BitcoinPYME has focused on physical points of sale, and offers help to SMEs to integrate into the world of crypto-currencies
In Spain, BitcoinPYME has focused on physical points of sale, and offers help to SMEs to integrate into the world of crypto-currencies. This is what the firm informed Cointelegraph en Español, through a press release.
According to them, the initiative came about through its founder, Joaquín Cordero, who lived in Australia, where he verified that there were already a large number of establishments that accepted cryptomoney.
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„With payment systems that work on bitcoinPYME, any physical business can install and start offering a bitcoin payment system to their customers,“ they said.
„One of the main advantages is that the owner (of the SME), does not need to store the amount in bitcoin, immediately the currency exchange is done, receiving the payment from the client in euros, this way the volatility of Bitcoin is not assumed“, they added.
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Joaquin Cordero said:
„We want to bring the world of crypto-currencies closer to small and medium companies, showing their transparency, speed, low cost and efficiency“.
Jack Dorsey warns that FinCEN’s regulations will lead crypt coin users to use unregulated platforms
Major U.S. crypto companies are united in opposition to FinCEN’s proposed new anti-money laundering laws, warning that they could drive users away from regulated platforms and stifle innovation.
Major U.S. crypto-currency firms are mobilizing against FinCEN’s proposed regulations, which would force crypto-currency firms to gather information about the identities of non-client counterparts.
A January 4 letter from Jack Dorsey, CEO of financial services firm Square, points to the proposal to try to impose reporting obligations that go „far beyond what is required for cash transactions,“ and that Square would be expected to collect „unreliable data on individuals who have not opted in to our service or registered as our customers.
„The collection/information of the counterparty’s name and address should not be required for CTRs or record keeping, as it is not required for cash today.
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Square predicts that if passed, the law would push crypto-currency users into unregulated and unguarded crypto-currency services based outside the United States, impacting the nation’s global competitiveness and creating more challenges for regulators:
„By adding obstacles to transactions from regulated entities like Square, which would drive users into unregulated wallets and foreign jurisdictions, FinCEN will actually have less visibility into the crypto currency transaction universe than it does today.
FinCEN has received widespread criticism for its proposed rule change, and the regulator has offered only 15 days instead of the usual 60 days for public comment after publishing the proposal on December 18. Despite this, nearly 6,000 comments have been submitted to FinCEN on the issue.
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The major U.S. Kraken crypt exchange was one of the critics of the proposed regulations, criticizing FinCEN for not providing estimates of the cost of implementing the rule. Like Square, he warned that the law would alienate users from the regulated platforms.
„It virtually guarantees that the evidence available for enforcement today will be placed out of reach tomorrow,“ Kraken concluded, adding:
„It is clearly a politically motivated piece of midnight regulation, the publication of which diminishes the trust we have placed in FinCEN.
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Coinbase published a submission taking the exemption to FinCEN’s proposal, describing the rule as „unacceptably vague,“ suggesting that it imposed „expansive invasions of privacy on the public,“ and adding that it did not offer a public benefit.