Overview of Bitcoin this Monday

DFS: the New York Department of Financial Services announced this Monday that it granted a virtual currency license to Xapo. Xapo is the company providing wallet, cold storage, and Bitcoin-based debit card services that are to hold around $10 billion worth of BTC. Xapo is the eight-firm to receive approval from DFS for virtual currency charters or licenses.

A comprehensive review of Xapo’s application was made by the regulator. The company’s anti-money laundering, anti-fraud, capitalization, consumer protection and cybersecurity policies were also reviewed. The license authorizes Xapo to offer a digital wallet and a vault service and also be subject to ongoing supervision by DFS. The president of Xapo, Ted Rogers said: “We are very pleased with the approval of Xapo’s BitLicense application. It is the end result of much hard work, not just by Xapo personnel but by the DFS and its staff.”

In China, this Monday reports from the Asian economy revealed that at least 2,000 new crypto foundations have been set up by Chinese people in offshore jurisdictions. This is to ease the trade of new ICO tokens. The centers for this activity are already in place and they offer quick and easy registrations. They include Singapore, the Cayman Islands, and Malta. The size of each ranges from tens of millions to tens of billions of Chinese yuan.

Media have reported that a group of would-be bitcoin thieves from the state of Georgia, who has been previously reported on, has been indicted by the Superior Court of Forsyth County on charges of conspiracy to commit burglary and robbery. The group comprises five: Justin Ellison, Trivette Adams, Matthew Schwartz, Jacob South and Michael McDermott. They conspired to break into a local home and steal close to $1 million in bitcoin. Last Monday, June 11, they were charged with counts of conspiracy to commit burglary and conspiracy to commit robbery by force.

It has been proven that bitcoin is now available on one of the largest and oldest covered markets in the world: the Grand Bazaar. A bitcoin sign was seen in front of a retail currency exchange shop. That sign is to attract the many shoppers and tourists that visit the Grand Bazaar every day. The Turkish lira in Turkey has been on a downward trend for some time now. The country being an international center for trade, it could actually be a perfect location for bitcoin adoption.


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