Category Archives: london

Auto Added by WPeMatico

Switzerland to Adapt Existing Laws to Accommodate Blockchain

Switzerland to Adapt Existing Laws to Accommodate Blockchain

Contemplating a separate blockchain legislature are out of the question for the Swiss as the Finance Minister Ueli Maurer said Switzerland will instead adapt the current legal framework to account for blockchain technology.

Maurer said during the Infrachain blockchain conference in Bern that there won’t be a special blockchain law, instead, the current legal framework will be tweaked to adapt to the new technology and its derivatives. This will involve an adaption to six different laws starting with the “laws of obligations and ending with bankruptcy law”. The whole process should be completed in the coming year.

About a year ago, in a fintech round-table discussion involving the minister and other financial and scientific stakeholders, attendees agreed upon the urgency of attention to the development of blockchain and initial coin offerings (ICO). This led to setting up a committee to determine the necessary actions to be taken towards the development and adoption of the new enterprise.

Blockchain interest in the country has taken up a rather interesting turn with jurisdictions such as London, Singapore and Shanghai identified as “tough competitors”. However, countries like Liechtenstein are ahead of the Swiss in terms of blockchain-related legislature with a bill already in motion will be passed in 2019.

Blockchain developments (standardization) and regulation are currently being considered simultaneously in Switzerland to effectively groom the industry. With FINMA proposing a structural operational model for financial institutions to work against the volatility of the market on one hand. Switzerland’s State Secretary Joerg Gasser has opined that standards are now more important than regulation since according to him, fintech has moved beyond the “hype-cycle”. On the horizon, more utility use for blockchain enterprise seems to be developing as well.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Switzerland to Adapt Existing Laws to Accommodate Blockchain appeared first on BitcoinNews.com.

Blockchain Already Outstrips Internet Development, Says Expert

The UK’s Daily Telegraph reminds readers of where blockchain development is at this point by drawing a comparison to 1994 and the development of the internet to illustrate just exactly how fast it is becoming a part of everyday life.

It points out the disruptive nature of blockchain and the speed at which funds can be now sent anywhere in the world with complete security and how it will get faster and even more efficient. In terms of development, blockchain has already outpaced the development of the internet.

In 1994, the opening of the world’s first internet café in London — the Cafe Cyberia near Tottenham Court Rd in the heart of the city, heralded in the age of the net and mass adoption. Blockchain experts agree that this is about where the development of the technology is right now.

The blockchain’s ability to let anyone send digital value to anyone else around the world in a secure, efficient and affordable manner promises to have the same disruptive impact the internet has had on our world over the past 25 years.

In the blink of an eye, cryptocurrencies including the likes of Bitcoin, Ethereum and XRP are on the cusp of becoming household names. A vast number of sectors across all jurisdictions are already seeing witnessing the foundation that gave birth to these digital currencies become more significant.

Whether it be the financial sector, IT, research and development, supply chain, travel, commerce, defense, local and federal government administration, and even space travel, there is no sector where blockchain technology is not at least being considered. So much so, in fact, universities and educational establishments around the world, along with many of the world’s major banking systems, are knocking at its door.

It’s therefore hard to reconcile this rapid adoption with the fact that cryptocurrencies were only launched a few years ago. Given the rapidity of this development, compared to that of the internet it’s hardly surprising when prominent pundits and experts in the burgeoning industry make declarations, such as venture capital investor and cryptocurrency commentator Tim Draper. Earlier this year, he declared that Bitcoin could be bigger than the internet:

“It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”

Draper pointed out that eventually no one would be interested in holding cryptocurrency, arguing that “in five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto.”

The predictions are that, just as the internet created the email, which even now has become the “Wells Fargo Stagecoach” equivalent in terms of sending information, given the development of online chat and messaging apps, blockchain will spawn a vast array of alternative uses so far not even considered.

In only 10 years of existence, blockchain is at the level that the internet was about 35 years later, this suggests that the world is in for a fast and exciting ride on the blockchain trail.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Blockchain Already Outstrips Internet Development, Says Expert appeared first on BitcoinNews.com.

