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Bitcoin News Mash-up: Former VISA Executive Joins BitPay; CoinLab Assists Mt. Gox; RBA Views on Cryptocurrencies

Former Visa Executive Joins BitPay

BitPay , the world leader in offering Biitcoin payment processing, recentky announced that it will appoint former VISA emploee Tim Byun as Head of Legal and Compliance of the company. In his tenure at VISA, Tim was the head of anti-money laundering and counter-terrorism department.

Tony Gallippi, BitPay CEO, said in a statement: “As the bitcoin industry continues to grow, BitPay wants to ensure that our policies and procedures fall inline with various state, federal and international regulations. For this reason, we hired Tim to set up and maintain our compliance structure”

CoinLab Supports Mt. Gox Filing Bankruptcy

Renowned cryptocurrency start-up company CoinLab announced its support to the demised Japanese Bitcoin exchange Mt. Gox in its Chapter 15 bankruptcy filing. CoinLab no longer oppose the bankruptcy filing, which could pave the way to revive the plan proposed by the investor group Sunlot Holdings exchange. CoinLab had filed a lawsuit against Mt.Gox in May last year claiming that it did not provide the resources to prove that it complied with its contractual obligations.

Australian Regulators: Cryptocurrencies Work “Outside the Perimeter”

Glenn Stevens, the Director of the Reserve Bank of Australia, predicted that the advent of cryptocurrencies may present challenges for regulators around the world, since they operate “outside the perimeter”, i.e. outside the control of central banking.

According to The Daily Telegraph, the official gave a lecture at the Symposium on Banking and Finance in Asia, in which he warned Bitcoin and other similar coins to pose as a possible threat to the financial system stability

“Devoting a lot of resources to ever greater refinements to the details of existing regulatory structures will not help us,” he quoted, “The possible rise of virtual currencies, the potential for the distinction between regulated financial institutions and telecommunications and technology companies to become blurred may pose challenges. They doubtless will not be the only ones.”