Bank of America is in the crypto news again, this time for acquiring a patent for a cryptocurrency aggregation system that will allow companies to store customers’ crypto deposits on a special account and offline storage in an enterprise. This way safekeeping of the funds is guaranteed.
Other patents mainly focus on the blockchain technology but, this system is a huge step up for crypto. The patent was approved by the US Patent and Trademark Office yesterday.
The current system of the Bank of America is made of memory for storing customers’ accounts as well as to handle crypto deposits and also to identify public keys with the relevant customer. The processor aggregates the crypto into an enterprise account.
This patent application was filed in 2014 where it was noted back then that the crypto transactions are growing incredibly and that crypto transactions are becoming more common. Companies and merchants around the world also started accepting cryptocurrencies and their number is also on the rise.
This move could spike further crypto adoption and could possibly encourage businesses to transact in crypto as well. However, this idea is a major turn off for many crypto users and enthusiasts because of the large gap that exists between the two worlds.
Despite that, Bank of America hopes to provide an efficient system that will put fees aside and to eliminate the third-party currency exchange to conduct a currency exchange. In the meantime, Michael Wuehler who is one of the inventors of many blockchain patents suggested that these patents are meaningless and want to deceive the public’s perception of innovation and banks.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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