in Budapest altogether.

Hungary Is No Stranger to Bitcoin

A little-known fact is how there are plenty of Hungarians who are involved in the world of Bitcoin and digital currency. Looking at things on a population scale, Bitcoin is still a minor blip. But at the same time, estimated indicate there could be as much as US$29m worth of Bitcoins in circulation in Hungary alone.

Mate Tokay Bitcoinist.net CEO tweeted:

Furthermore, there are several Bitcoin ATMs to be found in the country, which makes it easy to convert to and from digital currency on the fly. As one would come to expect, the opinions on Bitcoin are very divided in the country. Some people see the negative side which the media warned them about, whereas others see Bitcoin as a real innovation.

What are your thoughts on paying Budapest Taxi with Bitcoin? Will we see a similar trend in other countries? Let us know in the comments below!

Source: Euronews

Images courtesy of Shutterstock, Budapest Taxi

The post Budapest Taxi Drivers Now Accept Bitcoin Payments Through TheCoinPAY appeared first on Bitcoinist.net.

Budapest Taxi Drivers Now Accept Bitcoin Payments Through TheCoinPAY

Úno 11

CME Funds Cambridge Center of Alternative Finance Research

Source: bitcoin

Bitcoinist_CME Group

Alternative financial solutions are gaining more popularity in recent months, as both consumers and investors are looking for ways to bypass traditional finance altogether. CME Group Foundation has announced they will make a financial contribution to the Cambridge Centre for Alternative Finance to spur future innovation in this sector. Both crowdfunding and peer-to-peer lending seem to be of great value to CME Group Foundation.

Also read: Encryption is Keeping Global Leaders In the ‘Dark’

CME Eyes Alternative Financial Solutions

Creating a wide variety of education initiatives in the financial sectors will be of great value to establishing alternative financial services. Not only will there need to be a lot of guidance on the end of startups and entrepreneurs, but consumers will need to be informed of the benefits of these alternative financial solutions as well.

The US$1m grant from CME Group Foundation will be distributed over the course of five years,  and it is the largest financial contribution made by the group outside of the United States. By targeting the University of Cambridge in the United Kingdom, boosting innovation in the alternative financial industry will gain a more European appeal as well.

The Chairman of CME Group Foundation Jim Oliff stated:

“The Foundation has a long track record of supporting academic institutions on innovations close to the futures and derivatives industry. This partnership will strengthen the research framework around the alternative finance sector and enable further collaboration between academics, policy makers, regulators and industry participants.”

What makes this announcement even more impressive is how the Cambridge Center for Alternative Finance [CCAF] will diversify their attention across five regions around the world. Furthermore, the Centre will organize a yearly recurring finance conference, which acts as a platform, to promote research results and discuss opportunities for future innovation.

There is no denying the financial sector as we know are undergoing vast changes. Some financial experts might see this as a transition whereas things are effectively changing on a structural level. Coming up with alternative financial solutions is a difficult task, but the grant provided by CME is a clear vote of confidence for the efforts by the CCAF.

Cambridge Shows Growing Interest in Bitcoin

At the time of publication, it remained unclear as to whether or not the Bitcoin option would be explored by the CCAF. What we do know is that there seems to be a growing interest in digital currency in the Cambridge area, as the local Meetup group has over 300 members right now. Even though there is no Bitcoin ATM available yet, things might be about to change sooner rather than later.

One company seems to be actively trying to spread the word on Bitcoin and digital currency in Cambridge, and that is HelioPay. Not only does this company provide businesses and entrepreneurs with the necessary hardware to accept digital currency payments, but they are also offering staff training.

What are your thoughts on CME Group Foundation funding alternative finance research? Let us know in the comments below!

Source: PR Newswire

Images courtesy of CME Group Finance, CCAF, Shutterstock

The post CME Funds Cambridge Center of Alternative Finance Research appeared first on Bitcoinist.net.

CME Funds Cambridge Center of Alternative Finance Research