In today’s crypto news, we are focusing on the topic of blockchain. According to a recent speech at the at the 4th Annual DC Blockchain Summit on March 6th, a United States senior government official said that the country was closely monitoring global approaches to the blockchain technology.
The event was organized by the blockchain advocacy group the Chamber of Digital Commerce (CDC) and featured different influential speakers from US politics. This year, the domestic and coordinated international efforts around blockchain, citing Under Secretary of State for Economic Growth, Energy, and the Environment, Manisha Singh, further explained that the Trump Administration was busy surveying the other states’ activities in the area.
The senior government official, named Singh, spoke about the perspective on blockchain, saying:
“We want to see other countries adopt light-touch and compatible regulations so the private sector has room to innovate and perfect potential new uses for blockchain. As the government, sometimes the best thing we can do to help is stay out of the way.”
On the current role of the State Department, she further added that the agency is currently in the research phase and willing to “better understand” the technology. She also mentioned that “blockchain technology is becoming a global phenomenon. It is therefore essential that we better understand this cutting-edge technology, as it becomes more widely adopted in our economy.”
Singh continued stating the issues about decentralization, declaring:
“We’ll conduct oversight as necessary and ensure public protections, yet our overall goal is to understand the benefits of the open and decentralized nature of this technology.”
Christopher Giancarlo, who is the chairman of US regulator of the Commodity Futures Trading Commission (CFTC), considered blockchain as a would-be mitigating factor in the 2008 economic crash.
VISA Is Getting In Crypto And Looking For A Blockchain Developer Hero
“...passionate about the intersection of payments and cryptocurrency,” and “deeply familiar with permissionless blockchain technology.”This puts Visa in the recent news about hiring on our DC Forecasts crypto news site. The job requirement looks like Visa is one of the top blockchain companies in the crypto industry, all while the reality is that Visa is just now getting into crypto. A lot of people in the crypto atmosphere are hailing the entry of Visa to the industry as a move of mass adoption. However, we are unlikely to see mass adoption of a payment system that has the features and benefits of the most popular cryptocurrencies. https://twitter.com/cuysheffield/status/1107364060809449472 Instead, we will probably see something like JPM Coin which is Jamie Dimon's attempt to get JP Morgan into a cryptocurrency and a move that represents a US dollar in the company's internal accounting software on its centrally controlled and walled off private databses. The job description classifies VISA as:
“Common Purpose, Uncommon Opportunity. Everyone at Visa works with one goal in mind – making sure that Visa is the best way to pay and be paid, for everyone everywhere.”Meanwhile, Visa is hampered by its deep entanglement with the regulatory regime and the current regulation which makes it illegal for Visa to design a financial platform with the fundamental values built into Bitcoin and the other cryptocurrencies. For those of you who don't know, Visa and the other finance companies are legally prohibited from offering their customers with the value propositions that made Bitcoin one of the most profitable investments. They are required to survey their users as well as report to various government authorities. They are also required to wield the control they retain over the ability to make payments and hold you hostage to their rules. At the end of the day, this move is certainly surfacing something bigger for Visa which we all want to see in the near future.
UPDATE: Criminal Records Of QuadrigaCX Co-Founder Emerge In The Public
IBM Head Of Blockchain Division Says The Company Is The Leader In Blockchain Technology
‘’What IBM’s been doing as the leader in blockchain technology for the last three years is adding security and confidence to the system.’’Lund was talking about the cross-border payment solution of IBM which uses the Stellar Lumens network for settlement and explained how one of the most popular and oldest companies in the world aims to revolutionize the remittance market. The products which aim to be introduced to the public are challenging Ripple’s xRapid products but in order for a harmonious system to be created, all of the products will have to cooperate. He continued explaining:
‘’We’re building on a new idea, which is to be able to store monetary value electronically and be able to move that value around the world in real time… I think the problem with cross-border payments today, the inefficiencies are based on the fact that the way that banks communicate, the network that banks communicate on is separate from the network or the rails that money actually moves on. And those things are distinct and they require a lot of coordination and reconciliation after the fact.’’Lund also talked about the SWIFT platform saying that it works similarly to a messaging platform and they aim to create a similar product as well based on the SWIFT standards. He said:
‘’ISO standards that have come out of SWIFT are inherently part of the platform. We’re trying to help banks optimize the way that they service their customers.’’IBM’s blockchain division has a close eye in multiple industries in order to follow what the role of blockchain technology can become in the near future. Since the company sold off its hardware-based business, IBM decided to try in the field of intellectual property. A couple of years ago, IBM didn’t think it would be calling itself the leader in Blockchain technology because they still haven’t innovated much in this field. It’s debatable whether IBM will really become a leader in blockchain technology because it has such high competition such as Samsung and Huawei but IBM has open source developers who are working hard to contribute to pool of blockchain projects.
Money On Mobile Wallets: Western Union Teams Up With Cross Borders Network
"“We are continuously expanding and enhancing our account payout portfolio, providing customers with multiple payout options including bank accounts, cards or mobile wallets. Our goal is to make digital money transfer services more accessible, with a specific focus on enabling mobile transactions."The collaboration with Thunes, according to Western Union, will help the company better serve the customers who lack access to traditional financial services. They will be connected to the alternative payment solutions such as the mobile wallets. https://twitter.com/samconnerone/status/1108414600050020354 The collaboration also includes Stellar as the platform of choice for Thunes - and the distributed and open-source blockchain platform that connects financial systems. According to Thunes, Stellar provides an instant clearing, settlement and execution platform. The CEO of Thunes, Steve Vickers, commented the partnership saying:
"Our payments platform seamlessly interconnects payment providers globally and enables interoperability between diverse payment systems. By utilizing our vast networks, Western Union customers will have more flexibility when sending money across borders."The collaboration will obviously result in better financial access for consumers - especially ones lacking access to traditional financial services - by connecting them to alternative payment solutions such as mobile wallets that can help drive better financial inclusion on a global scale.
Join us on Facebook
- VISA Is Getting In Crypto And Looking For A Blockchain Developer Hero
- Bitcoin Is At $4,001 – Finally Breaking Through The ‘Crucial Mark’ Again
- UPDATE: Criminal Records Of QuadrigaCX Co-Founder Emerge In The Public
- General Manager Of BIS Says Banks Should Not Issue Their Own CBDC
- Calm Before The Storm: Bitcoin Dominance Reaches Low Levels Similar To 2018
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Blockchain News2 days ago
Postal Carrier Giant UPS Rolls Out A Blockchain Platform For Merchant Supply Chains
Blockchain News5 days ago
Binance Launched Completes Another Successful Token Sale Of Celer Network
Altcoin News5 days ago
New Report Shows That Bithumb Is Laying Off 50% Of Its Staff
Blockchain News5 days ago
Craig Wright Filed 114 Blockchain-Related Patents Since 2017: TNX Report
Altcoin News5 days ago
XLM Jumps By 11% After Banks Got Interested In IBM’s Stellar Blockchain Opportunity
Uncategorized3 days ago
Facebook Is Looking For Senior Lawyer With Blockchain (Payments) Experience
Blockchain News1 day ago
Latin E-Commerce Giant Mercado Livre Bans Cryptocurrency Ads On Their Website
Bitcoin News4 days ago
Binance: Australians Can Now Buy Bitcoin With Cash From 1,300+ High-Street Stores