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New York State has decided to issue a regulatory structure for Bitcoin, meaning that businesses in that State can be sure of what they can and cannot do. This is excellent news of course, the regulatory uncertainty is most certainly holding back development of all cryptocurrencies. However, there is one tiny problem with the regulations as they’ve proposed them. They actually make running a Bitcoin bank illegal. Which, if you’re trying to encourage people to develop new banks is probably something of a bad idea.

There’s much to like about the initiative. I’m particularly taken by the way in which Ben Lawsky, of the NYDFS, took to the Reddit Bitcoin forum to ask the Redditors what they thought of the regulations proposed. That’s real engagement with the user base going on.

The aim is to develop “BitLicenses” which detail what a company may do with Bitcoin, what it must do, capital adequacy ratios and so on. All useful stuff during the development of part of the financial system. However, as the excellent Matt Levine points out there is a problem with part of the suggestions:

What this means is that if you’re in the business of bitcoinery — “receiving Virtual Currency for transmission or transmitting the same; securing, storing, holding, or maintaining custody or control of Virtual Currency on behalf of others; buying and selling Virtual Currency as a customer business; performing retail conversion service … or controlling, administering, or issuing a Virtual Currency” — and you owe bitcoins to customers, then you need to have 100 percent of those bitcoins sitting in your bitcoin vault. And you can’t borrow against them. And you need to have some extra cash in dollars, just in case (in case what?). And you need to have however much capital Ben Lawsky decides you should have.

That is, to be a Bitcoin bank you cannot actually be a bank.

To explain: we can have many different definitions of a bank, the financial world one, the regulatory one (Goldman Sachs was not before 2008 even though everyone knew, other than the regulators, that it was, sorta , a bank) but the one I want to use here uses the economist’s one. As Brad Delong has been saying for years now, banks borrow short and lend long. That’s just what banks do: if you borrow short and lend long you’re a bank, if you don’t, you’re not. If you’re not borrowing short and lending long you may be doing many things but you’re not doing banking.

Another name for this is maturity transformation, yet another is fractional reserve banking. They’re not all exactly the same things but they do all come as a package. And what the proposed NY BitLicense rules out is the possibility of doing that fractional reserve banking. It allows only 100% reserve banking. And that in turn rules out maturity transformation: which means that you’re not borrowing short and lending long. You are, therefore, by this definition of banking, not allowed to be a Bitcoin bank.

As Levine goes on to point out you can, if you are already a bank (in the regulatory sense) extend your banking activities to Bitcoin and sidestep those regulations. But only if you are already a bank. Thus you cannot set up a Bitcoin bank with just a BitLicense, you need to go to all of the expense of a full NY State banking license. Which probably isn’t the way to encourage entrepreneurial start ups in the cryptocurrency world really.

SOURCE "http://www.forbes.com/sites/timworstall/2014/07/19/how-to-stop-bitcoin-banking-give-it-a-bitlicense-in-new-york/"

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Michael Dell founder and CEO of the big PC maker Dell, announced via Twitter TWTR +0.49% on Friday that his eponymous company will start accepting bitcoin as a payment option for anything purchased on the company’s website.

For bitcoin, it’s one of the biggest signs yet of mainstream acceptance. With nearly $57 billion in sales in 2013, Dell would be by far the largest company to take bitcoin. Dish Network, which began accepting bitcoin in May, had $13.9 billion in 2013 sales. Expedia EXPE +1.80%, which in June began accepting the cryptocurrency for hotel bookings, had $4.8 billion in 2013 sales. Overstock, which started taking bitcoin in January, had $1.3 billion in 2013 sales.

Coinbase, one of the major bitcoin payments processors, landed the business. Customers who chose bitcoin as their payment method when on Dell’s website will be sent over to Coinbase’s site to complete the purchase, a fairly common procedure.

Coinbase reached out to Dell a few months ago, according to Adam White, the director of business development and strategy at the company, who worked with Dell on the partnership. “We had some good conversations with them,” he said, and they left it at that. Two weeks ago, Dell got back in touch with Mr. White, and said they’d decided to adopt bitcoin, and wanted to get it done quickly so as to capture sales during the back-to-school season.


Dell got the same terms every merchant gets, Mr. White said, no matter their size: a waiver on any fees for the first $1 million in sales, and a 1% flat fee after that.

Coinbase has about 35,000 merchants using its processing services, and estimates of the total number of merchants using bitcoin is roughly 65,000. Dell is the by far the biggest company, though, in that group.

For Dell, the goal was to find another way to reach customers, according to David Frink. The decision involved a combination of people within the company, he said, including Mr. Dell himself, who was “very interested in moving this along quickly.”

That said, the company understands bitcoin is still in an early stage, and isn’t expecting too much from this. “This is a pilot, and we’ll see how it goes,” Mr. Frink said.

Of Dell’s $57 billion in 2013 sales, $44.7 billion came from hardware, with the rest from the company’s services unit. While the company doesn’t break out exactly how much of its sales come from the website, Mr. Frink said “it’s very considerable,” and say both retail and enterprise products are sold on the portal.

Bitcoin prices have seen a minor increase at midday. While it isn’t completely clear if it’s in reaction to the Dell news, this is exactly the kind of news for which bitcoiners have been waiting: A big, mainstream company announcing it will take the currency as payment.

Bitcoin prices, which traded as low as $616.48 on Friday, were lately around $623.33.

Source "http://blogs.wsj.com/moneybeat/2014/07/18/dell-begins-accepting-bitcoin-on-its-website/"

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The New York Department of Financial Services moved a step toward creating a bitcoin license that’s seen as helping move the digital currency into mainstream use.  And it went right to core users of bitcoin, posting a copy of the regulation on the website Reddit.

The bank regulator issued a draft of its “BitLicense” regulatory framework for New York virtual currency businesses. There will be a 45-day public comment period.

“We have sought to strike an appropriate balance that helps protect consumers and root out illegal activity – without stifling beneficial innovation,” said Benjamin Lawsky, superintendent of financial services, in a statement.

As the hub of U.S. financial activity, New York has been one of the most aggressive states in developing a legal framework for using bitcoin, the digital currency that’s drawn intense interest and speculation — in part because it exists largely outside the traditional financial system and its regulatory controls.

The ability to exchange cash for bitcoin, and keep those transactions anonymous, has made the currency attractive to criminals. The online illegal-drug retailer Silk Road, which was shut down by federal authorities last year, had a huge stash of bitcoin. The government also shut down the online money transfer business Liberty Reserve, charging it with money-laundering  and other activities.

But there’s a coterie of business leaders, particularly hailing from technology, who view bitcoin as an early game-changing technology that will become as widely used as the Internet. Netscape co-founder Marc Andreessen has pointed out that skeptics of the early Internet also knocked the early Web for its association with crime and porn.

That’s where a license from a banking regulator comes in. To leapfrog from a niche product to mainstream — say one known by the Web denizens that populate Reddit to one used by folks that never heard of Reddit — entrepreneurs say there needs to be a clear legal and technological infrastructure.

The banking regulator is laying out just that. The rules.

Among them: Each licensee must maintain a bond or trust account in U.S. dollars for the benefit of its customers.

A licensee will have to have policies and procedures to handle consumer complaints — a requirement that seems squarely aimed at preventing the situation customers of  bankrupt bitcoin exchange Mt. Gox found themselves in.

For every exchange, each firm must record and keep the identity and physical addresses of the parties involved.

In the grown-up version of bitcoin, users won’t really be able to exist in the shadows.

SOURCE : http://americasmarkets.usatoday.com/2014/07/17/bitcoin-license-moves-step-closer-with-n-y-bank-draft/

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