Bitcoin Tapping Into France’s Massive Life Insurance Market

According to a recent news report, The French government has enabled insurance companies in the country to invest into cryptocurrencies like Bitcoin and Ethereum.

This was made possible through an overhaul of the Insurance Code via the Pact Act with article 31 opening the door for life insurance contracts to invest in specialized professional funds (SPFs).

The investment parameter of SPF has been relaxed thru another article that gives the funds freedom to invest in blockchain-based assets.

According to Simmons & Simmons Attorney Emilien Bernard-Alzias, the two provisions essentially means that SPFs can invest in cryptocurrencies like Bitcoin which is written into law.

It must be noted that crypto making its way into France’s life insurance market did not happen overnight.

It took more than a year to make the rule change to happen.

The inclusion of crypto in the Pact Act is huge as France’s life insurance market is reportedly comprised of EUR 2.2 trillion assets and French residents tend to rely on these products for their investment and retirement savings.

PayPal Board Member Sees Value Of BTC to Surge 250 Times Its Value

It has been no secret that cryptocurrencies poses a great treat to PayPal but one of its board members seems to recognize the potential of the nascent technology if it goes main stream, even stating that it would increase 250 times its present value if it succeeds.

These sentiments came from CEO of Xapo, one of the largest cryptocurrency custodian solution and who is at the same time a PayPal board member.

Wences Casares states that the growing adoption, constant influx of new investors and a significant surge in transaction volume since its inception are some of the reasons why the digital has a chance of succeeding.

He further reveals that Bitcoin is still considered an experiment has the chance of failing, however if it does succeed 1 Bitcoin may be worth more than $1 million n 7 to 10 years.

Only time will tell if Bitcoin and cryptocurrencies will succeed but one thing is for sure, there is a growing trend of merchants, consumers, institutions and even governments looking into cryptocurrencies and its underlying technology, blockchain.

First Major Movie About Cryptocurrencies Debuts

It has been reported that the first major movie about the nascent industry has been released by Hollywood.

While the crypto community always welcomes exposure especially from Hollywood It seems that the movie falls short from every way possible.

Perhaps the only saving grace of the movie is featuring some of the big names in Hollywood such as Kirk Russel, Alexis Bledel, Luke Hemsworth, Jill Hennessy and Vincent Kartheiser.

The story revolves around a young New York money-manager who inadvertently discovers money laundering in an art gallery with antagonists using cryptocurrency to hide their illicit activities.

Movie critics complains that characters feels like they have been copied and pasted from hundreds of other movies and the machinations of the heroes and villains are so old “they creak.”

It was a nice try from Hollywood but this one only demonstrated how the movie industry has fallen and how creativity has almost completely left the movie studio.

Mahindra Of India To Use Samsung’s Blockchain

It has been reported that the Samsung SBD has reportedly agreed to cooperate with Indian IT giant Tech Mahindra in an attempt to enter the overseas blockchain market.

The system integration of Samsung plans to expand the use of its Nexledger blockchain platform in India, United States and Europe.

The nexledger is a blockchain security platform launched in 2017 which has been used in finance manufacturing, logistics and other areas.

According to Mahindra it plans to train 70% of its employees on technologies such as AI, blockchain, Internet of things and cybersecurity.

It is not the first time Mahindra delved into blockchain technology, it previously used IBM blockchain technology used in discounting invoices between auto division and suppliers.

Indian Banks Wants To Promote Blockchain Technology For Payments

A local business magazine in India has recently reported that the banks under the aeigis of the Indian Bank’s Association (IBA) plans to improve the National Payment Corporation of India (NPCI) using distributed ledger technology.

NPCI is an umbrella organization that operated retail payments and settlements systems in India and includes 56 national banks as stakeholders.

The organization was setup with the guidance and support of the Reserve Bank of India (RBI) and the IBA.

According to the article NPCI intends to develop a resilient, real time and highly scalable blockchain solution using an open source technology.

This development in India just goes to show you the true value of the underlying technology that powers most of the cryptocurrencies in the market, a market that RBI has been trying to quell due to lack of regulations in the industry.

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