Blockchain Newsletter #1
News & Announcements and Updates — All about Blockchain!
The MOTIV Protocol is an educational and decentralized identification platform that provides educational information equally to students, parents, academy managers, and advertisers using blockchain technology in the advent of the Fourth Industrial Revolution. The MOTIV Protocol guarantees reliable security for its users and promises to work tirelessly to offer new solutions for the education field in the digital age.
Welcome to the MOTIV Protocol! The MOTIV Team has prepared a newsletter that contains all the vital and significant announcements and news that are currently happening in the blockchain sphere. The news ranges from PayPal’s announcement about cryptocurrency and the surge of major coin prices to the recognition of the necessity for CBDC by Central Banks around the globe. This all adds up to the further development and adoption of blockchain technology.
Blockchain News
🗒 Summary
- PayPal allows Bitcoin and crypto spending #PayPal #Cryptocurrency
- Digitalization of currency in the face of COVID-19 #CBDC #FED
PayPal allows Bitcoin and crypto spending
PayPal, the world’s largest online payment company, has recently announced that it will launch a cryptocurrency service for PayPal accounts. This means that customers can now purchase, hold, and sell their crypto assets directly from their PayPal account.
PayPal has also claimed that in the first half of 2021, it will extend its services to its simple remittance mobile application, Venmo. Venmo has a user base comprised of 52 million active users. Extending services to Venmo will open up new opportunities to reach overseas users. On top of everything, PayPal will also enable cryptocurrency transactions to be carried out for simple, daily purchases.
💡 PayPal officially announced that starting from early 2021, they will enable cryptocurrency payments via PayPal accounts in 26 million stores around the globe. When the user incurs a payment with his or her own crypto that is kept in their PayPal account, the payment will be exchanged into fiat currency and then will be used as payment for the purchase.
Source of Reference: PayPal will support crypto by 2021, with over 26 million stores accepting PayPal.
Digitalization of currency in the face of COVID-19
Recently, all Central Banks around the globe, including the Federal Reserve, have started showing profound interest in digital currency — known as CBDC (Central Bank Digital Currency). This is because the global pandemic, COVID-19, has completely changed the economic structure of the world. The need for technological change in monetary policies has been confirmed as the size of non-face-to-face digital payments has soared.
CBDC is a central bank digital asset (cryptocurrency) issued electronically. It has the potential to replace physical fiat currencies used in each country and is stored in an individual’s digital wallet for real use.
According to the Bank for International Settlements (BIS), more than 80% of the world’s central banks in 66 countries have commenced conducting R&D on the adoption of digital currency as a major payment unit. In addition, a joint report by IBM Blockchain World Wire and the Official Monetary and Financial Institutions Forum (OMFIF) revealed that most international financial institutions are now aware of the need for the adoption of CBDC.
💡 The introduction of CBDC could greatly reduce the cost of issuing and managing money. Additionally, the movement of money in real-time could be used as data to help manage economic policies, including financial policies, monetary policies, and fiscal policies. On top of everything, from the government’s s point of view, 100% of the taxes generated from all economic activities could be traced. This would make it so that there would be little possibility that they would be used for crimes such as terrorist financing or money laundering.
Source of Reference: The facetiously growing cashless society in the aftermath of COVID-19 (In Korean)
Other News
- NFTs take on DeFi? Next Crypto Craze
- Messenger Big 3: Blockchain Market Confrontation (In Korean)
- Chairman of CFTC: “DeFi is Revolutionary”
*This post is not intended to induce or encourage investment, but rather to provide information that serves as a reference for investment judgment. The MOTIV team informs you that they will not be held responsible for any investment provoked by this posting.
