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BBC NEWS: "China orders Bitcoin exchanges in capital city to close"

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HERE/FORTH CEO, Paul Armstrong, was asked for his thoughts on China backing away from Bitcoin by ordering the closing of its cryptocurrency exchanges by BBC News: 

"China is shutting the exchanges down for good reasons - I think it's right they're being cautious at this time," Paul Armstrong, an emerging technology adviser and author of the book Disruptive Technologies, told the BBC.

"Bitcoin is by proxy unregulated and peer-to-peer, it's a very volatile currency."

However, Mr Armstrong does not think that this will be the end of Bitcoin in China for good. "They're shutting it down for now, but it doesn't mean that in six months or so they won't create new Bitcoin regulations like Japan and Australia did," he said.

"All the other countries have digital currencies and are making important decisions about it, so it doesn't make sense for China to dismiss it out of hand." He added that China's decision could prompt Chinese investors to seek alternative options to digital currencies, such as moving out of the country and operating exchanges or Bitcoin mining pools in other regions.

[FULL ARTICLE]

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3 Things we learned at #WIREDMONEY

Yesterday we went to Wired Money 2014 to learn about the latest developments with P2P lending, cryptocurrencies, online security and new banking models - we weren't disappointed.  

Here are three takeaways you may want to think about implementing (contact us if you'd like more information):

· Bitcoin has huge potential but an unknowledgeable masses : If it is to truly have the transformative power many believe it can – retail, businesses and the consumer has to a) understand it and b) want it.  Start talking to your customers and seeing what you can create before you are stuck with systems and processes you’ve not had a hand in creating.  As Khan puts it “…we are step 3 or 4 of 100.”

· Security can be fixed but remains a core issue for banks and retail - there are still many flawed approached to security that are holding companies back from giving better service and building real relationships with their customers.  Smart companies will review practices and really invest in this area to break down barriers, change faulty procedures if they truly want security (and a happy customer).  An interesting fact from the day was that ¼ of all students leaving college this year have no signature.

· "True" value is the key – I think it was mentioned in one way or another in almost every presentation.  Currently banking is sufficient but it does not add value to the end user.  Successful start-ups are focusing on the small things that seem to make a big difference.  Have you navel gazed recently and seen what you can fix?  Lee Sankey from Barclay’s named three small changes his team identified and rectified that have raised customer scores significantly.  What are these things for your business?