Coinjar Sees Bright Future for Stablecoins

The CEO of Australian Bitcoin Exchange Coinjar maintains that stablecoins are due to become a major investor attraction.

Asher Tan has left Melbourne-based Coinjar co-founder Ryan Zhou in charge of Australian operations and taken up residence in London’s Canary Wharf. He clearly has a good view of London’s crypto horizon from his 39th-floor workspace on the banks of the Thames. He likes what he sees.

The interesting thing right now, what’s on everyone’s lips, is what you call a stablecoin. A stablecoin is a coin pegged to a currency, usually the US dollar. It’s a craze right now,” Tan says. “It helps you transfer money around the crypto ecosystem at a stable rate. But there’s a whole lot of applications or use-cases that could come out of it.”

Stablecoins are seen by some as a safe hedge against the volatility of conventional cryptocurrencies such as Bitcoin or Ethereum. Currently, they are underutilized apart from traders using them to guard their positions during bear markets. The most topical of these were introduced after the Winklevoss twins were knocked back by the SEC after their last ETF submission was turned down, only to hit the market with the stablecoin Gemini. The brothers also have their eyes firmly set on the London market as their next potential stablecoin project.

Japanese banks favor a stablecoin method which involves simply storing an equivalent amount of dollars and offering a tokenized version of that amount. Tan suggests that until now, the custody model has certainly been easier than more complex decentralized ways of maintaining a peg but tech startups are now looking for a better more effective and innovative model.

“How do you keep a peg? These are things that usually only a central bank would have thought about five years ago, and now you’ve got tech start-ups looking at economics, and how can you peg a currency to a token. It’s fascinating,” says Tan.

Tan sees dollar digitalization by exchanges at some point in the future as a faites accompli and he is now considering how stablecoins would fit into his future plans for Coinjar, arguing that Europe is the ideal base from which to operate:

“If you go regional in Asia there’s that fragmentation – all the different regulators, the cross-border challenge. Europe is a well-regulated environment, like Australia… We don’t want to create a product and then find out that the regulator is taking an unfriendly approach.”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Coinjar Sees Bright Future for Stablecoins appeared first on BitcoinNews.com.

Ready Steady Go: On Your Marks for the Stablecoin Steeple Chase

With Japanese regulators confirming that stablecoins do not fit the definition of cryptocurrencies outlined in the country’s Payment Services Act, the stablecoin chase seems well and truly on in that country and, so it appears, everywhere else.

As Bitcoin News reported yesterday, according to the FSA, firms issuing stablecoins in Japan need not register for licenses, though they may need to register for issuing payment instruments. Significantly, this clarification of the FSA’s 2017 guidelines means that large stablecoin transactions, up to JPY 1 million (around USD 9,000) can be made unhindered by the same guidelines which apply to other transactions.

A stablecoin is a cryptocurrency pegged against something of widely-accepted value such as a state currency, typically the US dollar, giving it price-stable characteristics. It is seen by some as a safe hedge against the volatility of conventional cryptocurrencies such as Bitcoin or Ethereum. Currently, they are underutilized apart from traders using them to guard their positions during bear markets.

What is the current state of play in the apparent rush towards stablecoins? There seems to be no stopping the charge as the London Block Exchange (LBX) announced its plans to launch the LBXPeg, a stablecoin backed by the UK pound recently.

LBX has stated the current stablecoin market needs disruption due to many firms’ lack of transparency, commenting that “many available stablecoin offerings are inadequate for the needs of businesses, traders and consumers” and citing “opaque management structures, distribution schedules, and auditing processes”.

Nick Tomaino, founder of @1confirmation, calls stablecoins “the holy grail of cryptocurrency”, suggesting that coins such as Bitcoin were too prone to volatility. Tomaino suggests that the US dollar is a fiat working example of stability. The dollar falls down as a stablecoin, primarily because it lacks user control being dependent on the Federal Reserve and the US banking system.

