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
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
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
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
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
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.
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
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
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 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.