Bitcoin is set to be the single global currency in a decade, chief of a popular social media network proclaimed, while a cryptocurrency pioneer said the blockchain technology could become a universal payments network. The UK government has unveiled a cryptoassets task force, which it hopes will help it manage their and harness the benefits of blockchain.
Here is a wrap up of the main news from the cryptocurrency and blockchain space over the last 24 hours.
Twitter CEO Dorsey Says Bitcoin To Be Single Global Currency In A Decade
Bitcoin will be the single currency of the internet and the world in a decade, Twitter co-founder and CEO Jack Dorsey said in an interview to the Times of London. Dorsey, who is also the chief of the crypto-friendly mobile payment app Square, acknowledged that Bitcoin does not have the capabilities right now to become an effective currency. “There are newer technologies that build off of blockchain and make it more approachable,” Dorsey added.
Bitcoin Pioneer McCaleb Says Blockchain Can Lead To Universal Payments Network
Blockchain can lead to the creation of a universal payments network, Jed McCaleb, creator of the now defunct Mt. Gox exchange and co-founder of the cryptocurrency platform Stellar, said. The universal payments network will involve a public ledger that people can see, but can’t change arbitrarily, he told CNBC. The system would allow people use things they familiar with such as dollars and euros, he added.
UK Government Announces Cryptoassets Task Force
The British government on Thursday announced the creation of a Cryptoassets Task Force that it hopes will help to manage the risks surrounding such tokens and harness the potential benefits of the underlying technology such as Blockchain. “The Fintech Sector Strategy will include a Cryptoassets Task Force consisting of HM Treasury, the Bank of England, and the Financial Conduct Authority,” the HM Treasury said in a statement. “This will help the UK to be at the forefront of harnessing the potential benefits of the underlying technology, while guarding against potential risks.”
Wikipedia Rival Everipedia Announces June Token ‘Airdrop’
Blockchain-based encyclopedia startup Everipedia announced plans to distribute its IQ tokens in June through an “Airdrop” instead of taking the Initial Coin Offering (ICO) route. The move would probably help bypass increasing regulatory hitches for ICOs. “The airdrop will play a significant role in helping Everipedia accomplish as wide of a distribution as possible for IQ tokens,” said Travis Moore, Everipedia Co-Founder & CTO.
Sandra Ro Named CEO Of Global Blockchain Business Council
Fintech entrepreneur Sandra Ro has been named as the new Chief Executive Officer of the Global Blockchain Business Council (GBBC), the leading blockchain industry trade association. Currently serving as Board Member of Financial Services Committee, Ro will succeed Jamie Smith, who stepped down as CEO this month. Ro is one of the most accredited voices of the crypto-economy and the blockchain industry.
Bill On Digital Assets Tabled In Russian Parliament
A legislation that will act as a basis to regulate cryptocurrencies, Initial Coin Offerings (ICO) and crypto mining in Russia was introduced in the country’s parliament on Tuesday. The official website of the State Duma says the Bill on “Digital Financial Assets” was introduced by a group of deputies led by Anatoly Aksakov, as per the instructions of President Vladimir Putin.
Only 8% Americans Own Digital Currencies: Survey
Despite the recent crypto craze and a flurry of ICOs, an overwhelming majority of Americans do not own any digital currencies, a recent survey shows. A survey of more than 2,000 American citizens commissioned by finder.com in February found that only 7.95 percent of them have invested in a cryptocurrency, while 7.76 percent said they may purchase some in the future.
As of 7.12 am ET on Thursday, Bitcoin was down 3.85 percent at $8,713.17 and Ethereum was lower by 6.01 percent at $543.26 on Coinbase.