Image of The Week, 22-26 of October: The Next Web, CNBC, Forbes and Other
We're presenting “image of the week”. Bitnewstoday.com has chosen only the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories in the most indicative quotes are below!
22 of October
THROWING A DOG A BONE (The Next Web)
IBM and Visa partner to upend global payments using Ethereum tech
Visa has just announced it has partnered with IBM ahead of the commercial release of its blockchain-powered global financial payments platform, B2B Connect.
Visa believes that its distributed ledger (DLT) ecosystem can reduce opportunities for fraud when processing global remittances, and give those who adopt it increased odds of remaining compliant with new and incoming government regulations.
PLEASE, ID YOURSELF (The Verge)
China will soon require blockchain users to register with their government IDs
China’s central government has drafted a new regulation that would strip blockchains of their anonymity, requiring users to provide their real names and national ID card numbers when registering for a blockchain service. Trading Bitcoin is already banned in the country, but the policy will place significant restrictions on ongoing blockchain development.
On Friday, the Cyberspace Administration of China, the country’s internet regulator, released a draft of the policy, which would also require blockchain services to remove “illegal information” quickly before it spreads among users. The services will also be required to retain backups of user data for six months and provide them to law enforcement whenever necessary. Users who break the nation’s laws will be warned, have access to their accounts restricted, or have their accounts shut down, depending on what service providers deem appropriate.
23 of October
REGAINING TRUST (MarketWatch)
What can help Americans regain the trust of Wall Street? Blockchain
The nascent age of blockchain and cryptocurrencies gives Wall Street a once-in-a-generation opportunity to restore trust in financial institutions that have been battered since 2008, when many of the biggest financial brands nearly caused the world economy to collapse.
Since then, trust in financial institutions has improved, but that recovery has stalled. For example, while only 58% of people in the United States trust financial institutions, in 11 of 28 top global markets — including Germany, France and Spain — the majority of people distrust banks, according to the Edelman Trust Barometer. In Ireland 71% of people do not trust their bank.
TWO GIANTS (CNBC)
Cryptocurrency giants Coinbase and Circle form joint venture
Two of the largest cryptocurrency companies, Coinbase and Circle, are joining forces to establish more ground rules in the quickly evolving asset class.The start-ups announced a joint-venture known as the “CENTRE Consortium” on Tuesday, which they say aims at speeding up adoption of cryptocurrencies backed by actual government currencies like the U.S. dollar.
“Coinbase and Circle share a common vision of an open global financial system built on crypto rails and blockchain infrastructure, and realizing this vision requires industry leaders to collaborate to build interoperable protocols and standards,” Circle co-founders Jeremy Allaire and Sean Neville said in a news release Tuesday.
24 of October
MEMENTO MORI (Quartz)
What happens to your cryptocurrency after you die?
No one knows how long cryptocurrencies will last, but it’s a decent bet they might outlast you. Passing your digital holdings on to loved ones after your death isn’t as simple as bequeathing cash or other property, though, particularly since wills aren’t designed for confidential information.
With conventional assets, there’s an established procedure for claiming them through probate court, but with cryptocurrencies the process is less certain. Complicating matters is that many cryptocurrency exchanges don’t let their customers name beneficiaries. Coinbase, the largest trading platform, puts the burden on the heirs to claim any assets left by the deceased (so, hopefully your family knows which exchange you use). Another major bourse, Gemini, declined to comment for this story.
A BEACON OF KNOWLEDGE (Forbes)
Universities show a surprising leading light in cryptocurrency adoption
Blockchain, Bitcoin and other cryptocurrency adoption are seeping into all facets of global society, and this is despite the bearish market for the actual digital tokens. A Medium article titled: ‘Why Bitcoin and Crypto have no future’ goes on to list around 40 evidences that suggest counter to the title’s claim.
Universities and colleges have been quietly growing in their understanding, appreciation, and involvement in blockchain technology as well as cryptocurrencies. It is not only that these traditionally rigid and conservative institutions believe there is worth in teaching this new technology to the next wave of leaders and champions of industry, they are even trusting and invested enough to see the value in them in the long run as an investment.
25 of October
1 TRILLION DOLLARS (The Times of India)
India's digital economy may cross $1 trillion by 2022
India's digital economy is likely to cross $1 trillion by the financial year 2022, a KPMG report said here on Thursday. The report launched at the India Mobile Congress 2018 also forecasts that mobile data usage in the country is likely to surge five times by 2023.
"In a sign of the country's ascendancy and as a testimony to the telecom sector's blistering pace of growth, India became the world's second-largest telecom market in 2018 with over a billion subscribers," said the report. “With the given trends, the digital economy is expected to cross $1 trillion by FY22.”
HOLD THE LINE! (MarketWatch)
Bitcoin volatility index drops below 2%
For the 10th consecutive session bitcoin prices are trading largely unchanged as volatility in the world’s largest digital currency continues to fall. In Thursday trading a single bitcoin was going for $6,436.58, down 0.5% since Wednesday at 5 p.m. Eastern Time.
Yet, as bitcoin continues to tread water, equity markets are in the midst of a volatile patch. On Wednesday, major indices, including the Dow Jones Industrial Average and the S&P 500 wiped out their gains for 2018 as global growth concerns have investors re-evaluating stock prices versus bond yields. However, on Thursday, stock markets had turned it around, and by mid-afternoon trading major indices had clawed back more than half of Wednesday’s losses.
26 of October
THE BEST OF BOTH WORLDS (Daily Hodl)
New Bitcoin ERC20 token on ethereum set to launch in january 2019
Developers and innovators from three cryptocurrency companies are launching a Bitcoin ERC20 token on Ethereum. The new cryptocurrency, Wrapped Bitcoin (WBTC), is designed to bring bitcoin liquidity with Ethereum’s decentralized ecosystem. It will be fully backed by Bitcoin and is scheduled to launch in January 2019.
To get from zero to mainstream adoption, the new cryptocurrency will draw liquidity from Kyber and Republic Protocol. Together they’ll pre-mint WBTC tokens from their own Bitcoin inventory for the launch. They’ll also make WBTC available for atomic swaps.
ILLEGAL ACTIONS (Business Times)
Nasscom president Debjani Ghosh asked players to obey the law
Debjani Ghosh, the president of the National Association of Software and Services Companies (NASSCOM), was cited by the Hindu saying that cryptocurrencies are illegal from NASSCOM’s perspective. NASSCOM is a nonprofit trade association of over 2,000 member companies for the Indian IT and business process outsourcing industries.
"It is law of the land and hence, we have to work with it. If we do not agree, we have to go back to the government and speak about why cryptocurrencies aren't correct," she said.