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Author Topic: Bitcoin-Central, first exchange licensed to operate with a bank. This is HUGE  (Read 170718 times)
ben-abuya
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December 06, 2012, 05:15:42 PM
 #21

This is fantastic! This might be one of the best ways for Americans to hedge their US dollars and US bank accounts. And it opens up a whole new world of Bitcoin win in Europe.

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December 06, 2012, 05:19:40 PM
 #22

I dont think they can insure BTC funds.
And i think calling this a bank is just a method to get this hyped here, im sure there are alot of restrictions a PSP has compared to a bank.
The IBAN thing looks great tho, but IBAN with just and ID scan??
What will the transfer limits be?

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December 06, 2012, 05:20:55 PM
 #23

Sweet!

I own way too few bitcoins... Sad

This should be posted to the important announcements forum.

Added to the history wiki page.

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December 06, 2012, 05:21:50 PM
 #24

This is fantastic! This might be one of the best ways for Americans to hedge their US dollars and US bank accounts. And it opens up a whole new world of Bitcoin win in Europe.

+1 Exactly what I was thinking.  Monthly deposits that automatically change to crypto "gold" and rise in value.

Watching!

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December 06, 2012, 05:23:01 PM
 #25

Any way you guys can get a valid security certificate? The untrusted connection error is going to hurt your business.

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December 06, 2012, 05:24:15 PM
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This is really cool well done guys but..... I don't like that taxpayers bail out losses. why cant a private insurance company take on this risk?
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December 06, 2012, 05:25:42 PM
 #27

Will BTC accounts be insured as well? Are there plans to try and incorporate BTC-insured accounts (meaning that BTC accounts will be insured for their equivalent fiat value)?

BTC could and should be protected in a BTC-style such as multi-sig account

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December 06, 2012, 05:30:29 PM
 #28

Félicitations! Great news indeed!!

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December 06, 2012, 05:33:54 PM
 #29

Great stuff.  Just sent this news to my G+ and twitter feeds.

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December 06, 2012, 05:34:16 PM
 #30

This is indeed huge and fantastic, thank you!  It sets positive legal precedents and facilitatet spreading Biticoin to grannies and other nontechies.  Bitcoin will benefit greatly from hybrid institutions and services which interface with (and superficially look just like) the legacy banking/money system.  Extend and replace!  Congratulations!
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December 06, 2012, 05:35:35 PM
 #31

Will it be possible for a US citizen to open an account and use direct deposit to buy bitcoins?

Congratulations. Sounds amazing.
To use the services mentioned, debit card etc, do I have to live in the EU, or France, or is it available to everyone?

We won't have limitations regarding the citizenship of our clients.


He asked because the U.S. certainly does place requirements (on banks) for its citizens getting foreign accounts. Mostly it involves getting copies of copious identity documentation and reporting end-of-year summaries to the IRS (U.S.'s tax collection agency). Are you in compliance with these laws specific to U.S. citizens?

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JackH
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December 06, 2012, 05:38:55 PM
 #32

This is actually the biggest news ever if you ask me. We are talking about operating as a bank here people, that ALLOWS us to transfer money to a REAL account that is expecting money to come in with the sole (semi-sole) purpose of doing BTC to/from Fiat exchange. Wow, congratulations guys, you did something that is actually BIG.

I have a couple of questions:

- You said you are accepting corporate accounts? If so that means that we can open company accounts, get a debit/credit card for such and at the same time exchange BTC on the fly from that account?

- You said everyone gets their own IBAN, which means a bank account. Do we also have internet banking facilities?

Also, I would like to discuss something in private with you, banking wise, can we get in touch over email?

Great news!

<helo> funny that this proposal grows the maximum block size to 8GB, and is seen as a compromise
<helo> oh, you don't like a 20x increase? well how about 8192x increase?
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December 06, 2012, 05:41:33 PM
 #33

Is this indeed big news. Congrats!

..and now I've opened an account. Let's see how you guys perform.  Wink
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December 06, 2012, 05:55:26 PM
 #34

Will it be possible for a US citizen to open an account and use direct deposit to buy bitcoins?

Congratulations. Sounds amazing.
To use the services mentioned, debit card etc, do I have to live in the EU, or France, or is it available to everyone?

We won't have limitations regarding the citizenship of our clients.


He asked because the U.S. certainly does place requirements (on banks) for its citizens getting foreign accounts. Mostly it involves getting copies of copious identity documentation and reporting end-of-year summaries to the IRS (U.S.'s tax collection agency). Are you in compliance with these laws specific to U.S. citizens?

They'll be running under the French & EU banking regulations - so the EU/US agreements will be applicable.

