October 14, 2014 - In This Issue:

 


 

Over 800 Payment Terminals in Romania Now Sell Bitcoin

Bitcoin is now available at 874  self-service payment terminals across Romania, thanks to a partnership between ATM operator Bitcoin Romania and terminal network operator ZebraPay.

 

The ZebraPay terminals will allow customers to buy bitcoin at a 4% commission on prices taken from the Cointrader exchange. The terminals are one-way, so customers can only trade their Romanian leu for bitcoin.

 

The terminals do not require customers to hand over identification documents when buying bitcoin.

 

The service has been available for two days but it has already sold 7.2 BTC, underscoring bitcoin's growing popularity in the country.

 

The partnership between ZebraPay and Bitcoin Romania means that the bitcoin ATM operator acts as a vendor on ZebraPay's terminal network. While customers deposit their fiat at ZebraPay's machines, the coins are ultimately supplied by Bitcoin Romania, Badea explained.

 

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Sweden close to being cashless society: report

Four out of five purchases in Sweden are paid electronically or by debit card and with the development of cheaper technology the trend is moving towards a fully cash free society, according to a new report.

"Sweden and the rest of Scandinavia leads the world in terms of cashless trading," said Bengt Nilervall at the Swedish Federation of Trade (Svensk Handel). 

 

Swedes use their debit and credit cards almost every day - an average of 260 transactions per person per year.

 

The picture is very different in southern Europe. In Italy, for example, three-quarters of all consumer purchases are still paid for in cash. 

 

"That is due to the low confidence in the authorities and the banking system," said Niklas Arvidsson, an associate professor of industrial dynamics. 

 

Arvidsson argued that Sweden could become completely cash free but predicts that this development is unlikely until at least 2030.

 

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Increased Acceptance Boosts Bitcoin Price Rally

BTC/USD continues its uptrend, breaking through the resistance zone at $373 and is moving above the all-important psychological zone of $400. Support for the BTC/USD continues to remain near the $361 level. Traders should now watch out for the $427 level.

 

Momentum indicators for BTC/USD indicate buy. The stochastic oscillator is currently situated in the overbought zone but shows no signs of a reversal. The price action for BTC/USD is supported by positive volumes which is a highly bullish indicator.

 

The digital currency is currently trading below its 100-day moving average at $496.

Pakistan launched its first Bitcoin Exchange, Urdubit to facilitate greater adoption of Bitcoin in the region. Many believe that the launch will help them to overcome the concerns regarding geopolitical risks in the area.

 

Analysts additionally believe developing nations, where not everyone has access to banks; the Bitcoin can play a very important role because of its wider reach and are easily convertible against the US dollar. Furthermore, Bitcoin now has the backing of certain senators in the US Senate who believe that the digital currency should be given a fair hearing.

 

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Senate Adviser Jumps to Bitcoin Start-Up Coinbase

The Bitcoin start-up Coinbase is bolstering its team as it seeks to deepen its engagement with regulators.

The company, one of the most popular digital wallet providers, has hired John Collins, a former adviser to the Senate Homeland Security and Government Affairs Committee, as its head of government affairs.

 

Mr. Collins, who focused on digital currency, will work with lawmakers and public officials on policy decisions related to virtual money.

 

"Bitcoin is an extremely powerful technology," said Fred Ehrsam, a co-founder of Coinbase. "As the leader in the space, our main goal is to educate people who are going to form the regulations around it in its formative years so its potential remains."

 

Coinbase's moves comes as Bitcoin start-ups have been uncertain of what potential regulations will be coming. In July, for example, New York became the first state to issue proposed rules for digital currency companies. The public comment period on the BitLicense regulations is set to end next week.

 

Bitcoin has also attracted the attention of other prominent regulatory agencies, including the Securities and Exchange Commission and the Consumer Financial Protection Bureau.

 

Many Bitcoin companies have adopted a wait-and-see attitude toward regulations. Some, like the start-up Coinapult, based in Panama City, have chosen to avoid operating in the United States until regulations become clearer. Others, like Circle, have been vocal about the effect ill-informed regulations could have on the industry.

 

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