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Daily Bitcoin and Crypto Analysis

This Week in Crypto...

November 8, 2020
Over the weekend… The Swiss town of Wetzikon launched a blockchain based program to distribute Coronavirus aid to businesses. Residents involved in small and medium sized businesses are able to access the disbursement through their smartphones.

On Monday…

Blockchain may be a valuable tool for nuclear disarmament. Researchers at the Centre for Science and Security Studies at King’s College London have been looking at “non-political” solutions for nuclear disarmament. Blockchain technology could be helpful in situations where trust is an issue. It could enable third parties to verify the integrity of disarmament verification data without these parties being able to see the highly sensitive data itself.

Cuba now ranks second in terms of Bitcoin interest over the past 30 days. Cuba’s rise in Bitcoin-related searches comes amid reports of Cubans increasingly turning to Bitcoin to circumvent sanctions imposed by the United States and gain access to digital financial services. Major digital payment firms like PayPal, Stripe, Visa, and Mastercard are not available for Cubans.

On Tuesday…

Bangladesh has conducted the country’s first blockchain-based letter of credit transaction. The transaction was for the importation of 20,000 tons of oil from Singapore. The manner of conducting international trade transactions is changing as businesses and governments recognize the transparency, security and swiftness in performing tasks using blockchain technology.

UN’s Office on Drugs and Crime advised Kenya to use blockchain technology to combat corruption. The office said that blockchain-based solutions can provide full traceability of transactions, protecting public registries from fraud and forgery. Kenya is reportedly losing up to a third of its budget to corruption each year due to a lack of modern equipment and technology for fighting graft.

On Wednesday…

China UnionPayhas partnered with South Korean payment provider Danal to launch a cryptocurrency-supporting digital card. Danal’s crypto wallet Paycoin and its crypto token of the same name will be the interface for the new, prepaid mobile card. Users will be able to use both the card and Paycoin to pay for goods and services at over 30 million UnionPay merchants across 179 countries and regions

Gibraltar became an observing member of the Global Blockchain Business Council. The GBBC was launched in 2017 to promote education, advocacy, and partnership to strengthen blockchain adoption among member countries. GBBC consists of over 50 countries who seek to harness this groundbreaking technology to create more secure, equitable, and functional societies.

On Thursday…

Brazilian Economy Minister Paulo Guedes has said that Brazil will issue its own central bank digital currency (CBDC). This is the first time he has spoken on the subject. He has not provided any additional information on the issue.

Bitcoin (BTC) hit an all time high against the Russian ruble. 1 BTC is now worth 1,160,000 rubles. This ATH is not only based on BTC’s recent growth, but also the dollars major decline against the ruble amid the United States presidential elections.

On Friday…

Aerospace giant Thales announced it will use blockchain to comply with NATO standards. They will use the technology to increase the traceability of all parts and products handled in their production and maintenance center. The new platform is expected to efficiently connect all processes and improve communication with customers and maintenance operations.

Bitcoin miner revenue surges to pre-halving levels. This spike is due not only to BTC’s price doubling since May’s halving but also to transaction fees tripling since October. Miners are likely to start selling.

For more information on these stories, visit:

Swiss town: https://criptotendencia.com/2020/11/02/suiza-lanza-programa-de-ayuda-por-el-covid-19-de-la-mano-de-tezos/

Nuclear Disarmament: https://www.kcl.ac.uk/news/new-report-argues-blockchain-could-help-reduce-nuclear-risk#:~:text=Blockchain%20allows%20authorised%20participants%20to,data%20without%20a%20central%20authority.&text=Act%20as%20an%20international%20confidence,able%20to%20see%20the%20data.

Cuba: https://cointelegraph.com/news/google-searches-for-bitcoin-are-on-the-rise-in-cuba

Bangladesh: https://thefinancialexpress.com.bd/trade/hsbc-drives-bangladeshs-first-crossborder-blockchain-lc-transaction-1604138217

Kenya: https://cointelegraph.com/news/un-drugs-and-crime-wing-advises-kenya-to-use-blockchain-against-corruption

Cryptocard: https://www.financemagnates.com/cryptocurrency/news/chinas-unionpay-signs-crypto-card-deal-with-korean-cryptocurrency-paycoin/

Gibraltar: https://cointelegraph.com/news/gibraltar-is-now-an-observing-member-of-the-global-blockchain-business-council

Brazil: https://www.cripto247.com/comunidad-cripto/brasil-anuncio-que-tendra-su-propia-moneda-digital-196787

Ruble: https://cointelegraph.com/news/bitcoin-hits-all-time-high-against-russian-ruble

Aerospace: https://cryptopotato.com/aerospace-mogul-thales-to-comply-with-nato-standards-using-blockchain/

Miners: https://cointelegraph.com/news/bitcoin-miner-revenue-surges-to-pre-halving-levels

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