#CryptoCorner: YouTube (Nasdaq: $GOOGL) Admits to Error in #Crypto Ban, Canaan (Nasdaq: $CAN) to Debut New Mining Machines in Q1 2020, Bank of Korea to Explore CBDCs and Crypto and Bahamas to Pilot CBDC
Point Roberts, WA, Delta BC December 27, 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:GOOGL) (NasdaqGM:CAN)
An article from Decrypt reports that Google’s (NasdaqGS:GOOGL) YouTube has conceded to have made a mistake in banning crypto-related channels in the past week. A spokesman from YouTube said:
"With the massive volume of videos on our site, sometimes we make the wrong call. When it's brought to our attention that a video has been removed mistakenly, we act quickly to reinstate it."
Though the spokesman went on to say that all affected videos were "reinstated" without "any penalty to the channel”, the Decrypt article identifies several channels that remain banned.
Cointelegraph reports that Canaan, Inc. (NasdaqGM:CAN), a manufacturer of mining application-specific integrated circuits (ASICs), is set to launch new and improved mining machines with 5-nanometer chips in the first quarter of 2020. An excerpt from the article outlines the significance of this development:
As the features in chips become smaller, it becomes possible to fit more transistors in a silicon die of the same size. At the same time, the electric current has to travel less distance in the circuit to perform a calculation, which means that efficiency is improved and the amount of heat is decreased when the features are smaller.
Bank of Korea, the central bank of South Korea, revealed its intentions to explore CBDC (central bank digital currency) and crypto in a brief published today titled, Monetary Policy for 2020. An excerpt reads:
The Bank will continue to build on the research into new innovations such as distributed ledger technology, crypto assets, and CBDC, and play an active role as overseer to enhance security of the settlement systems. The Bank will organize a task force dedicated to CBDC research and recruit additional experts.
The Central Bank of the Bahamas announced that it will debut “a digital version of the Bahamian dollar, starting with a pilot phase in Exuma in December 2019, and extending in the first half of 2020 to Abaco”. The initiative is being called “Project Sand Dollar” as “sand dollar” is the proposed name of the CBDC itself. An excerpt from the press release reads:
Most of the benefits of introducing a digital currency are still unquantifiable. However, they include a potential suppression of economic costs associated with cash usage, and benefits to the Government from improved expenditure and tax administration systems. It is expected that the Government, as participant and user, would be a strong promoter of digital payments adoption, alongside non-bank payment services providers as the initial lead intermediaries in this space.
Sam Mowers, Investorideas
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