Cryptocurrencies — what are they? Money? Commodities? Securities? Utility tokens? Or something else? Few national governments seem to be in any kind of agreement on this question, and for now, at least, their divisions have given such currencies as Bitcoin and Ethereum a floating, indeterminate status on the global stage. As a result, cryptocurrencies lack a single, definite existence, with some nations treating them as money (e.g., Japan, Germany) and others treating them as an unregulated, speculative asset (e.g., Mexico, Denmark), making them the financial equivalent of Schrödinger's cat. However, as this review of classifications of crypto throughout the world …

A Greek court has accepted a Russian request to extradite Bitcoin (BTC) fraud suspect Alexander Vinnik, complicating subsequent international litigation, the Associated Press reported July 30. A panel of senior judges in the city of Thessaloniki ruled in favor of a new extradition request from Russia for the accused computer expert. At a hearing on Monday, Vinnik reportedly denied allegations of fraudulent activity and said that he was fighting U.S. dominance in the global financial system. The court's decision complicates the case as the U.S. and France seek his extradition as well. Vinnik, who is a former owner of crypto …

Major U.S. cryptocurrency wallet and exchange Coinbase has entered the crypto gift card market, allowing customers in certain countries to exchange coins for brand e-certificates, according to their July 25 blog post. In the post, Coinbase confirmed the new option was made possible through a partnership with UK-based startup WeGift, and will effectively allow cryptocurrency holders to pay for goods and services through brands such as Nike, Tesco, Uber, Google Play, Ticketmaster, and Zalando: “Starting today, Coinbase customers in the EU and Australia are able to instantly spend their cryptocurrency balances on e-gift cards, making us the first trading platform …

China will lead an international research group on the standardization of the Internet of Things (IoT) and blockchain technology, local news outlet Science and Technology Daily reports July 18. The joint technical committee of the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) have adopted the proposal for the creation of this international research group after a month of a discussion by committee members. Science and Technology Daily, the official newspaper of the Ministry of Science and Technology of China, writes that the creation of this group means China has won “discourse power” in technology integration: “It …

A Greek court has ruled to extradite the alleged former operator of crypto exchange BTC-e, Alexander Vinnik, to France, local news outlet CNN Greece reported Friday, July 13. The 39-year old Russian national Vinnik, also known colloquially as “Mr. Bitcoin,” was indicted by U.S. authorities on charges of fraud and money laundering last year, reportedly involving up to $4 billion in Bitcoin (BTC). Vinnik’s Greek lawyer Ilias Spyrliadis confirmed to Russian news agency TASS that “the court has granted France’s request for Vinnik’s extradition.” Spyrliadis also revealed that he is planning to appeal against the court’s decision in the Greek …

France’s “Monsieur Bitcoin” Jean-Pierre Landau released an initial report into cryptocurrency July 5, claiming it was “neither desirable nor necessary” to regulate the technology. Government official and academic Landau consciously compares “technological” and “financial” innovation in the report, which runs to over one hundred pages. Some of the conclusions may come as a surprise to industry commentators, Landau arguing that over-regulation of cryptocurrency would constitute a “three-pronged danger.” “Direct regulation is not desirable as it would oblige us to define, classify and therefore constrict objects which are essentially fluid and still unidentified,” he wrote in a summary section on cryptocurrency. …

Given the apparent sensitivity of cryptocurrency markets to regulatory and political developments, it stands to reason that the world's leaders — and what they think about crypto — will be vitally important in determining the direction the cryptocurrency market will travel in the future. Many leaders have been willing to sit back over the past few months and let crypto develop — more or less — organically, yet it's becoming apparent that the time for official action is drawing increasingly near, at which point Bitcoin, et al. will either bear the brunt of government 'crackdowns' or will benefit from favorable …

June 20 Update: this article has been updated to remove an erroneous statement that the newly opened Chain Accelerator was the “first” one to open in Europe. France became host to a blockchain accelerator as Paris moves to become the “capital of ICOs,” Finance Magnates reports Monday, June 18. Chain Accelerator, a joint scheme involving around thirty cryptocurrency and finance entities and professionals, aims to offer mentoring to international blockchain startups. Among the list of participants in the blockchain scheme are Gatecoin CEO Aurelien Menant and HSBC head of digital innovation Diana Biggs, with more surprising participation from legacy finance …

IBM CEO Virginia Rometty has announced that in the next two years the company is planning to create 1,800 jobs in France in the fields of Artificial Intelligence (AI), blockchain, and the Internet of Things (IoT), Le Monde reported May 23. The announcement was made at the Tech for Good summit in Paris, which was hosted by the President of France Emmanuel Macron. Pursuing the idea of making France a “center of excellence” dedicated to artificial intelligence, the tech giant is looking to hire 1,800 specialists in France in areas including blockchain, AI, and IoT. This includes at least 400 …

European leaders seem to have finally come to a consensus that the innovative technology underlying crypto-assets “has the potential to improve efficiency and inclusiveness of the financial system and economy more broadly,” as emphasized at the G20 summit in Argentina in March 2018. However, when it comes to regulation, the lack of consensus among global leaders made it impossible to enact broad legislation. Various European representatives pushed for coordinated legislation to restrict cryptocurrencies during the G20 summit with no success. Instead, there was agreement to set a July 2018 deadline for regulatory proposals. The hang-up over regulation may be due …

Late last year, when interest in Bitcoin and its price was at its peak, France’s finance minister suggested that there be a public debate of Bitcoin at the G20 summit which concluded this week. The conclusion of this meeting, in regards to where the nations now stand on cryptocurrencies, is that a firm July deadline has been put forward for recommendations on how to regulate cryptocurrencies globally. There was some general uptake and interest in approaching this hitherto unknown and confusing space as countries had, up until now been forging forward mostly on their own in terms of regulations. However, …

French financial markets regulator AMF (l'Autorité des marchés financiers) is reportedly preparing to introduce legislation on Initial Coin Offerings (ICO) to encourage the development of the new type of fundraising in the country, reports local news outlet Les Echos March 15. The French Ministry for the Economy and Finance confirmed that the regulatory framework proposed by the AMF would recognize ICOs as a legitimate means of investment. The Ministry noted that preliminary consultations with stakeholders and associations are necessary. “Our goal is to provide legal certainty for those who seek it, without hindering those who want to follow their own …