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ItBit CEO: Bitcoin Can’t Circumvent the Financial System

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4f7328ab7e6 ItBit CEO: Bitcoin Cant Circumvent the Financial SystemCompetition in the US bitcoin exchange market continued to escalate last week with the announcement by New York-based itBit that it would open to consumers in all 50 US states.

The decision comes amid a time when many US exchange market participants appear to be jostling for position ahead of the release of the final BitLicense regulatory framework this May. Coinbase launched its exchange product to customers in 24 states in January, while the Winklevoss Capital-backed Gemini intends for its launch to coincide with the release of the BitLicense.

Despite the number of entrants competing for a small but burgeoning market, itBit CEO Charles Cascarilla is confident that his exchange has done enough to separate its product owing to its status as “the only regulated entity in the entire bitcoin world”.

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Blockchain Tech Could Improve Banking, Says EBA Report

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a26aEBA report Blockchain Tech Could Improve Banking, Says EBA Report

Blockchain technology has the potential to reduce costs, improve product offerings and increase speed for banks, according to the most recent report from the Euro Banking Association (EBA).

Founded in 1985 and supported by the European Commission, the EBA is a practitioner’s body for banks and other service providers that promotes a pan-European payment system and business practises.

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Inside 21’s Plans to Bring Bitcoin to the Masses

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570cScreen Shot 2015 05 11 at 2.58.26 PM Inside 21s Plans to Bring Bitcoin to the Masses

Secretive bitcoin startup 21 Inc has performed tests illustrating how its technology could enable machine-to-machine bitcoin transactions as part of a company overview created during the fundraising of its $75m Series C.

In its pitch, 21 Inc, then still operating under original moniker 21e6, showcased both slides and video that demonstrate how bitcoin could be used to facilitate real-time marketplaces for Internet bandwidth. Using three proxy users, a Vimeo demonstration (now removed) outlines how a service can parcel out its download capacity through the use of bitcoin payments.

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California Business Raided Over Alleged Altcoin Gambling

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34ecScreen Shot 2015 05 12 at 2.47.08 PM California Business Raided Over Alleged Altcoin Gambling

A business in Southern California was the target of a police crackdown last month in connection with alleged gambling tied to an alternative cryptocurrency.

Shamrock Social Games and Mining, located in Bakersfield, California, was raided by local law enforcement officials in late April, according to local news service KBAK/KBFX.

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%name California Business Raided Over Alleged Altcoin Gambling

MIT Calls Out ‘Critical Flaws’ in New York’s BitLicense

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MIT Digital Currency Initiative director Brian Forde has issued a new blog post in which he aims to draw attention to four “critical flaws” in the approach so far taken by the state of New York to regulate the digital currency industry.

Coming one month after his appointment to the position, the piece finds Forde seeking to voice the leading US university’s interest in bitcoin and the blockchain as technologies that could contribute to the global good. The DCI was announced in April following a year of additional grassroots efforts on campus.

Perhaps most notably, Forde contended that the regulation ultimately enacted by the New York State Department of Financial Services (NYDFS) should strive to help grow and mature the industry, rather than simply protecting consumers.

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%name MIT Calls Out Critical Flaws in New Yorks BitLicense