Charlie Shrem is released from prison; Ethereum successfully “hard-forks,” and the Bank of England may issue its own digital currency. Want to catch up on your latest crypto-news? Take a look at the stories below.
Also read: Industry Report: India’s Druggies Turning to Bitcoin
CHARLIE SHREM
Bitcoin evangelist Charlie Shrem has been released from prison after serving one year of what was originally set to be a two-year sentence. Shrem was arrested at JFK airport last year after speaking at a Bitcoin conference in Europe. Shrem was charged for helping a BitInstant customer covert USD to bitcoin that would ultimately be used to purchase drugs through the Silk Road marketplace.
In a blog post, Shrem posted:
“I want to thank the hundreds of people who wrote, sent books, money, magazines, and their support. There are no words to describe my appreciation and affection to all of you. Thank you so much.”
ETHEREUM
Ethereum’s hard-fork has taken place. Following a cyber-attack that saw millions in Ether funds stolen from the DAO, founder Vitalik Buterin began searching for ways to prevent the thief from inappropriately spending what had been taken. A controversial hard-fork was suggested, which at first, failed to garner necessary support. However, approximately 87 percent of Ethereum users and 80 percent of miners now agree it was the right thing to do.
Since the event, Ethereum has been split into separate blocks, and the price has undergone a healthy spike, causing newfound respect and interest in Ethereum practically overnight. This spike may have also affected the bitcoin price, with interest in Ethereum’s hard fork possibly distracting traders and stunting what appeared to be an emerging bull rally in the bitcoin markets.
BANK OF ENGLAND
According to a new report, the Bank of England is currently considering a bank-based digital currency to potentially increase the gross domestic product in the European Union.
The report states:
“A central bank issued ‘bitcoin’ would help policy-makers control the amount of money in the economy which is not possible at the moment as commercial banks create money by using deposits as loans, thus increasing the money supply.”
It further explains that the currency could potentially boost such economic output by about three percent. Genesis Mining executive Marco Streng says:
“The key benefit is decentralization… The best scenario is where people would not necessarily need to trust the government. They would just need to trust the blockchain.”
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