The cryptocurrency market has begun the week in the green, with major altcoins gaining slightly against the US dollar. However, there is not much to cheer about as the weekend saw Bitcoin falling to about $3,100 levels. On a 24hr basis, several altcoins have gained more than 10%. This includes Ripple (XRP), Ethereum (ETH), EOS, Stellar (XLM), Litecoin (LTC), Bitcoin Cash (BCH), Tron (TRX), Cardano (ADA), and IOTA.
One of the reasons for the uptrend is that the United States President Donald Trump has appointed pro-Bitcoin Mick Mulvaney as the White House Chief of Staff beginning 2019. The market considers the appointment as positive for the long-term growth of the crypto sector. Also, Goldman Sachs backed crypto startup Circle’s CEO Jeremy Allaire has stated that Bitcoin and prominent cryptocurrencies will definitely survive the bear market and move upward.
Government level initiatives
The central bank of Bahrain
The draft regulations on crypto assets have been issued by the central bank of Bahrain. Reuters has reported that “the central bank said it had issued consultation draft rules for crypto asset platform operators, providing regulations for the licensing and supervision of crypto-asset services.”
Bahrain’s central bank has supposedly said that the suggested regulations include “measures to safeguard customer interests, technology standards, and cybersecurity risk management.”
A year back, Bahrain first took an official positive stance towards blockchain. At that time, Bahrain’s chief executive of the Economic Development Board, Khalid Al Rumaihi, called the technology a “huge opportunity for Bahrain.”
France to invest in blockchain
Whenever blockchain technology receives support from government authorities, it hits the headlines. This time around, the disruptive technology has garnered support from French legislators who want to spend €500 million (about $569 million) on deploying blockchain at the state level over the next three years.
Both blockchain and cryptocurrency were given top priority by two of the French parliament (MP) members who envision making France a “Blockchain Nation.” The politicians are also trying to play a prominent, active role in encouraging Bitcoin mining in the country.
MP Jean-Michel Mis has stated: “2018 was the ‘year zero’ for blockchain popularization in France. 2019 should be the year that an ecosystem emerges. The idea takes the shape of pumping in €500 million over three years.”
Private sector initiatives
AT&T
American telecom giant AT&T is seeking a patent for its blockchain-powered social media history “map.” The patent application published by the US Patent and Trademark Office (USPTO) explains a blockchain-based system that may consist of a trade history manager to store subscribers’ information, which may be used for several purposes. The file describes a number of use cases, such as creating and sharing data, plans, and career interests through virtual groups and networks.
By deploying the system, users could supposedly monitor “micro-culture transactions,” like tracking present trends at a specific time or place, or traits of their friends. That ability, according to the patent application, “may have enormous value in e-commerce, marketing, and targeted advertising.”
CULedger
CULedger, a credit union service organization (CUSO) and a blockchain consortium, has become a member of R3’s global blockchain ecosystem. The Denver-Colorado-based CULedger reportedly provides blockchain solutions to credit unions and their members, using the technology to enhance cybersecurity and to offset fraud risks, as well as simplify managerial and operational processes to conserve time and costs. The firm also offers a specific blockchain-based identification system for credit union members.
The R3 global network, as of date, has more than 200 financial services companies, tech firms, central banks, regulators, and trade associations to collaborate on or employ Corda, the enterprise-grade blockchain platform.
Banco Bilbao Vizcaya Argentaria
Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank, has completed a €150 million loan transaction with Porsche Holding using blockchain technology. Porsche Holding is the largest car distributor in Europe.
The transaction marks the first blockchain-based loan deal by BBVA with a non-Spanish borrower. Notably, the bank has, to date, issued several blockchain-based loans for Spanish enterprises, including a $150 million syndicated loan last month for Red Eléctrica de España (REE), which is partly state-owned Spanish national electrical grid operator, and a corporate loan of €100 million for Spanish engineering firm ACS.
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