The Winkevoss Twin would clearly agree with Tomiano’s “holy grail” epithet, given their recent success with the New York regulator. The Gemini Dollar, launched by the Winklevoss twins, will allow users a one-to-one exchange on the US dollar on the Ethereum blockchain.

A Hong Kong-based blockchain investment firm is also planning to launch a new stablecoin backed by the Japanese yen. The company, Grandshores Technology Group, will launch the funding round in late 2018 or early 2019. Grandshore feels that the stablecoins will have mileage on release. It argues:

“We believe cryptocurrency traders and exchanges will be potential takers of these stablecoins… We are entering the next stage of blockchain evolution, a stage which is akin to when computer operating system was transiting from MS-DOS to MS-Windows.”

Australia company Bill Trade, which launches its own coin next year, sees stablecoins as solving “one of the principal issues that may drive investors seeking steady returns and merchants that currently accept traditional currency away from digital currencies: volatility”.

The chase is on.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Ready Steady Go: On Your Marks for the Stablecoin Steeple Chase appeared first on BitcoinNews.com.

The Ten Top Cities to Visit With Bitcoin in Your Pocket

Investopedia recently used Coin ATM Radar, coinmap.org and other metrics to calculate the best cities around the globe to visit with Bitcoin.

You don’t have to be in London or New York to use or access your bitcoins.  ATMs are turning up in the most unlikely places, such as the sleepy Devon town of Kingsbridge in the South West of England, where just last month a Bitcoin ATM was set up in the corner of the town’s Tourist Centre.

The Prague subway now has ten new machines spread across its route and the German Federal Financial Supervisory Authority (BaFin), has clarified that banks in Germany now have the right to upgrade existing ATMs in the country to facilitate certain cryptocurrencies. With the last ATM count approaching 4000 worldwide, it won’t be too long before one is accessible wherever a traveler finds themselves.

So, until then, for the global traveler, where is the best place to cash out some BTC or buy dinner? The following breakdown includes Investopedia’s top dogs when it comes to accessing or spending your crypto funds. Here are the top ten based on Bitcoin accessibility and usability.

  1. The global base of mega crypto exchange Coinbase is San Francisco, not only home of the street tram and Fisherman’s Wharf, but also home to 177 Bitcoin-accepting merchants and 29 Bitcoin ATMs.
  2. Canada has a reputation for being crypto friendly, having been recently described as further advanced in cryptocurrency policy than its US neighbor. The coastal city of Vancouver boasts of 86 merchants accepting the digital currency as well as 48 Bitcoin ATMs around the city.
  3. Half a million Dutch households own crypto so it is unsurprising that Dutch capital Amsterdam is Bitcoin-friendly to the traveler. There are about 74 merchants around the tiny country, with a population under 800,000, accepting Bitcoin. Although, ATMs are not yet patronized as that of the neighboring cities. Approximately 60% of the households in the Netherlands who invest in cryptocurrencies started doing so in 2017.
  4. Ljubljana, Slovenia with a tiny population of 272,000, Ljubljana has 51 merchants accepting Bitcoin and five ATMs.
  5. Tel Aviv, Israel. Israel’s financial center offers 58 merchants that are more than happy to take BTC and has 4 Bitcoin ATMs. Bitcoin is a fact of life in the country, and the government has acknowledged it as a taxable asset with investors purchasing gold and real estate with the flagship cryptocurrency, cherishing its anonymity.
  6. Along with Malta, Switzerland is Europe’s real crypto mover and shaker. Out of the world’s six biggest initial coin offerings (ICOs) last year, four took place in Switzerland, according to Swiss financial watchdog, Swiss Financial Market Supervisory Authority (FINMA). In Zurich 64 merchants take Bitcoin and eight ATMs serve a tiny population of 366,000. Bitcoin is now available as payment at 1,357 railway ticket kiosks around the alpine nation.
  7. Tampa, Florida may seem an unlikely place to find a community utilizing cryptocurrency but the city provides as many as 93 merchants accepting BTC. Also, a good scattering of 13 ATMs around the city means that travelers are never far from a source of cash.
  8. Both Venezuela and Argentina are in financial crisis. However traveling in Buenos Aires with Bitcoin is made easy with a huge 130 merchants accepting Bitcoin and 3 ATMs, although the government of Argentina has promised to swell those numbers over the next few years. In fact, with no intention of keeping things small, Argentina plans to become the world’s biggest player with pre-agreements to install 4,000 ATM around the South American country.
  9. New York usually does things big, hence 117 ATMs around the city, meaning that most areas of the city are covered whether up, mid, or downtown. 122 merchants also accept Bitcoin as payment. Wall St. has been making noises about crypto this year, so it shouldn’t be too long before banks update their fiat ATMs in America’s banking metropolis.
  10. The UK was quick to take to cryptocurrency; 88 merchants accepting Bitcoin and 74 ATMs around the busy and culturally diverse capital illustrate this enthusiasm. London made the news recently when a mosque announced that it had successfully reached and exceeded its target of donations over the Ramadan period – in cryptocurrency.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post The Ten Top Cities to Visit With Bitcoin in Your Pocket appeared first on BitcoinNews.com.

