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FinCEN has been working with the IRS to train its examiners on relevant aspects of bitcoin technology.

Overstock.com is prepared for the worst, with a stockpile of precious metals in a secure location in Utah.

The company has enough food, cash, and digital currencies stored up to survive a disaster scenario that would doom the average online retailer, CEO Patrick Byrne told Buzzfeed News.

“I want a system that can survive a three month freeze,” says Byrne. “If the whole thing collapses I want our system to continue paying people, we want to be able to survive a shutdown of the banking system.”

That means hiding away $6 million worth of gold and $4.3 million of silver in denominations small enough for payroll an undisclosed “safe space” in Utah, plus a 30 day supply of food.

Byrne said he thinks of the stockpile as a sort of insurance policy for the company, with a 5% chance of paying off. He pointed to the 1930s banking freeze and the 2008 financial crisis as evidence of the necessity of preparation.

Buzzfeed reports that the hoarding is rooted in Byrne’s distrust for most major institutions, including banks.

This distrust has helped prompt Overstock.com to accept Bitcoin last year, making it the first major online retailer to do so.

In 2013, Byrne told Business Insider that he believed fiat currency, such as the US dollar, to be fundamentally flawed as it is prone to inflation and manipulation. Meanwhile, Bitcoin, like the stockpiled gold and silver, is a fixed supply and therefore immune.

Byrne has made headlines in the past for some confounding behavior, including calling billionaire Steven Cohen a “Sith Lord” in a full-page Wall Street Journal ad (Cohen reportedly manipulated Overstock stock as founder of hedge fund SAC Capital Advisors) and attempting to board a plane with a loaded Glock (he denied knowing the gun was in his bag).

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In a talk given at the United Overseas Bank 80th anniversary dinner held on Thursday, Singapore’s Prime Minister Hsien Loong advised the country’s banks and regulators to explore the advantages and unique applications of emerging technologies such as Bitcoin and its underlying technology, the blockchain.

Loong proposed an extensive examination and research of the Bitcoin network’s ability to handle real-time settlements and automated verification of transactions and payments. He further emphasized the significance of financial technologies like the Bitcoin network in building strong regional and international presence for the country’s banks and financial institutions.

“Blockchain, which is used for bitcoin can also be used for many other applications like real-time gross settlement and trade finance verification,” said Loong.

“So our banks and regulators must keep up-to-date with these developments. The banks are in a strong position. We are in the heart of rising Asia. The banks have strong balance sheets, and with a strong regional presence they can take advantage of many opportunities around them.”

In April 2015, the Singaporean government announced its ambitious plans to become Asia’s leading blockchain and financial technology hub through the development of friendly regulatory environment for fintech and blockchain-focused startups.

Since then, various government agencies including national-level coordinating agency Smart Nations Global Initiative have continued to maintain close relationships with startups aiming to develop unique financial applications and platforms which could potentially optimize and enhance existing banking systems.

Under the leadership of Singapore’s Minister for Foreign Affairs and Cabinet Minister Vivian Balakrishnan, the Smart Nations Initiative participated in various fintech and blockchain-focused startup conferences, to help startups communicate and work with established financial institutions in the country.

“My interest in bitcoin is the concept of a distributed ledger which does not depend on a central authority,” Balakrishnan stated at a startup conference hosted by Singaporean startup incubator JTC LaunchPad.

Balakrishnan explained that most of Singapore’s current financial problems could be solved through the development and implementation of peer-to-peer (P2P) transaction networks and secure transaction verification and facilitation systems.

“In this concept where we can have a decentralized ledger where there can be peer-to-peer transactions, which can be facilitated and authorized, I think there is something going on here. Bitcoin is not just money. It goes far beyond money,” he added.

Loong further explicated the “financial problems” which Balakrishnan mentioned during his speech, and stated that international banks and financial institutions are far better than those in Singapore, in terms of technologies, business models and consumer feedback.

Loong believes that the banks of Singapore should capitalize on the limitations of international financial institutions by adopting to more advanced and efficient payment and transaction systems, such as Bitcoin.

“Banks must know this is a very competitive business which continues to evolve rapidly. So, they have to keep on upgrading their technologies, services and business models. While our banks are very good overall, other international banks are better than us in almost every specific area.,” said Loong.

The post Singapore Prime Minister: "Banks Must Take Advantage of Technologies like Bitcoin" appeared first on Bitcoin Magazine.

Bitcoin and digital currencies are said to be an area of focus during an upcoming conference organized by Interpol.

As Paris recovers from terror attacks, Inc. 5000 companies gird for ripple effects.

