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#CryptoCorner: Samsung Signs MoU to Develop Blockchain-based Solutions for Banks, Facebook (NasdaqGS: FB) Floats Libra Redesign Which May Include Additional Currencies

 

Point Roberts, WA and Delta, BC - March 4, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2020/030420-CryptoMarket.mp3

#CryptoCorner: Samsung Signs MoU to Develop Blockchain-based Solutions for Banks, Facebook (NasdaqGS: FB) Floats Libra Redesign Which May Include Additional Currencies

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Stocks discussed: (KSE:005930) (NasdaqGS:FB)

Since the last Crypto Corner on Monday, Bitcoin (BTC) has remained relatively static, posting a trading price of about $8,725 at press time, according to data from CoinMarketCap. Bitcoin's seemingly underwhelming rally in the past couple of days prompted a critical comment from prominent gold bug and crypto skeptic Peter Schiff, CEO of Euro Pacific Capital Inc., who tweeted:

If @Bitcoin can't rally with an emergency 50 basis point rate cut, plus all of the recent stock, bond, currency and gold market volatility, under what circumstances will it rally? If Bitcoin won't go up, why own it? The answer to that question is "sell." Look out below!

The tweet prompted many replies, no small amount of which indicated the considerably better performance of Bitcoin over its existence than that of Schiff's preferred asset gold, which experienced its biggest one-day drop since 2013 last Friday amid the market upset brought on by Coronavirus concerns.

Samsung SDS, the IT services subsidiary of Samsung Electronics Co., Ltd. (KSE:005930), has signed a memorandum of understanding with Israel-based fintech and smart payments provider Credorax, according to a report from The Korea Herald. The two companies will work together on Samsung SDS' Nexledger Universal platform "to develop a blockchain-based finance solution for banks and merchants so they can automatically reconcile payments, remittances and invoices with their bank records." Hong Won-pyo, president and CEO of Samsung SDS, said:

"Together with Credorax, which specializes in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation."

Bloomberg reports that Facebook (NasdaqGS:FB) is entertaining the idea of a redesign to its Libra project that would see a network expansion to accept multiple coins, including currencies issued by central banks. This comes after considerable opposition following the project's initial stated goal of a single global digital currency. However a source "familiar with the overhaul," indicated that the original goal of a single global currency is still very much alive. Dante Disparte, head of policy and communications for the Libra Association, said:

"The Libra Association has not altered its goal of building a regulatory compliant global payment network, and the basic design principles that support that goal have not been changed."

India's Supreme Court lifted a ban on cryptocurrencies in the country yesterday, according to a report from local outlet Live Law. The ban had taken the form of regulation from the country's central bank, the Reserve Bank of India (RBI), preventing banks from "dealing with virtual currencies and from providing services to crypto businesses." An excerpt from the Court's ruling reads:

"The position as on data is that VCs [virtual currencies] are not banned, but the trading in VCs and the functioning of VC exchanges are sent to comatose by the impugned Circular by disconnecting their lifeline namely, the interface with the regular banking sector. What is worse is that this has been done (i) despite RBI not finding anything wrong about the way in which these exchanges function and (ii) despite the fact that VCs are not banned."

Sam Mowers, Investorideas

For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory

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