Innovation

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/Innovation

Germany declares bitcoin 'private money' and subject to tax

The German government has declared bitcoin a "unit of account," making it a kind of "private money" that is subject to taxation.

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Payments in 2022: Cash out, mobile in

Gazing into its crystal ball, the UK's Payments Council predicts that Brits will turn their backs on cash over the next 10 years as plastic cards continue their ascent and mobile money becomes a mainstream player.

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Coinbase lets users text bitcoins

Coinbase is bidding to bring bitcoin to the developing world with an SMS interface that lets users carry out basic actions through text messages.

/Innovation

Braintree launches mobile marketplace service

US payments outfit Braintree has unveiled a mobile tool designed to help marketplace owners manage the relationship between buyers and sellers while cutting their regulatory burdens.

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Square co-founder launches St. Louis fintech accelerator

Square co-founder Jim McKelvey has launched a St. Louis-based financial services tech accelerator programme, promising $100,000 in funding to eight different fintech start-ups every year.

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Virtual Piggy checks into Habbo Hotel

Virtual Piggy, a firm which helps kids safely manage their money online, has integrated with social game giant Habbo Hotel to enable players to buy virtual credits.

/Innovation

New York regulator opens investigation into virtual currencies

Having sent out subpoenas to 22 bitcoin-related firms, the New York State Department of Financial Services (DFS) has confirmed that it is pondering new rules for virtual currencies.

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AmEx lets gamers earn League of Legends rewards for spending

American Express is targeting the gamer community through a tie-up with the developer of League of Legends which will enable players to earn in-game virtual currency through real-world spending.

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UK start-up CloudZync launches mobile wallet

British m-commerce firm CloudZync has signed up 280 merchants for the launch of its mobile wallet, which will let customers pay for items straight from their phones, as well as integrate loyalty cards and access special offers.

/Innovation

Fidelity tests Google Glass markets app

US financial services giant Fidelity Investments has begun experimenting with Google Glass, developing an app that lets users keep an eye on the markets.

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Android flaw leaves bitcoin wallets open to theft

The Bitcoin Foundation is warning users that a security vulnerability is leaving any currency stored in Android wallets open to theft.

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CoinLab becomes bitcoin business incubator

Bitcoin outfit CoinLab says that it is moving into the business incubator space, signing mining specialist Alydian as its first portfolio company.

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US judge rules bitcoin is real money

A US federal judge has ruled that bitcoin is a "form of money", paving the way for a legal case against a man accused of running a giant ponzi scheme using the virtual currency.

/Innovation

Applications open for FinTech Innovation Lab London

Financial technology entrepreneurs are being invited to pitch to take part in a London-based programme that will see them get assistance and advice from, and exposure to, executives at major banks and venture capital companies.

/Innovation

ByteLight pilots LFC-based checkout with Chinese retailers

Boston-based start-up ByteLight is preparing to pilot a light field communications (LFC) reader in Chinese stores, enabling shoppers to use their mobile phones to access targeted loyalty rewards.

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North American banks to spend $73.8bn next year - survey

Large North American financial institutions will spend $73.8 billion on IT improvements across software, hardware and professional services next year, a two per cent rise on 2013, according to a Technology Business Research report.

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Virtual currency industry preps self-regulatory organisation

With virtual currencies such as bitcoin catching the eye of governments, several firms in the field have banded together in a bid to create a self-regulatory organisation covering the nascent industry.

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Exchange claims Thailand has outlawed bitcoin

The Bank of Thailand has effectively outlawed bitcoin by declaring it illegal to buy and sell the virtual currency or use it to make purchases, claims a local exchange.

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Westpac to crowdsource ideas for new banking apps

Westpac is launching an initiative to crowdsource ideas for mobile banking apps from New Zealand developers and designers, with up to $70,000 of prizes for the winning applications.

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Ukash provides ATM cash redemption service for virtual voucher codes

Consumers can now convert Ukash codes into cash at Bank Machine ATMs across the UK without the need for a debit or credit card.