Coinbase Secures Ireland Office as Brexit Safety Net

On Monday, major cryptocurrency exchange Coinbase announced the opening of a new office in Ireland’s capital of Dublin. The move is said to prevent any risks to the company associated with the UK leaving the European Union (EU).

With the UK scheduled to break off from the EU and possibly its entire regulatory framework, Coinbase has been forced to relocate its European hub from its London offices, although the London branches will remain in place to service the UK. According to Coinbase, the EU was its fasted growing market in 2017 and Ireland was most well equipped to provide the expertise needed to take this on.

Ireland’s Minister for Financial Services and Insurance, Michael D’Arcy T.D, praised the cryptocurrency exchange’s decision, saying it is a reflection of the country’s growing competitiveness in the financial services industry.

Speaking to UK-based news outlet the Guardian, Coinbase’s UK CEO Zeeshan Feroz said that in the case of a so-called hard Brexit that sees the UK leaving the European Customs Union, the exchange cannot risk not being able to provide the same level of service to customers located in Europe.

Feroz added that in addition to providing a Brexit contingency plan, the Dublin office will be well-placed to benefit the burgeoning Irish cryptocurrency economy and provide a number of skilled tech jobs, alongside growing the national technology sector.

While the Dublin branch assuming the role as EU leader may come as a blow to the UK, Feroz believes that there is a way the government can make Brexit work in its favor for the cryptocurrency industry.

”I am of the view today that there is an opportunity for Britain post-Brexit to perhaps take the lead in offering “balanced regulation” for the sector,” he told the Guardian, adding “In general, and outside of Brexit, I think crypto should be regulated as a service. There are businesses out there like ours that handle billions of dollars or pounds every day.”

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Coinbase Secures Ireland Office as Brexit Safety Net appeared first on BitcoinNews.com.

Stablecoin Race Is On: This Time It’s the UK’s Cryptopound

It’s a frenetic month for stablecoins, and the trend is further accentuated by another development as a London-based startup announces its own plans to develop a cryptopound.

In the US, a stablecoin is a cryptocurrency pegged against the USD, giving it stable-price characteristics, seen by some as a safe hedge against the volatility of conventional cryptocurrencies such as Bitcoin or Ethereum. Currently, they are underutilized apart from when traders use them to guard their positions during bear markets.

Last month, announcements of stablecoin launches appeared to have been coming from east to west, beginning with news of Gemini and Paxos being given the go-ahead to launch their own stablecoins by the New York State regulator. This was followed by Hong Kong-based Grandshores Technology Group announcing a funding round for a Japanese Yen-based stablecoin.

With the proposed launch of an Australian stablecoin last week by crypto exchange Bit Trade and the Emparta infrastructure, followed by the Goldman Sachs/Circle announcement of a US Dollar coin to end the week, this latest move from the UK was almost unsurprising.