According to the IRS website & the US FATCA (ironically apt consdiering :p):

Quote
The Treasury Department has already concluded a bilateral agreement with the United Kingdom. Additional jurisdictions with which Treasury is in the process of finalizing an intergovernmental agreement and with which Treasury hopes to conclude negotiations by year end include: France, Germany, Italy, Spain, Japan, Switzerland, Canada, Denmark, Finland, Guernsey, Ireland, Isle of Man, Jersey, Mexico, the Netherlands, and Norway.


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December 06, 2012, 05:56:39 PM
 #35

Cool!
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December 06, 2012, 05:57:36 PM
 #36

Each account will in a few months get its very own IBAN number, users will be able to use it as any other bank account, have their salaries and pensions sent there and have them automatically converted to Bitcoin if they so wish)
[…]
It's a big day for me and Paymium, and it's a major milestone for this community.
This is fantastic news!  Welcome as my new Euro bank!

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December 06, 2012, 05:58:06 PM
 #37

Baller!!

Understatement. I'm blown away  Shocked
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December 06, 2012, 06:00:52 PM
 #38

chin, meet floor.

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December 06, 2012, 06:01:04 PM
 #39

congratulation, amazing work...I know what it represent!

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December 06, 2012, 06:02:42 PM
 #40

But seriously, good for you.
Thank you <3

So, not a bank, but a payment services provider?
We partnered with Aqoba who has been a PSP for a couple of years.
PSPs are allowed to hold fiat currency on behalf of third-parties and offer payment services, it's exactly what a bank does, minus the issuing of credit.

Will BTC accounts be insured as well? Are there plans to try and incorporate BTC-insured accounts (meaning that BTC accounts will be insured for their equivalent fiat value)?
No, Bitcoin balances are not insured, we, as a company are responsible for the BTC deposited, but there is no insurance company backing it.
But we do use cold-storage massively and extreme security paranoia.

MOTHER (bleep bleep)! This is big. Federally insured bitcoins! This will allow more risk averse users wade into bitcoin.
 I think i already know, but can a US citizen set up an account at this bank? What if I did it while I was in Europe? I have set up foreign accounts before so that I have local currency.  Why not BTC ?
It is a fiat that is insured. If someone tells you the BTCs balances are insured that should probably raise your suspicion.
US citizens can open an account with us, no problem, but as of today this announcement only covers EUR balances (which are 99.9% of our business anyway).

And i think calling this a bank is just a method to get this hyped here, im sure there are alot of restrictions a PSP has compared to a bank.
The IBAN thing looks great tho, but IBAN with just and ID scan??
What will the transfer limits be?
We said "licensed to operate as a bank" which we mean as "open accounts to third-parties and hold fiat currency on their behalf in compliance with the regulatory framework".

We don't have transfer limits. The only limits are for security purposes only and can be adjusted at will by contacting our support.

Any way you guys can get a valid security certificate? The untrusted connection error is going to hurt your business.
Our certificate is perfectly valid.

This is really cool well done guys but..... I don't like that taxpayers bail out losses. why cant a private insurance company take on this risk?
Taxpayers don't cover losses, they cover your fiat balance should the Credit Mutuel go under.

Will BTC accounts be insured as well? Are there plans to try and incorporate BTC-insured accounts (meaning that BTC accounts will be insured for their equivalent fiat value)?

BTC could and should be protected in a BTC-style such as multi-sig account
We investigate these kinds of solutions, but haven't found the perfect one yet. But I do agree that it would be easier for everyone and help reduce our security costs.

He asked because the U.S. certainly does place requirements (on banks) for its citizens getting foreign accounts. Mostly it involves getting copies of copious identity documentation and reporting end-of-year summaries to the IRS (U.S.'s tax collection agency). Are you in compliance with these laws specific to U.S. citizens?
We are not subjected to US regulations, and French/European regulations do not make provisions regarding US citizens. So on our end we're fine.
US citizens need to check whether they need to declare something to the IRS or some similar authority.
To be completely honest there is going to be a learning curve on our end too, we are new in this field and Aqoba is new to Bitcoin, so some cases we did not plan for will have to get straightened out as they occur.

- You said you are accepting corporate accounts? If so that means that we can open company accounts, get a debit/credit card for such and at the same time exchange BTC on the fly from that account?
Yes, as soon as our cards program is ready we will have no problem with that.

- You said everyone gets their own IBAN, which means a bank account. Do we also have internet banking facilities?
Yes, when this functionality is rolled out (in a couple of months) everyone will get their very own IBAN (no more pasting account references in random bank wire fields, yay!)
Internet banking will be on Bitcoin-Central.net

Also, I would like to discuss something in private with you, banking wise, can we get in touch over email?
Sure! david(at)bitcoin-central.net

We're really blown away by the positive reactions (me, and everyone at Paymium). Nothing else comes to mind than : "Thank you guys!"

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