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Gwent Police, located in Wales, recently launched a new, immersive virtual reality training system for its officers, becoming the first police force in the United Kingdom to do so.
The state of Hawaii is planning to regulate the use of bitcoin and digital currencies that would require licensure to transmit cryptocurrency-based funds. Two bills introduced by a group of partisan Hawaiian lawmakers are focused on digital currencies as a monetary instrument under the state’s Money Transmitters Act.
New Definitions Applied to the Hawaiian Money Transmission Act
Last week Hawaiian bureaucrats reviewed a proposed bill, HI SB3082, that aims to tether regulatory policies to digital currency transmitters. The proposed law adds new definitions like “virtual currency exchanges, transfers, and storage.” The bill will apply to anyone credited with virtual currencies, moving them, relinquishing control, and any use tied to a medium of exchange if passed. The laws will recognize bitcoin as a “permissible investment and statutory trust.” Although, if the statutes does pass, anyone who plans to transmit bitcoin and other forms of digital assets must apply for licensure.
Hawaii’s Virtual Currency Transmission Requirements
Last year Coinbase left the state of Hawaii due to the state’s proposed laws which would require licensed virtual currency transmitters to hold USD reserves. The recently submitted SB3082 has changed this requirement for specific qualified trading platforms. Applicants who want to apply for virtual currency transmission will be required to reveal a lot of information like the applicant’s name and principal address, prior criminal convictions, a description of the business activities, sample of the virtual currency instruments or products, and the name and address of the clearing banks involved. Further, for each virtual currency sale, exchanges must provide its customers with some form of a receipt.
“Each licensee who receives money or monetary value for transmission and the licensee’s authorized delegates shall provide a receipt to the customer that clearly states the amount of money or equivalent value presented for transmission and the total of the fees charged by the licensee,” explains the proposed bill.
Hawaii’s SB3082: “These Currencies Are Not Backed”
One notable section describes virtual currencies as based upon computational cryptography and derive their value “solely from the market’s perception of their value.” Hawaii’s SB3082 states:
[Virtual Currencies] can experience great swings — These currencies are not backed by any physical commodity, such as gold or silver; not backed by the United States or any other national government; not legal tender for debts; and are not insured by the Federal Deposit Insurance Corporation or any government.
The bill further details that consumers can lose all their cryptocurrencies through many attack vectors. “Computer failure; malicious software attack; an attack, closure, or disappearance of a virtual currency exchange company; lack of security; loss of your private key; or a sudden or dramatic change in value” are just a few examples explains the SB3082 text. The bill further notes:
Some virtual currency users have been unable to access their legitimate virtual currency account because of heavy traffic by other users or a prevalence of criminal activity in virtual currency use — To protect yourself, become educated as to the potential risks before deciding whether you want to transact in virtual currency.
Hawaiian officials will have a public hearing on SB3082 on February 2, 2018, at 9 am. The newly reformed money transmission act passed its first reading on January 26.
What do you think about the new virtual currency definitions that aim to be applied to Hawaii’s money transmission act? Let us know your thoughts in the comments below.
Images via Pixabay, Hawaii’s Senate, and state logo.
The post Hawaii’s New Money Transmitters Act Will Require Virtual Currency Licenses appeared first on Bitcoin News.
It was business as usual in the virtual reality chat room until the robot had a seizure. The Verge reports the unnerving incident happened Wednesday on VRChat, where users in the forms of avatars can interact with each other. According to the Daily Dot , “Morty, Sonic, Knuckles, a dude in…
Japanese female idols have teamed up to form the ‘Virtual Currency Girls’ group to promote the knowledge of cryptocurrencies through entertainment. Each of its 8 members represents a cryptocurrency: bitcoin cash, bitcoin, ether, neo, nem, ripple, mona, and cardano.
‘Virtual Currency Girls’ Idol Group
The Japanese idol agency called Cinderella Academy has created a female idol group called “Virtual Currency Girls,” consisting of members chosen from an already-established idol group with a zodiac constellation theme created by the same agency.
Each of the group’s 8 members represents a cryptocurrency that is popular in the Japanese market. According to local publications, 18-year-old Naruse Lara who represents bitcoin cash (BCH) is the leader of the group. Representing bitcoin (BTC) is 16-year-old Hinano Shirahama. 22-year-old Suzuka Minami is neo (NEO). 17-year-olds Kanako Matsuzawa and Koharu Kamikawa are cardano (ADA) and nem (XEM) respectively. 15-year-old Hinata Kozuki is ripple (XRP). Ether (ETH) and monacoin (MONA) are represented by Ami Amo and Momo Aisu respectively; the two did not disclose their ages.
Idols Promoting Cryptocurrencies
The Japanese idol phenomenon began in the early 1970s. Today it is a multi-million dollar industry in Japan and South Korea. Talent agencies hold auditions for boys and girls with little or no prior experience in the entertainment industry. The youngsters are trained and marketed as idols or aspiring stars/starlets to be role models and adored for their sweetness and innocence. They sing, dance, perform in plays, and appear in television commercials, among other public-facing work.
According to the announcement by Cinderella Academy, the group intends “to promote [through] entertainment that virtual currency is not a tool for speculation but a technology that creates a wonderful future.”
They cited concerns over initial coin offering (ICO) fraud and financial damages through speculation, adding that “If you leave as it is, there will be a massive crash somewhere, and the number of people who make a big loss will increase.”
The group accepts cryptocurrencies for tickets to their live performances as well as merchandise sales. Leader Naruse Lara commented:
[Virtual Currency Girls] is a unit that carefully selects future currencies from a number of virtual currencies and spreads correct knowledge through entertainment.
What do you think of this ‘Virtual Currency Girls’ idol group? Do you think they will effectively spread knowledge of cryptocurrencies? Let us know in the comments section below.
Images courtesy of Shutterstock, Cinderella Academy, and Virtual Currency Girls group.
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The post Japanese ‘Virtual Currency Girls’ Spreading Cryptocurrency Knowledge appeared first on Bitcoin News.
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WSJ.com: US Business
There’s about to be a new way to experience the “Star Wars” universe.
An attraction that blends virtual reality and real-world elements will open at the Disney resorts in California and Florida this holiday season, Walt Disney Co.’s Lucasfilm unit announced Thursday.
Lucasfilm and its ILMxLAB immersive-entertainment…