After yesterday’s development in the UK, there seems to be no stopping the charge as the London Block Exchange (LBX) announced its plans to launch the LBXPeg, a stablecoin backed by the UK pound. LBX hasn’t named its banking partner yet but has suggested that one-for-one reserves will be held by a third party bank. LBX CEO Benjamin Dives claims this crypto pound is to be the first of its kind to be launched in the UK and is optimistic about the speed of development of the new coin:

“The primary use case will be settlement for OTC trades in the London market, then commonwealth exchanges where they don’t have fiat banking, and then securities tokens who want to pay dividends in a cryptopound… We would be ready for the first cryptopound to be minted in the next 10 days.”

LBX has stated the current stablecoin market needs disruption due to many firms’ lack of transparency, commenting that “many available stablecoin offerings are inadequate for the needs of businesses, traders and consumers” citing  “opaque management structures, distribution schedules, and auditing processes.”

Professor of Economics at UC Berkeley, Barry Eichengreen, suggests that stablecoins, seen by some as highly attractive for investment due to them being pegged to one fiat currency aren’t as stable as the name suggests. He argues that stablecoins contain certain “weaknesses”, and are not only expensive but require a reserve that is equal to or more than the coins in circulation to ensure market stability, making government regulation complex.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Stablecoin Race Is On: This Time It’s the UK’s Cryptopound appeared first on BitcoinNews.com.

UK’s HMRC Blockchain PoC Needs Experts, Policy Direction

Head of Platform Architecture at Her Majesty’s Revenue and Customs (HMRC), Richard Mander, has shared details of the department’s blockchain Proof of Concept (PoC). While he cited the potential benefits as being substantial, hiring and maintaining experienced staff has been an issue.

Speaking on the Govtech stage at Blockchain Live 2018 in London Wednesday, Mander discussed exactly what stage HMRC are at with its PoC, adding that finding people with the right knowledge and skill set to do this is becoming an issue. They hope to expand the project to host a second node in the near future but need to increase the expertise of their team first to make this an easier task.

Mander also outlined future policy issues that HMRC needs to consider in regards to the PoC, including to what extent they want to be accountable for maintaining the future structure of international trade.

The PoC

HMRC have been trialing the blockchain project as a way of increasing the efficiency of cross-government data sharing. Currently, the government model for potential traders in the UK requires them to register with multiple offices who carry out a series of arduous checks before they can receive authorization. Despite the checks being the same or very similar in content, the government does not have a secure way of sharing the information with one another, hence all departments are required to wasteful carry out exactly the same checks.

Mander detailed that if the trader also requires a specific license for selling or purchasing their goods, this can include more departments such as that of international trade or agriculture which are required to undergo these checks – a costly and time-consuming operation for all parties.

He told the audience, ”If we maintained a ledger of all those checks, the outcome would be recorded and could be shared securely and instantly, a huge efficiency benefit for HMRC.”

Phase one of the single node PoC has involved building a private, permissioned blockchain that holds full details of all of HMRC’s audit events and trade applications, with a ledger storing the audit events, outcomes and checks. It has also used blockchain permissions to limit user access to appropriate records by government employees.

”It has been a very successful first trial, it’s proof of the potential benefit of the technology within HMRC.”

Moving forward

It has, however, created some policy issues within government, including the problem that the department’s security premises is based on the idea of single entity data guardianship. A shared, multi-node environment means this would need to be fundamentally changed.

As well as this, with the blockchain trial being such a success, the question has been raised as to what extent HMRC want to be responsible for maintaining the structure for international trades should they continue to develop and launch the PoC.

”Should we be having aspirations of owning blockchain architecture? Do we want to be held accountable if the movement at Heathrow comes to a halt if our application fails?” Mander asked, throwing out potential issues that such a direction might envoke.

”We proved potential value, but at a technology level, there are questions we can’t answer without broader engagement with policymakers,” he concluded.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Amelia Trapp/ Blockchain Live 2018

 

The post UK’s HMRC Blockchain PoC Needs Experts, Policy Direction appeared first on BitcoinNews.com.

New UK Survey: 3 Million Have Invested in Crypto, Few With Advice

A new study in the UK has revealed up to 3 million people have invested in Bitcoin in the country through online trading platforms.

