More countries are jumping on the cryptocurrency wagon, as Japan and China express interest in creating their own cryptocurrency, the Middle East having multiple banks set up crypto-based payment portals and now the United States.
The Bank of America has filed for a patent for a settlement system referring to the Ripple ledger, according to a filing on Google Patents. It describes a system using Distributed Ledger Technology(DLT) between banks as a communication tool. The system would allow banks to settle transactions in real-time, with the transactions being communicated through a shared, decentralized ledger to which both the banks would have access.
This would verify the identity of the payer and the payee, also providing communication between the institutions. This patent explicitly cited Ripple DLT, a base asset. XRP is not mentioned in the patent, making it highly likely the patent is referring to xCurrent instead. This is just speculation on my part. It appears the Donald Trump tweet was really an indication of what was to come.
Iran has also announced they plan on launching a gold-backed cryptocurrency. The Central Bank of Iran has approved the issuance of new cryptocurrencies. It will be designed to maximize the use of Iranian Frozen bank assets. Governments have begun to understand the value of crpytocurrency as the word regulations get passed around more often. Facebook’s Libra project especially has been a large concern mentioned by governments everywhere.
The CBI was looking to ban private cryptocurrency and encryption services like in China. That said, the status of Bitcoin in the legal system is still quite unclear. Different government agencies have given conflicting positions in the recent past. In this regard, the conundrum of crypto regulation is as unclear in Iran as it is in most countries globally.