OKPay Halts Bitcoin Related Transfers

The payment processing world gets more news today as online transfer solutions provider OKPay announced on their site that “Dear customers, we are currently suspending Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term processing.” The news was followed by MtGox announcing today that “ Mt. Gox has recently been informed by OKPay, one of our longtime partners, that they are planning to stop performing wire transfers to and from all Bitcoin exchanges, including Mt. Gox. “ They added that there is no timetable yet when OKPay will completely halt Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.

The question is what caused OKPAY, a BVI based online payment solution provider that offers solutions for ecommerce businesses to do a u-turn when it comes to bitcoin. Beyond being a payment provider that was working with different exchanges, they added the ability to fund accounts with bitcoins in March 2012, so they were in-tuned to bitcoins potential much earlier than much of the public. r thinking is that because OKPay isn’t immediately halting transfers, we assume the current situation isn’t similar to when Dwolla was contacted by the DHS to halt payments to MtGox’s US account. Therefore, in light of developments with Liberty Reserve, along with what happened between Dwolla and MtGox, our assumption is that this is a defensive move being made by OKPay.

MtGox summed up the situation very well by stating "Mt. Gox wishes the best to OKPay, and we look forward to working together more closely in the future. The Bitcoin economy is going through many changes recently, and we are positive that they will ultimately work themselves out in the best interests of the community and the World"