Earlier quoted context omitted.
What do you mean by "the first VC-backed startup in Australia"?
He means first VC-backed bitcoin startup ;P
Whoops. Thanks for pointing out. Edited original post.
Show HN: Bitbillpay - Pay any PostBillPay biller in Australia with Bitcoin
11–20 of 29 posts
Re: Show HN: Bitbillpay - Pay any PostBillPay biller in Australia with Bitcoin
#12For those outside Australia, you can pay most bills at the post office (Australia Post) or online via the post office's PostBillPay service. Basically, AusPost act as a middleman between the biller and the customer. But AusPost only accept Australian Dollar payments. So from my reading of it, Ryan's project takes a bitcoin payment from the customer, converts it into AUD, then connects to PostBillPay and pays the bill…
Actually that's exactly the point of this project. I run a startup called CoinJar (the first VC-backed Bitcoin startup in Australia) and Bitbillpay consumes CoinJar Checkout API. I will open source the project once it has gained some initial traction. But before that, I will probably write a few tutorial-like blog posts to demonstrate how to integrate the seamless and unbranded Bitcoin checkout solution into any onli…
I think teaching a kitten to read your credit card and arrange it's kibble into a binary representation would be easier than using the POSTBillPay website.
So this project is a proof-of-concept for CoinJar's Checkout API? I think doing a consumer approachable project to demonstrate something that's invisible like a new checkout system is a great idea!
Re: Show HN: Bitbillpay - Pay any PostBillPay biller in Australia with Bitcoin
#13Are you enrolled to AUSTRAC in accordance to Anti-Money Laundering and Counter-Terrorism Financing Act of 2006?
AUSTRAC has explicitly mentioned that Bitcoin and other crypto currencies are currently out of scope of AML/CTF. Bitbillpay doesn't accept fiat currencies. It's not a money transmitter. You can't use the service to get cash.
Interesting, I've been looking for a reference for the first point you made, would you happen to have one?
Re: Show HN: Bitbillpay - Pay any PostBillPay biller in Australia with Bitcoin
#14Earlier quoted context omitted.
AUSTRAC has explicitly mentioned that Bitcoin and other crypto currencies are currently out of scope of AML/CTF. Bitbillpay doesn't accept fiat currencies. It's not a money transmitter. You can't use the service to get cash.
Interesting, I've been looking for a reference for the first point you made, would you happen to have one?
Re: Show HN: Bitbillpay - Pay any PostBillPay biller in Australia with Bitcoin
#15Earlier quoted context omitted.
Actually that's exactly the point of this project. I run a startup called CoinJar (the first VC-backed Bitcoin startup in Australia) and Bitbillpay consumes CoinJar Checkout API. I will open source the project once it has gained some initial traction. But before that, I will probably write a few tutorial-like blog posts to demonstrate how to integrate the seamless and unbranded Bitcoin checkout solution into any onli…
I think teaching a kitten to read your credit card and arrange it's kibble into a binary representation would be easier than using the POSTBillPay website. So this project is a proof-of-concept for CoinJar's Checkout API? I think doing a consumer approachable project to demonstrate something that's invisible like a new checkout system is a great idea!
It is absolutely a proof-of-concept. At the same time it's just one of the many tools I wish Bitcoin can have. I don't expect it to be profitable (unless you count credit card points) but I will keep it running to allow 694 billers in Australia to accept Bitcoin indirectly.
Maybe someday they will see the value in CoinJar Checkout API and integrate directly. I'll even give them the source code I've written if they're too lazy to browse API docs. :-D
Re: Show HN: Bitbillpay - Pay any PostBillPay biller in Australia with Bitcoin
#16Earlier quoted context omitted.
AUSTRAC has explicitly mentioned that Bitcoin and other crypto currencies are currently out of scope of AML/CTF. Bitbillpay doesn't accept fiat currencies. It's not a money transmitter. You can't use the service to get cash.
Interesting, I've been looking for a reference for the first point you made, would you happen to have one?
"Digital currencies potentially allow individuals and entities to conduct quick and complex international funds transfers outside the regulatory requirements of the traditional financial system. Digital currencies that are not backed, either directly or indirectly, by precious metal or bullion are not regulated by the AML/CTF Act."[0]
It's quite surprising that the law is written that way, but CoinJar is pretty proactive to positively shape the Bitcoin economy and establish legitimacy before regulation comes in. At CoinJar we have already merged the AML/CTF 100-point check into our ID verification for fraud prevention. Currently cash deposits are not regulated but bank branches have the right to require depositors to show ID.
Re: Show HN: Bitbillpay - Pay any PostBillPay biller in Australia with Bitcoin
#17[deleted]
Re: Show HN: Bitbillpay - Pay any PostBillPay biller in Australia with Bitcoin
#18Since the service you offer is so simple, why not have the home page BE the bill pay form, with some peripheral explanation boxes? I.e. you navigate to the site, and the first thing you see is the code and reference amount fields etc.
Re: Show HN: Bitbillpay - Pay any PostBillPay biller in Australia with Bitcoin
#19Are you enrolled to AUSTRAC in accordance to Anti-Money Laundering and Counter-Terrorism Financing Act of 2006?
AUSTRAC has explicitly mentioned that Bitcoin and other crypto currencies are currently out of scope of AML/CTF. Bitbillpay doesn't accept fiat currencies. It's not a money transmitter. You can't use the service to get cash.
It would probably argued that under the Corporations Act 2001 as administered by ASIC you are probably offering a financial service here, and are therefore required to hold an Australian Financial Services License.
Good luck!
Re: Show HN: Bitbillpay - Pay any PostBillPay biller in Australia with Bitcoin
#20Further to my response to a comment stating that this does not fall foul of AUSTRAC's requirements, I think it does break the law with respect to the Corporations Act's requirements for an Australian Financial Services License (AFSL)...
http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Licensing
"An Australian financial services (AFS) licence authorises licensees to:
1 provide financial product advice to clients;
2 deal in a financial product;
3 make a market for a financial product;
4 operate a registered scheme;
5 PROVIDE A CUSTODIAL OR DEPOSITORY SERVICE;
6 provide traditional trustee company services."
I think you are performing #5 above, therefore are breaking the law by operating without an AFSL (if you do have an AFSL, the license number should be displayed on your website).
Plus consider the Electronic Funds Transfer Code of Conduct...
http://www.asic.gov.au/asic/asic.nsf/byheadline/Electronic+F...
Not trying to rain on your parade, just making sure you are aware of the relevant laws you (may) be breaking!