OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’

Coinspeaker
OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’
Now, with the lunch date set for Thursday, July 25, speculation is rife that Sun will invite a selection of dignitaries from the world of cryptocurrency and blockchain to meet Buffett. Among those likely expected at the lunch is OKEx executive.
OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’

Continue reading at Coinspeaker
Source: CoinSpeaker

U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat

Coinspeaker
U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat
The Treasury Department has concerns that Libra, as well as Bitcoin, could be misused by terrorist financiers and money launders, to carry out illicit activities ranging from cybercrime to tax evasion, extortion, and ransomware.
U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat

Continue reading at Coinspeaker
Source: CoinSpeaker

US Treasury Secretary follows up on POTUS’ Libra criticism; Bitcoin under fire

Libra’s hopes seem to be hanging by a thread. Facebook has add yet another foe to its cryptocurrency project,  the United States Treasury Secretary, Steve Mnuchin. Picking up where the President of the United States left off last week, his appointee lashed out at the cryptocurrency market in a recent press briefing. While only over […]
The post US Treasury Secretary follows up on POTUS’ Libra criticism; Bitcoin under fire appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin’s Price May Rise after Congress Hearings on Facebook’s Libra Сryptocurrency

Coinspeaker
Bitcoin’s Price May Rise after Congress Hearings on Facebook’s Libra Сryptocurrency
Investors hold their breath in anticipation of Congress Hearing on Facebook’s Libra set up for July 16-17. What’s in store for Bitcoin?
Bitcoin’s Price May Rise after Congress Hearings on Facebook’s Libra Сryptocurrency

Continue reading at Coinspeaker
Source: CoinSpeaker

Leaked Document Shows India Will Ban All Cryptocurrency

Coinspeaker
Leaked Document Shows India Will Ban All Cryptocurrency
The global cryptosphere might take hit in the near future as according to a leaked bill circulating online, India plans to completely outlaw the use of cryptocurrency except its own Digital Rupee.
Leaked Document Shows India Will Ban All Cryptocurrency

Continue reading at Coinspeaker
Source: CoinSpeaker

Libra: Facebook And Other Tech Giants Are A Threat To Large Banks, IMF Warns

The International Monetary Funds on Monday released a report based on the activities of big tech companies like Facebook entering into the finance space to operate as financial institutions. In this documentary tagged “The Rise Of Digital Money”, IMF warned that these tech companies are most likely to leave banks behind in this financial struggles.
According to the report, the IMF believed that the future of money is going digital and other conventional forms of monies like cash and bank deposits are fast going extinct. As a matter of opinion, IMF, in the document insinuated that banks must learn to adapt to this new system of digital currencies like cryptocurrencies which are already filling the wallets of enthusiasts and being registered on the mind of regulators.
Blockchain Versus Traditional Banks
Digital currencies or electronic currencies or cryptocurrencies, terms which this news uses interchangeably, are fast gaining popularity and have caught the eyes and attention of regulators around the world, central banks, and several government offices including that of the United States President, Donald Trump.
As news about cryptocurrencies came to materialize, big tech companies like Facebook ventured into the ecosystem in order to explore it. Therefore, Facebook started building a unique, probably hybrid in terms of decentralization cryptocurrency project now commonly known as Libra.
With other big tech companies, large financial institutions, and credit card companies backing Facebook’s Libra, the project quickly rose to stardom within the crypto ecosystem.
Realizing the threat of disruption Libra posed to banks and present financial bodies and existing systems, regulators drastically moved against Libra. This combination of actions caused Libra’s development to be halted till date. Facebook is awaiting a Senate hearing on Libra this week.
Banks Must Evolve Or Be Left Behind
The report maintained that while these new fast developing set of currencies renders similar services as banks and financial bodies, their blockchains enable for faster transactions, the anonymity of users, cross border settlements, and transaction cost. In contrast, these are services which present-day banking bodies and financial systems are also rendered but less efficiently.
According to the report, banks must therefore evolve or be left out.
“Some will be left behind no doubt,” “Others will evolve, but must do so quickly.”
How Countries Responded
Many regions are reacting differently to this new development. A bill to keep big tech companies out of finance was passed recently in the United States and this makes it unlikely for Libra to be implemented in the region. India maintained its crypto involvement jail term and places like China and Venezuela are actively considering the issuance of a “national cryptocurrency”.
The post Libra: Facebook And Other Tech Giants Are A Threat To Large Banks, IMF Warns appeared first on Coingape.
Source: CoinGape

Trump Has the Power to Ban Bitcoin, But Can He Really Do It?

Coinspeaker
Trump Has the Power to Ban Bitcoin, But Can He Really Do It?
Trump says that he is not a fan of cryptocurrencies, especially Bitcoin, but can he ban its transactions and operations in the United States or Congress stands in his way legally?
Trump Has the Power to Ban Bitcoin, But Can He Really Do It?

