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How Blockchain is Going to Influence the World

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Introduction If you want to understand what blockchain usually looks like, then in simple terms it would be a giant spreadsheet that is distributed all over the world digitally. If we take all the computers as a whole only then you will be able to say that the blockchain technology is complete. The owner of this spreadsheet is very one who is in the network. You make a change and others will be able to see that change. The technology works with peer to peer. Hence, there is no need for powerful intermediates. Every small change is viewed by the Source: https://bitcoinsinireland.com/how-blockchain-is-going-to-influence-the-world/

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Former Goldman Sachs Chief and Trump Economic Advisor Says Bitcoin Lacks Integrity

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Gary Cohn, a former chief economic advisor to President Donal Trump, who was also the ex-president and COO of investment bank Goldman Sachs, said that bitcoin could fail because it had integrity flaws.

Cohn Spells Potential Doom for Bitcoin

According to Bloomberg on Dec.1, Cohn stated that Bitcoin’s “integrity flaw” could lead to the failure of the largest cryptocurrency by market capitalization. The former Goldman Sachs chief made the statement during an interview on Bloomberg Television.

When asked his bullish stance on bitcoin and other cryptocurrencies and the effect of the nascent technology on the economy, Cohn responded by saying that he was not a bitcoin proponent. The ex-Trump economic adviser also described BTC as lacking transparency and some of the basic integrity of a real market.

Cohn further buttressed his point, stating:

“Part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it’s being transferred. The Bitcoin system today has no transparency to it. So there are a lot of people that question, why would you need a system that does not have an audit trail.”

Meanwhile, Cohn’s statement was met with surprise by members of the crypto community on Twitter. Most commenters stated that Cohn’s remarks showed a lack of research and a basic understanding of how Bitcoin functioned.

Pierre Rochard, bitcoin maximalist and co-founder of the Satoshi Nakamoto Institute, replied via Twitter, saying:

“I formally challenge Gary Cohn to a televised debate on Bitcoin’s auditability. Bring him to me.”

Furthermore, Cohn’s statement comes amid BTC’s price rally. The number one cryptocurrency set a new all-time high (ATH) on Nov. 30, surging past the record set in December 2017.

Not a First Time Bitcoin Opponent

Cohn’s anti-bitcoin stance, however, is not surprising. In May 2018, the former Goldman Sachs president stated that there could be a global cryptocurrency, but it would not be bitcoin. Cohn also revealed that he favored blockchain over bitcoin.

Meanwhile, in a Financial Times article back in April, the one-time Goldman Sachs president wrote favorably about central bank digital currencies (CBDCs). According to Cohn, CBDCs would give individuals easy access to financial services.

Featured image courtesy of Fortune

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Source: https://cryptopotato.com/former-goldman-sachs-chief-and-trump-economic-advisor-says-bitcoin-lacks-integrity/

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Visa Partners With Circle to Integrate USDC for Payments

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Visa, a global financial services company and credit card giant, has partnered with Circle Internet Financial, a leading crypto fintech startup, to integrate the latter’s stablecoin.

Visa Taps USDC for Digital Payments

According to Forbes, on Dec. 2, Visa will be adopting Circle’s USD Coin (USDC) into its credit card platforms. The collaboration between both companies would see the use of the stablecoin to send and receive payments.

Although Visa will not be a custodian to the USDC, Circle will help the financial services giant choose credit that will integrate the USDC into their platforms. The report also noted that 25 crypto companies involved in Visa’s Fast Track program would also be included in the partnership.

Furthermore, Visa plans to roll a credit card in the near future, following Circle’s completion of the company’s Fast Track program. It would enable businesses to seamlessly carry out payments using USDC. Commenting on the proposition, Cuy Sheffield, Visa’s head of crypto, said:

“This will be the first, corporate card that will allow businesses to be able to spend a balance of USDC. And so we think that this will significantly increase the utility that USDC can have for Circle’s business clients.”

Digital Payments Adoption on the Agenda

According to a recent report by CryptoPotato, Visa, and BlockFi, a crypto wallet provider, announced a collaboration to launch a Bitcoin rewards credit card in 2021. The credit card would enable customers to get rewards for their purchases in BTC. BlockFi would use the USDC in Q1 2021.

Sheffield also spoke on the integration of Circle’s stablecoin, saying:

“We continue to think of Visa as a network of networks. Blockchain networks and stable coins, like USDC are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants.”

The Visa – Circle partnership is the latest development in the expanding digital payments arena. Fellow payments giant PayPal recently boarded the crypto train, allowing its 346 million users to purchase cryptocurrencies on its platform.

Back in November, PayPal CEO Dan Schulman revealed that cryptos would be an accepted funding source for online payments on its 28 million merchants by 2021. During the ongoing Web Summit in Portugal, Schulman opined that the era of digital payments was imminent.

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Source: https://cryptopotato.com/visa-partners-with-circle-to-integrate-usdc-for-payments/

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US lawmakers seek to make stablecoins illegal without federal approval

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A new bill, introduced to US Congress on Wednesday night, could enforce blanket regulation on all stablecoins. If passed, any service provided in relation to these types of cryptocurrencies would become illegal without first receiving approval by multiple government bodies:

“It shall be unlawful for any person to issue a stablecoin or stablecoin-related product, to provide any stablecoin-related service, or otherwise engage in any stablecoin-related commercial activity, including activity involving stablecoins issued by other persons, without obtaining written approval in advance, and on an ongoing basis, from the appropriate Federal banking agency, the Corporation, and the Board of Governors of the Federal Reserve System.”

The bill, dubbed “The Stable Act,” is intended to “protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra and other Stablecoins.” However with just a month to go until the end of the 116th Congress, the bill faces an uphill battle to be approved in time.

Assistant Professor at Willamette Law Rohan Grey explained on Twitter that while the bill is primarily aimed at private stable tokens issued by large tech companies, it was worded in such a way as to include a “wide range of monetary activities.” Grey added that it bill seeks “to prevent the kind of systematic ‘shadow-banking’ risks that led to the global financial crisis of 2007-2008.”

Democratic Party congresswoman Rashida Tlaib, the lead instigator of the bill, stated the Stable Act is designed to protect people of color and other minority groups who lack access to regulated financial services.

The bill has been met with strong disapproval from the crypto community. CoinShares chief strategy officer Meltem Demirors responded to Tlaib’s tweets, stating that “cryptocurrencies lower the cost of servicing the populations that have historically been excluded from the banking sector.”

She added that by introducing the Act, costs and compliance would increase, and as a result, cut off access to the very people groups Tlaib hopes to protect.

In an eight-post thread on Twitter, Circle CEO and co-founder Jeremy Allaire claimed that the act “would represent a huge step backward for digital currency innovation in the United States, limiting the accelerating progress of both the blockchain and fintech industry.”

Wyoming House Representative Tyler Lindholm believes the Act goes against the crypto sector’s fundamental ethos of decentralization:

“Centralization of power for a decentralized world. No thanks. This industry has been light years more successful in bringing financial freedom to the unbanked and that happened without cronyism as suggested in this bill.”

Shapeshift CEO Erik Voorhees shared his opinion that the bill is doomed to fail:

“Let’s not force crypto to act like the banks maybe? (And indeed, it can’t, and won’t).”

Source: https://cointelegraph.com/news/us-lawmakers-seek-to-make-stablecoins-illegal-without-federal-approval

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