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Wednesday, November 6, 2019

#CryptoCorner: Zuckerberg (Nasdaq: $FB) Vindicated as China Makes Moves in #Blockchain Space, and Volkswagen (OTC: $VWAGY) Joins Responsible Sourcing Blockchain Network


#CryptoCorner: Zuckerberg (Nasdaq: $FB) Vindicated as China Makes Moves in #Blockchain Space, and Volkswagen (OTC: $VWAGY) Joins Responsible Sourcing Blockchain Network



Point Roberts, WA, Delta BC November 6, 2019 -  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 .

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Stocks discussed: (NasdaqGS:FB) (NYSE:IBM) (NYSE:F) (OTC:VWAGY)

The president of Romania’s Fiscal Council, Daniel Daianu, made some critical remarks about Facebook’s (NasdaqGS:FB) Libra in a speech at the Romanian Academy today, according to local outlet Business Review. In an excerpt from his speech Daianu warns:

“It is not only about the monetary system. It is not by chance that libertarians are so attached to this vision. Those who reject central banks would like to return to the world of free-banking. That is why Libra is very dangerous, because it would target billions of users and in fact would almost inevitably fracture the monetary system and central banks would lose their effectiveness.”

Elsewhere Facebook CEO Mark Zuckerberg appears to have been vindicated when he warned that Western stifling of projects like Libra would hand an advantage to the People’s Republic of China. CCN reports that, at the time, Zuckerberg told U.S. regulators:

“While we debate these issues, the rest of the world isn’t waiting. China is moving quickly to launch similar ideas in the coming months… If America doesn’t innovate, our financial leadership is not guaranteed.”

And yesterday, Global Times reported that the People's Bank of China (PBC) signed a memorandum of understanding (MoU) with telecom giant Huawei Technologies. While details of the agreement remain unknown, an anonymous insider told Global Times:

"It could fast track the launch of China's digital currency."

A press release today from the Hong Kong Monetary Authority (HKMA) indicates that Hong Kong Interbank Clearing Limited,  has signed a memorandum of understanding (MoU) with the Institute of Digital Currency of the PBC. The agreement aims to conduct a Proof-of-Concept trial, in a bid to connect the HKMA’s eTradeConnect, a blockchain-based trade finance platform, and the PBoC’s Trade Finance Platform. According to the press release, “it will provide firms in both places with more convenient trade finance services and enable banks in Hong Kong to expedite the expansion of their trade finance business”.

The Responsible Sourcing Blockchain Network (RSBN), a blockchain consortium built on the IBM (NYSE:IBM) Blockchain, has successfully completed the pilot phase for its digital supply chain of cobalt. Also, Volvo Cars joined RSBN today, while Ford (NYSE:F), Volkswagen (OTC:VWAGY) and LG (KSE:066570) are already a part of the network. Dr. Nicholas Garrett, CEO of RCS Global Group, which assures the project, commented:

"We are setting in motion a process of mainstreaming responsible sourcing practices across major industries. We've reached significant new milestones as we've moved beyond testing, proving the merits of this coupled technology and assurance model can extend to a wide range of participants across every tier of the supply chain and to other minerals. The early addition of Volkswagen Group and now Volvo Cars to this collaboration confirms that blockchain technology together with responsible sourcing assurance can help address critical sustainability issues impacting the entire industry."

Sam Mowers, Investorideas

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