Continue reading at Coinspeaker
Source: CoinSpeaker

Libra all set for a crucial week, as CEO of Calibra awaits hearing in Washington

It has been a long and exhausting week for Facebook’s Libra cryptocurrency after the imminent crypto asset ended up on the wrong side of most prominent people. Just this week, the social media-backed virtual currency received criticism from the Chairman of the Fed Reserve, Jerome Powell, and soon after, the President of the United States, […]
The post Libra all set for a crucial week, as CEO of Calibra awaits hearing in Washington appeared first on AMBCrypto.
Source: AMB Crypto

‘Keep Big Tech Out of Finance’ Says the Congress

Coinspeaker
‘Keep Big Tech Out of Finance’ Says the Congress
It seems that big companies as Facebook, Amazon and Google might be forbidden to launch their digital assets. If the Congress’s Bill pass – they could face with paying $1K penalties per day. Even though it’s not likely for bill to pass, it presents another obstacle for Facebook’s Libra.
‘Keep Big Tech Out of Finance’ Says the Congress

Continue reading at Coinspeaker
Source: CoinSpeaker

Facebook Crypto Haters Proposes Doomsday Bill; Bitcoin to Benefit?

A “discussion draft” bill set out to spell doomsday on the dreams of many financial technology projects is making rounds on Crypto Twitter.
Unconfirmed yet unsettling, the “Keep Big Tech Out of Finance” bill proposes to “prohibit large platform utilities” from becoming a financial institution or getting affiliated with a person that runs a financial institution.” In the case of non-compliance, the violator in question would need to pay a fine not more than $1 million for each day of violation.

“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as a medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System,” read the bill.

Facebook Libra Hearing on Tuesday
The draft surfaced ahead of a congressional meeting on the Facebook cryptocurrency Libra, scheduled on July 16. The U.S. House Financial Services Committee so far has reserved a strict view on the social media giant’s foray into the financial sector, with many members ordering it to halt developing it until further notice.
Officials of the US leading government and regulatory agencies feel the same. Last week, Federal Reserve Chairman Jerome Powell said in his congressional address that Libra posed severe concerns regarding money laundering and economy destabilization. Hours later, US President Donald Trump tweeted against the cryptocurrency project, iterating that Facebook would need to go through a rigorous regulatory procedure as banks do.

….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…
— Donald J. Trump (@realDonaldTrump) July 12, 2019

The new bill, nevertheless, clarifies that the government does not even want technology firms to compete with their commercial counterparts. Anthony Pompliano, co-founder & partner at Morgan Creek Digital, called out the unfair competitive advantage with a sarcastic “Wow,” adding:
“Unlikely to succeed, but this is the most bullish thing for Bitcoin I’ve heard in weeks.”
Bitcoin Trends Cautiously
The weekend price action in the bitcoin market is showing a cautious take at the investors’ end. The world’s leading cryptocurrency, which rose to its year-to-date high of $13,868.44 after Libra’s technical paper launch, now stands almost 18 percent lower. But as Pompliano stated, it is in for a ride to the upside.
Bitcoin Price Trending Inside a Bull Pennant | Image Credits: TradingView.com
Bitcoin reportedly jumped almost twofold on rumors that Facebook Libra would boost its name and fame among the ordinary people. Investors jumped into it to speculate and, as typical in any market, exited it atop local highs to make an attractive interim profit. But as many believe, many of those investors would stay back in the bitcoin market, given a string of gloomy economic issues that lie ahead.
Facebook Libra’s dismissal by the US Congress, for instance, could project bitcoin as the only real cryptocurrency alternative that does not bend before political bullying. Subsequently, Trump’s open declaration about manipulating the US dollar rates in the future makes an entire use case for bitcoin, as noted by Jameson Lopp of CASA. The chief technology officer said on Wednesday:
“There’s one perspective that Bitcoin need not do anything else to become a global reserve currency: all it needs to do is nothing as it watches other systems inevitably fail under the follies of fickle fallible humans.”
Trump’s anti-bitcoin tweet on Thursday has furthered bitcoin’s popularity. People are finally speaking about it at dinner tables (its a personal experience). That makes a super bullish case for an asset that has been compared to Ponzi schemes, financial scams, and even rat poisons.
The Libra doomsday bill could set an example of how much control governments enjoy over an individual’s financial freedom.
The post Facebook Crypto Haters Proposes Doomsday Bill; Bitcoin to Benefit? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Did Facebook’s Libra put Bitcoin and the cryptocurrency industry in the regulators’ crosshairs?