Rootstock, a P2P platform based on the block chain that implements smart contracts using the capabilities of Ethereum with the transparency and security of the bitcoin network, is negotiating with the World Bank and some Latin American banks to provide microlending for the unbanked, according to the International Business Times. Rootstock hopes to give banks the means to issue loans from smart contracts. Rootstock combines the capabilities of Ethereum with the bitcoin network’s transparency and security by using sidechain technology. Bitcoin serves as the fuel that runs the smart contract. Nick Szabo, an expert on smart contracts, has said Rootstock joins […]

The post Rootstock Merges Bitcoin and Ethereum to Help World Bank with Micro-Lending appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Bitcoin mining firm BTCS has indicated there are concerns within the public company’s management about its ability to sustain operations.

Central banks would "struggle" to implement monetary policy if digital currencies become more widely used, according to a Bank of Canada official.

Visa Europe Collab, the card network’s innovation team, is working with blockchain startup Epiphyte to explore blockchain-based remittances platforms. The companies hope to spend the next two months testing a blockchain-based remittances prototype on real-world transactions to see if it’s effective.

Blockchain technology, which powers bitcoin and other cryptocurrencies, has the potential to simplify financial processes. It could enable transactions to pass between two parties instantly and without the need for centralized authorities like clearing houses. That improved efficiency and increased security could simplify cross-border transfers and multi-currency transactions, which are key for remittance organizations.

Visa Europe and Epiphyte hope to develop a remittances protocol that offers customers lower fees and faster transfers. Sending money across borders is expensive – in 2014, migrants paid an average of 5.9% in fees on these transfers. Building a more streamlined system with blockchain technology could save money on infrastructure, which could trickle down to lower rates for consumers.

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Digital is at the forefront of the remittance industry right now. Despite comments to the contrary from industry leaders Western Union and MoneyGram, blockchain fits into that picture:

• In Q3 2015, Western Union’s consumer-to-consumer (C2C) online revenue jumped 28%, compared to just 3% overall C2C revenue growth.
• MoneyGram’s self-service segment grew 71% year-over-year (YoY) in Q3 2015, and the company now processes 15% of money transfer transactions through digital channels.
• Blockchain technology could change the digital remittances industry. By being one of the first to build a successful blockchain-based remittances platform, Visa could stand to profit from licensing or selling that technology to other firms while becoming a leader in the space. 

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Online retail giant Amazon is now shipping 21 Bitcoin Computers, the first product offering from the industry’s best-funded startup 21 Inc.

Bitcoin Press Release: VPN services are now more affordable than ever, due to the accounts offered by ZPN. The well-known VPN service provider ZPN, announced to offer free VPN services and to allow customers to pay with bitcoins for the advanced accounts. Apparently ZPN knows just how important security and privacy is when any of us uses the Internet. Thus, they decided to allow even more people to get this services that will keep their connections safe. The offer a free VPN services on the web page, Zpn.im, for anyone interested in getting the benefits of having a VPN protection. […]

The post ZPN offers free VPN services and the opportunity to pay with bitcoins appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Following the recent attacks on Paris, GhostSec, an Anonymous off-shoot which actively hacks ISIS efforts worldwide, said that ISIS regularly uses cryptocurrencies to fund its operations. It offered evidence from September, in which the group believed it had uncovered a single address worth $3 million in bitcoins (which would have appreciated significantly here recently.) The group had a lot more to say during an interview with a competing outlet, NewsBTC, who beat CCN to the scoop. The Islamic State does use cryptocurrencies as a form of income to fund their ongoing operations and we have managed to uncover several Bitcoin […]

The post GhostSec: ISIS Has Bitcoin Wallet Worth $3 Million appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Hellas Verona F.C., a Serie A football (soccer) club based in Verona, Veneto, Italy, has become the first professional football team to be paid in Jetcoin, a block-chain-based loyalty reward that allows fans to benefit from the success of athletes. Hellas Verona fans receive membership rewards using this currency and are able to be actively involved in the success of their favorite athletes. Jetcoin champions release a portion of their IP rights to the Jetcoin Institute, which identifies, recruits and develops promising talents from the sports and entertainment worlds. The institute sells a portion of these assigned rights in the form […]

The post Serie A Football Club Partners With Jetcoin appeared first on CCN: Financial Bitcoin & Cryptocurrency News.

Singapore Prime Minister Lee Hsien Long cited bitcoin and block chain technology as innovations changing the banking industry during a congratulatory speech at the United Overseas Bank (UOB) 80th-anniversary dinner. Hsien Long emphasized the banking industry’s importance to his nation’s economy. He began his talk by reviewing the history of UOB, one of the country’s first banks. In 1935, during the Great Depression, a group of Chinese businessmen pooled their resources to set up the bank now known as UOB. It had a single branch in rented premises, and it engaged in short-term loans.  It has much to celebrate, Hsien […]

The post Singapore Prime Minister Cites Bitcoin As A Sign Of The Future During Speech appeared first on CCN: Financial Bitcoin & Cryptocurrency News.