Weekly Blockchain Update

Swiss town Zug to allow bitcoin payments

  • Zug, a town in Switzerland, is experimenting with bitcoin payments for public services

  • The trial will begin on July 1st and will run throughout the rest of 2016 with an initial maximum transfer amount of 200 CHF or about 206 USD


CME Group unveils bitcoin benchmarks for traders

  • CME Group, a large derivatives marketplace, has unveiled two new bitcoin price benchmarks

  • The benchmarks are aimed at providing a price reference point for bitcoin derivatives and will, according to CME Group, provide an “institutional level of quality”

  • "These products are designed to allow bitcoin traders, companies and other users to rely on a credible reference rate price source" Sandra Ro, Executive Director, CME Group, said

  • The benchmark will derive its data from six of the largest global bitcoin trading platforms; Bitfinex, Bitstamp, Coinbase, Genesis Global Trading, itBit and Kraken


Delaware to launch blockchain initiative

  • Delaware has announced an initiative to explore blockchain technologies, distributed ledger technologies and smart contracts

  • The initiative is aimed towards lowering governmental costs using smart contracts and creating a platform for Delaware-incorporated businesses to start exploring blockchain on their own


Australian government discussing to classify bitcoin as currency

  • The Australian Senate is discussing to treat digital currencies the same way fiat currencies are currently treated from a tax and legal perspective

  • If accepted, bitcoin will be exempt from GST, Australia's version of Value Added Tax (VAT)


Larry Summers and Glenn Hutchins positive towards bitcoin

  • Larry Summers, former Treasury Secretary and former president of Harvard University, as well as Glenn Hutchins, an investor and board member of the Federal Reserve Bank of New York, are both joining the board of Digital Currency Group

  • Larry, have multiple times stated that he is very positive towards both blockchain and bitcoin, commenting that “Is the blockchain technology going to be fundamental? I think the answer is overwhelmingly likely to be yes.”

  • On the latest large bitcoin conference, Glenn went a step further, noting that private blockchains have many similarities with closed intranets while the bitcoin blockchain will function as the global backbone to financial transactions