What’s your party trick? Is it the way you pop open a beer bottle? The handstand on the dance floor? Or your smooth-talking skills? If you are a regulator however, your party trick is a full-on crackdown, while everyone is enjoying a bullish party. This past week all eyes were firmly affixed, first on Capitol […]
The post Did Facebook’s Libra put Bitcoin and the cryptocurrency industry in the regulators’ crosshairs? appeared first on AMBCrypto.
Source: AMB Crypto

Tech Entrepreneur: Facebook’s “Cryptocurrency” Libra is a “Big Mistake”

Billionaire tech entrepreneur Mark Cuban is not a big fan of Facebook’s recently-detailed cryptocurrency-of-sorts. He says there may be repercussions from despotic leaders around the world if citizens start to use alternatives to national currencies.
Cuban joins an increasingly noisy chorus of regulators, bankers, and other organisations concerned about the social media giant’s financial ambitions and their implications.
Cuban: Facebook’s Cryptocurrency Could be Dangerous in Authoritarian Nations
According to a report on CNBC, tech entrepreneur Mark Cuban is not fond of what Facebook has in the words regarding its “cryptocurrency” offering. He states:
“I’m not a big fan of what they’re doing there… I think it’s a big mistake.”

Trump slams bitcoin in a tweet saying he is "not a fan". and Mark Cuban tells CNBC that Libra is a "big mistake" by Facebook
We chat here at #Post9@CNBC @jimcramer @carlquintanilla pic.twitter.com/fcfDDViT1s
— Squawk on the Street (@SquawkStreet) July 12, 2019

Rather than focus on the potential regulatory nightmare that Libra is likely to be, as many other have already done, Cuban instead considers the social and political implications of Libra.
Facebook stated last month that it hopes Libra will be used to promote economic freedom in parts of the world where there is extreme currency devaluation and a lack of banking infrastructure. However, the tech entrepreneur identifies that these nations also tend to be those with the most despotic governments. He does not think that such authoritarian regimes will take kindly to their citizen’s use of the social media firm’s cryptocurrency:
“I think globally and in countries where there isn’t a lot of rule of law, or a lot of government stability, or currency stability, then it could be dangerous… There’s going to be some despot in some African country that gets really upset that they can’t control their currency anymore and that’s where the real problems start occurring.”
Cuban is far from a lone voice in expressing concerns about Libra. The “Shark Tank” investor and Dallas Mavericks owner joins the likes of Federal Reserve Chairman Jerome Powell, the French government, and Bank of England Governor Mark Carney. Perhaps the digital currency’s most high-profile critic, however, is President Trump. The US head of state stated via Twitter yesterday that he has issues with both Bitcoin and Libra.
Trump wrote that if Facebook wants to offer banking services, it will be forced to abide by all necessary regulations that banks currently do.

….Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…
— Donald J. Trump (@realDonaldTrump) July 12, 2019

In the following Tweet in his thread, Trump states:
“We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”
In the cryptocurrency industry, news of Libra has been taken more favourably. Many analysts have argued that since Libra is backed by fiat currency and is intended to remain stable, it will go toe-to-toe against the fiat currency rather than Bitcoin.
Others claim that the social media company’s plans will make it easier than ever before for people to transition from using fiat currency to a hard digital asset like Bitcoin. Early discussions between cryptocurrency exchange giant Binance and Facebook indicate that the process of on boarding new users may indeed get easier once Libra is listed on digital currency exchanges.
 
Related Reading: Why Winklevoss Twins Approve Libra as Crypto Despite Concerns
Featured Image from Shutterstock.
 
The post Tech Entrepreneur: Facebook’s “Cryptocurrency” Libra is a “Big Mistake” appeared first on NewsBTC.
Source: New feedNewsBTC.com

France shares President Trump’s apprehension about Facebook’s Libra

A source in France’s Finance ministry has disclosed that France would take the same stance as made clear by President Trump’s tweets earlier today, reported Financial Times. More specifically, the ministry shares the idea that allowing a private company to set up the equivalent of a national currency was a red line that cannot be […]
The post France shares President Trump’s apprehension about Facebook’s Libra appeared first on AMBCrypto.
Source: AMB Crypto

With Facebook and Netflix Involved, Are We Heading Into a New Era of Crypto Space?

Coinspeaker
With Facebook and Netflix Involved, Are We Heading Into a New Era of Crypto Space?
With institutions now firmly in on the game, crypto is entering a new era. This is great news for retail investors, as many of funds, derivatives, and other financial instruments are also open to individuals now.
With Facebook and Netflix Involved, Are We Heading Into a New Era of Crypto Space?

Continue reading at Coinspeaker
Source: CoinSpeaker

Boom and Bust: Is the Chair of the Federal Reserve more influential than Trump on Bitcoin’s price?

Who is the real Commander-in-Chief? In the cryptocurrency market, it’s not Donald J. Trump. TRUMP TRIPS POTUS finally tweeted about Bitcoin, and it had absolutely no effect. Considering the daily Twitter-tirade that Donald Trump spews, which covers everything from an all-out war with Iran to Robert Pattinson, a tweet about the $320 billion market was […]
The post Boom and Bust: Is the Chair of the Federal Reserve more influential than Trump on Bitcoin’s price? appeared first on AMBCrypto.
Source: AMB Crypto