The US Government has already started rolling out plans to reopen the economy in phases. Florida has cleared some beaches for the public. Hunt for the vaccine and interim solutions are in full swing with some company moving to animal testing phase of the virus.
While the world is coming to terms with the virus, world governments are in another race of their own parallely. China confirmed that they are piloting the digital currency in May 2020 and US hinted digital dollar plans in its latest ABC Act. Facebook changed its tone to please authorities and BMW started its own initiative in blockchain.
This week’s crypto news update is jam packed, let’s get started.
US to issue TRILLION Dollar Coins & introduce Digital Dollar soon
The Automatic Boost to Communities Act, ABC Act, proposes paying Americans $2000 per month for 12 months in Digital Dollars directly issued to individual’s eCash Wallets. The ABC Act proposes to issue two $1 Trillion Dollar Coins (yes, Trillion with a T) and another trillion in case needed, so in total 3 Trillion Dollars coins. The race to issue the Central Bank backed Digital currency is picking pace.
First Tesla and now BMW announce blockchain initiatives
“The BMW Group initiated the PartChain project to ensure seamless trace-ability of components – more or less “at the push of a button” – and provide immediate data transparency in complex supply chains for all partners involved going forward,” an official press release from BMW stated. BMW had piloted a blockchain program in 2019 for front lights and are now rolling out PartChain to bring more parts to blockchain and encouraging its vendors to take part. “PartChain enables tamper-proof and consistently verifiable collection and transaction of data in our supply chain,” said Andreas Wendt, member of the Board of Management of BMW AG responsible for Purchasing and Supplier Network. Recently, Tesla was in the news for piloting blockchain to transform the application process for cargo release.
South Korea proposes to introduce Blockchain in budget
The South Korea Government plans to include Blockchain-related projects in their annual budget. Translated news shows “”The size of the blockchain-related industry is expected to grow by more than 80% per year on average, and is competitively supporting foreign countries to preoccupy the market that is attracting attention as a promising technology in the future,” said the former minister, “The technological gap with developed countries such as the United States and Europe is not large for 2.3 years, so it is now a golden time for pursuit.”
Google removes 49 Chrome Extensions stealing crypto-wallet keys
“Google has removed 49 Chrome extensions from the Web Store that posed as legitimate cryptocurrency wallet apps but contained malicious code that stole crypto-wallet private keys, mnemonic phrases, and other raw secrets,” an exclusive article on ZDNet reported. The malicious extensions mimicked the real wallets and monitored the transactions including viewing private keys. These imposter extensions may have been targeting high-value wallets to steal funds from, according to the article.
China piloting the Central Bank Digital Currency by paying salaries in May
Construction Industry and Agriculture departments will be the first to pilot the Central Bank Digital Currency (CBDC) as early as May 2020. Translated news indicates that “The official letter requires that the enterprises and institutions and various management committees in each district of Xiangcheng District should sign a digital currency distribution agreement with the wage distribution bank, install a digital wallet for all staff (except retirees), and include transportation subsidies in the monthly salary. 50% will be issued through digital currency.” The US is following closely to issue its own Digital Dollar to make sure it stays relevant in the CBDC race.
Facebook’s Libra revamps to please authorities
Readers of CryptoTapas know that we have predicted that Facebook’s Libra will launch in spite of backlash from the government authorities all over the world. That prophecy is likely to come to fruition. Facebook’s Libra continues to bend its back to please the authorities to get closer to launch. According to Reuters “Libra will be linked to individual national currencies and overseen by global watchdogs in a scaled-back revamp it hopes will win regulatory approval.” This change in approach is a direct result of the backlash that Facebook has faced from government authorities all over the world, including the USA. The launch date continues to be a moving target, now scheduled for November.
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