The research conducted by London investment house IW Capital, and quoted in the British press, also revealed that only 5 percent of those investing had taken any kind of professional advice before taking the plunge. Further, 2.5 million investors made their commitments without fully understanding cryptocurrency.

The Daily Express reported that total of 38% of the survey’s sample of 2,007 respondents claimed that they didn’t understand cryptocurrency and a third thought it was a bubble about to burst, although no data regarding the levels of knowledge among the larger portion of those polled was published.

IW Capital maintains there is an underlying lack of knowledge in British society regarding the subject of cryptocurrency despite the large numbers investing. The firm’s Chief Executive Officer, Luke Davis, also commented:

“It is shocking, but not surprising, to see so much confusion around the topic of cryptocurrency. I do not believe this is a reflection of UK investors’ risk profile, as a positive appetite for alternative finance remains, but to see that investments have been made without the proper financial advice and a lack of facts and education is very concerning.”

Other revelations which came from the survey were that 7 percent of participants thought cryptocurrencies were more valuable than traditional stocks and shares and that only 5 percent of those investing claimed to have gained financially from the experience.

A further report published this week suggests that digital currency prices are largely driven by a phenomenon known as “crowd psychology”. “This field relates to the behaviors and thought processes of both the individual crowd members and the crowd as an entity. Crowd behavior is heavily influenced by the loss of responsibility of the individual and the impression of a universality of behavior, both of which increase with crowd size,” according to Wikipedia.

Meanwhile, the technology behind cryptocurrencies is burgeoning in the UK. The country is known as a driving force in blockchain research and the spread of solutions is being utilized by numerous companies, as the country becomes one of the world’s most significant and dynamic fintech hubs.

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post New UK Survey: 3 Million Have Invested in Crypto, Few With Advice appeared first on BitcoinNews.com.

London Mosque Exceeds Ramadan Crypto Donations Target

A London mosque has announced that it has successfully reached and exceeded its target of donations over the Ramadan period which consisted mainly of cryptocurrency, according to Bitcoinist.

Bitcoin News reported in May that the first mosque for Turkish Cypriots in the UK, the Masjid Ramadan, had decided to accept Ethereum in order to carry out essential repairs.

Leaders at the mosque made the decision in May to accept the cryptocurrency as part of the Muslim observance of Zakat, the annual donation made by all of that faith. They set a target of GBP 10,000 for the renovations and invited those with cryptocurrency to donate in the hope that the community would come to the rescue.

The final donation tally came to GBP 13,983 (USD 18,511) consisting of 24 donations from around the world. Mosque chairman Erik Gurney was pleased to announce that the call for cryptocurrency has been a great success as it made up the larger part of the donation, with only GBP 3,460 (USD 4,582) being received in cash. Gurney stated:

“Many people at the mosque were initially skeptical about us accepting this new money, but the fact we received four times more in cryptocurrency donations shows how important it is to be open to these new digital currencies.”

The mosque decided to take the crypto route for donors once it partnered up with London start-up Combo Innovation. It had established that such donations were not in violation of Sharia law which was a concern to some at the time.

At a recent conference in Bahrain earlier this year, leading Islamic scholars decided that Bitcoin and other digital currencies fell into the category of ribawa. This means that cryptocurrency must be exchanged in equal measure, and with immediate transfer of possession, to avoid breaking Sharia law.

Masjid Ramadan managed to observe the law by ensuring that donations were transferred straight from the mosque website to the bank’s cryptocurrency hard wallet before being converted to sterling.

There is still some debate whether cryptocurrency and ribawa can be in tandem when it comes to Sharia law and some clerics have continued to express their own concerns. The Turkish Directorate of Religious Affairs has declared:

“Buying and selling virtual currencies is not compatible with religion at this time because of the fact that their valuation is open to speculation, they can be easily used in illegal activities like money laundering and they are not under the state’s audit and surveillance.”

 

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Courtesy: Pixabay

The post London Mosque Exceeds Ramadan Crypto Donations Target appeared first on BitcoinNews.com.