An Icelandic man has received a four-and-a-half-year prison sentence for stealing Bitcoin mining equipment, local English-language news outlet Iceland Monitor reported Jan. 17. Sindri Þór Stefánsson, who in April 2018 boarded a flight to Stockholm from Reykjavik reportedly with a stolen passport, was subsequently arrested in Amsterdam and returned home. Stefánsson claimed he legally fled custody to Sweden. In court, Stefánsson, along with six accomplices, received a lengthy jail term. The proceedings relate to thefts of Bitcoin mining equipment reportedly worth $2 million, and two other attempted heists that took place December 2017 and January 2018. The target was Nordic …

A new report published on Jan. 8 by the Bank for International Settlements (BIS) has found that seventy percent of central banks worldwide are conducting research into central bank digital currency (CBDC) issuance. However, concrete plans for implementation and motivations vary considerably across contexts. The BIS is an organization based in Switzerland made up of 60 of the world’s central banks, and has to date devoted a number of major reports to both decentralized cryptocurrencies and CBDCs. The latter are distinct from the former in that they are digital currencies issued by a central bank, whose legal tender status depends …

On Nov. 16, Switzerland’s primary stock exchange, SIX Swiss Exchange, announced that it will list the world’s first multi-crypto-based exchange-traded product (ETP). Exchange-traded products (ETP) are derivatively priced securities that are traded on a national securities exchange. Their pricing derives its value from other investment instruments, most commonly found in the form of commodities, stocks and indexes. The first global multi-crypto ETP has the backing of Swiss startup Amun AG and will be listed under the ticker symbol HOLD. According to the announcement, the ETP will track five of the sector's biggest cryptocurrencies: Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin …

German alternative investment fund manager Xolaris Service KVAG has launched a private equity fund dedicated to Bitcoin mining, the company confirmed in a press release Nov. 29. Xolaris, which has undertaken various expansion measures including the opening of a Hong Kong office in July, says client demand to access the sector continues despite the downturn in Bitcoin (BTC) prices. The fund will feature a minimum investment entry of €250,000 ($285,000), with a planned issue volume of between €30 million and €50 million ($34 million - $57 million). “We’ve constantly received requests from professional investors to release a regulated product for …

On October 20, The Bank of Japan’s (BOJ) deputy governor, Masayoshi Amamiya, repeated his negative stance towards central bank-issued digital currencies (CBDC), claiming that such digital currencies are unlikely to improve the existing monetary systems. The concept of CBDC, or national cryptocurrencies, has attracted many governments across the world. Some of them have already rolled out their virtual currencies, some keep researching their economical impact, while others — like Japan — have decided to dismiss the idea altogether. Here’s what the concept entails, and why major governments choose to implement or deny it. What’s a CBDC? CBDCs, or national digital …

US regulators banned trading of XBT Provider’s Bitcoin and Ether Tracker One securities Sunday, September 9, briefly sending cryptocurrency markets tumbling. Citing “confusion” among investors, the U.S. Securities and Exchange Commission (SEC) issued a notice that two exchange-traded notes (ETNs) – Bitcoin Tracker One (“CXBTF”) and Ether Tracker One (“CETHF”) – would cease trading until September 20. “The Commission temporarily suspended trading in the securities CXBTF and CETHF because of confusion amongst market participants regarding these instruments,” the SEC’s statement reads, continuing: “[T]he Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with …

Stockholm IT Ventures AB (SITV), a Swedish company specializing in cryptocurrency and blockchain technology, has announced its subsidiary has finalized a software license agreement with Valens Bank, according to the official August 22 press release. The agreement between Blocktrade Technology Ltd. (BTT), a subsidiary of SITV, and the German Valens Bank will allow the “multi-currency financial services startup” to “use the BTT Crypto Trading Toolbox exclusively for Crypto Fund Trading.” The press release notes that this is the second agreement between BTT and Valens Bank connection with digital financial services. In exchange for a 1.5 percent yearly license fee for …

A Bitcoin (BTC)-based exchange traded note (ETN) listed on the Nasdaq Stockholm exchange is now being targeted towards U.S. investors, Bloomberg reports Wednesday, August 15. As many in the U.S. clamor to see a Bitcoin exchange-traded fund (ETF) approved by regulators, this so-called “soft” alternative has been trading on the Swedish exchange since 2015, but is now being quoted in dollars under the ticker CXBTF as of Wednesday. The product, dubbed Bitcoin Tracker One, is still technically listed and traded in Sweden, but many consider this latest move to be a gateway for U.S. investors. As CoinShares Holdings CEO Ryan …

No sane person can deny the many benefits of cryptocurrency compared to fiat, and certainly the government can’t deny them, either. The age of e-money seems to be taking off. Although the government of Ecuador banned Bitcoin in July 2014, for example, it rolled out its own e-currency, an “electronic money system” (SDE in Spanish), in December. Among the reasons cited for doing so, one is how much cheaper it is to renew the country’s deteriorating notes, on which Ecuador spends more than US$3 million yearly. On another note (pun intended), German economist Peter Bofinger, has argued in favor of …

Announcing the launch of a financial product called “Bitcoin Tracker One”, XBT Provider has created the world's first regulated Bitcoin exchange-traded note. Working with Stockholm based brokerage and investment bank Mangold Fondkommission, XBT Provider has received the approval of the Swedish financial supervisory body Finansinspektionen. This authorization means that the financial note “Bitcoin Tracker One” is allowed to be traded on the Stockholm Nasdaq Nordic. Speaking about the news, Alexander Marsh, CEO of XBT Provider explained how he hoped the move would allow more investors to feel they can safely speculate on Bitcoin. "We are proud to offer the world`s …

In recent months, there has been a growing number of instances across the globe of legacy banks withdrawing their services and support for companies dealing in Bitcoin. In Bangladesh, the national bank threatened up to 12 years in a very unpleasant Bangladesh prison for doing business with or even educating people about Bitcoin. In the United Kingdom, just one day before the Crypto Valley Summit, a number of banks pressured the firm that handled Bitcoin accounts into closing any Bitcoin associated accounts. Now it appears that Swedish banks have gotten into the act as well. Gustav Nipe of New Technology …