This episode, recorded on September 12, 2013, discusses the rapidly growing global adoption of Bitcoin and the varied regulatory responses from major economies.
Summary:
The discussion highlights Bitcoin's status as a global phenomenon, noting that its software has been downloaded in over 230 countries since 2009. While the US remains a leader, the currency is gaining significant traction in China, which is reportedly growing fast and rivaling the US in downloads despite being a tightly controlled economy.
The episode focuses heavily on regulatory developments:
1. Canada: Quick BT, a digital currency service, approached FinTrack (Canada's money regulatory agency). FinTrack concluded that Quick BT's services did not qualify as a Money Service Business (MSB), meaning the company could not register with the agency.
2. Belgium: The Finance Minister stated that Belgium has "no objection" to Bitcoin, though he noted that actual usage of the new digital currency was still low.
1) Main Topics Discussed:
* Bitcoin's increasing global adoption (230+ countries).
* The rapid growth and adoption of Bitcoin in China.
* Canada's regulatory stance on digital currency (FinTrack's non-registration ruling).
* Belgium's official acceptance of Bitcoin by its Finance Minister.
2) Key Quotes:
* "Bitcoin's big year attracts regulators in the US, sparks IPOs in China."
* "FinTrack concluded, it does not appear that your business is engaged in an MSB money service business in Canada."
* "Belgium's Finance Minister has no objection to Bitcoin."
3) People Mentioned:
* Belgium's Finance Minister
4) Bitcoin Price:
* Steady in the 120 range (Last: 121, High: 125, Low: 119).