Digital Currency

By John Stewart While some startup transaction processors have capitalized lately on the idea of so-called free processing, at least one has now decided to backtrack on that concept. BitPay Inc., an Atlanta-based processor of Bitcoin transactions for merchants, announced Wednesday it is scrapping a plan it introduced only 14 …

The price of Bitcoin, which has languished under $300 for more than six months, briefly shot past that milestone over the weekend, only to close lower in trading later Sunday. The digital currency, which traded well over $600 a year ago before beginning a slide that saw it plunge below …

As states and national governments consider regulations for virtual currencies, a new report from a Canadian Senate committee recommends a “light touch” lest regulation stifle a promising young industry. In considering any legislation, regulations or policies, the Canadian federal government should “create an environment that fosters innovation for digital currencies …

By John Stewart The digital currency Bitcoin has attracted plenty of headlines, and has even gained enough of a foothold economically to prompt regulation, with the state of New York introducing the first BitLicense last week. But while the Bitcoin concept may be spreading its wings, the Bitcoin user base …

New York State’s controversial BitLicense—the nation’s first regulations for virtual currency—are now final, and they’ve got some people on the cutting edge of payments worried about government interference. But Benjamin Lawsky, the official who oversaw the BitLicense’s development, said Wednesday that he hopes intelligent regulation can help modernize what he …

By John Stewart Few tactics lend instant credibility like adding heavy-hitter names to a company’s board. On Wednesday, the 5-year-old Bitcoin digital currency, and at least one startup offering Bitcoin wallets, gained a few notches on the credibility index when Xapo GmbH said Dee Hock, John Reed, and Lawrence Summers …

In a time when consumers are using multiple ways—smart phones, tablets, stores, and Web sites—to shop, they are also using new ways to pay. Now, some are choosing to shop using Bitcoin, the best-known virtual currency. Some merchants, like Reeds Jewelers, accept Bitcoin primarily because customers want to use the …

Payments executives today are trying to assess the legacy of Benjamin Lawsky, New York State’s controversial top financial regulator who proposed the first regulations on virtual currencies. Lawsky, who became superintendent of the state’s Department of Financial Services in 2011, announced Wednesday that he plans to step down in June …

By Jim Daly The federal government sent a message Tuesday that the new virtual-currency providers are subject to the same regulations as long-established money-transfer firms when it announced that Ripple Labs Inc. would pay a $700,000 civil penalty and take remedial actions in lieu of criminal prosecution. The announcements came …

Bitcoin had a rough first quarter, leaving open questions about its ability to break into the mainstream of global payments. But that didn’t stop investment cash, which poured into startups supporting the digital currency at a record rate. That’s according to a quarterly report released Friday by Coindesk Research, which …