IBM Acquires Patent for Self-Aware Token and More Weekly Cryptocurrency News

| January 31, 2020 10:17 am PDT

It’s been a good week for Bitcoin and the other popular cryptocurrencies, at least when it comes to their price. The most popular virtual coin surpassed $9,000 comfortably and even touched on $9,500.

The other mainstream crypto assets also made it to key points, so their value has continued to rise since the start of 2020.

I hope that this trend will continue, but this post is not about price forecasts. Instead, it will explore the most important news and highlights from the crypto world.

IBM Acquires a Patent for “Self-Aware” Token

Some people believe that we’ve just started to uncover the endless possibilities provided by cryptocurrencies and the blockchain technology. Highlights like the first one on my list prove that might be the case.

Earlier this week, IBM secured a patent for the development of a “self-aware” token that is designed for data processing and records even offline transactions.

The company believes that a system based on this token would massively improve the overall payment experience in numerous cases, including transactions that happen offline.

I’m curious to see what IBM does in the near future because the company certainly has enough resources to build an innovative payment system based on crypto.

Singapore Launches Crypto-Friendly Payments Legislation

We all know that crypto will have to be legislated in most regions of the world, and Singapore is showing the way. The country introduced the Payments Services Act on Tuesday. The law is designed to regulate cryptocurrencies and help local companies to expand their operations all across the globe.

Many companies are planning to apply for a license from Singapore that will allow them to legally provide crypto exchanges, e-wallets, and other services.

That’s excellent news from the users’ perspective, as they will have access to services that are regulated and thus more secure.

With that law, Singapore is making a claim to become a true crypto paradise, and I’m pretty sure the company will reap the benefits from such an important move.

I hope that the new act will show other governments from all across that globe that sensible crypto legislation could go a long way for all sides involved.

India to Introduce State-Run Digital Rupee?

Another country that has been active on the crypto matter recently is India. I’m not so sure about the approach of the local authorities, though. The latest movement there involves a draft of the National Institute for Smart Government that is dedicated to crypto.

The organization proposes the introduction of a state-run digital rupee based on blockchain. According to the representatives of NISG, that would open the door to investments in the sector and show the crypto world that India is open for business.

While that sounds good in theory, I’m not sure that the state and the national banks would be able to competently run such a system.

If India wants to attract more crypto companies and build a good reputation, the country should probably unban the right to sell and buy cryptocurrencies. It has been forbidden by the Reserve Bank of India since 2018, and this is hurting the locals who want to trade or invest in Bitcoin and other digital assets.

Ripple and Coinbase Reveal Their Strategy to Influence US Crypto Regulation

The US market is the largest in the world, and there are plenty of lobbies that are in play. The battle for sensible regulation of the crypto sector will be fierce, and I’m not sure I’m an optimist about the near future.

And yet, some of the biggest players in the crypto world are ready to do their best to influence the American government.

Executives of Coinbase, one of the biggest cryptocurrency exchanges, and the third-most-popular coin Ripple shared their plans for the future. They would like to see a clear regulatory approach designed to bring transparency and security to the US customers and allow the local companies to expand their business worldwide.

It sounds good on paper, and many representatives of the sector are trying to influence the government, but I’m not sure that would work.

I will be following the situation closely, as the US market is crucial for the future of the whole industry.

Ditto Music to Fight Copyright Problems With Blockchain

The last news piece from the weekend is not exactly groundbreaking, but it shows another way to utilize the blockchain technology. The leading music distribution company Ditto Music will launch an app called Bluebox.

It’s designed to battle copyright infringement through the power of blockchain. That should lead to more royalties for the artists in the near future.

Final Words

It’s been an interesting week in the crypto world, and we see more and more institutions and giants from various industries involved with crypto and blockchain. I’m pretty sure this trend will continue throughout 2020, so stay tuned for more exciting news and highlights every week.

Jerry Summer

Jerry Summer has a wide-ranging interest in gambling and the gambling industry. He's made a living out of both playing poker and betting on sports.

The English Premier League and the NBA are among Jerry's primary areas of expertise. He's knowledgeable about many other sports, too, along with poker and several casino games.

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