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

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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’

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Source: CoinSpeaker

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

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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

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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 […]
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Libra Testimony – Facebook Expects Switzerland Govt To Regulate Libra Association

Ahead of Test hearing before US senate committee on July 16, Calibra’s CEO David Marcus released his prepared testimony which quickly revealed few crucial aspects concerning Libra.
Libra v/s US Regulators
Mr.Marcus who is currently heading Facebook’s Calibra wallet has released 7 pages long testimony document, entitling “Hearing before the United State Committee on Banking, Housing, and Urban Affairs”. There are two days of hearing set for Libra Testimony – wherein the day one, July 16 hearing will be live-streamed on the Senate Banking Committee’s website.
While the initial phases of the paper state Facebook’s vision behind launching Libra, Libra Association, Libra Reserve, partners associating with Libra association and more – it quickly adds its expectation with the regulatory regime.
However, the social media giant had initiated its Libra effort in the United States but the US Regulators – so far – has raised serious concerns over the launch of Libra. In this testimony document, David Marcus mentioned that they expect Switzerland Govt to regulate Libra because, according to Mr.Marucs, if not America, other countries will.
I am proud that Facebook has initiated this effort here in the United States, Marcus writes. I believe that if America does not lead innovation in the digital currency and payments area, others will. If we fail to act, we could soon see a digital currency controlled by others whose values are dramatically different.
As Coingape earlier reported, Facebook is opting Geneva, Switzerland as the headquarter for Libra Association, Mr.Marcus detailed that “the company had preliminary discussions with Swiss Financial Markets Supervisory Authority (FINMA) and expect to engage with them on an appropriate regulatory framework for the Libra association”. Further, it reads that;
To be clear, the Libra Association expects that it will be licensed, regulated, and subject to supervisory oversight. Because the Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). It continued adding, the Association also intends to register with FinCEN as a money services business.
Although the testimony is scheduled for today, Tuesday, July 16 at 10.am ET, its predicted that committee might first address Libra and the testimony Marcus shared ahead of the hearing and later the privacy probably become the center of the whole topic.
US Regulators v/s Facebook’s Privacy Measures
Concerning about privacy, Marcus states that the first-ever product to be launched will be “Calibra wallet” and as such the financial information of the users will not be shared with Facebook, Inc. Further, it added “as a result, it cannot be used for targeting”, whereas “the vision will especially be enabling the unbanked and underbanked to take part in the financial ecosystem”. Moreover, it mentioned;
But we expect that the Calibra wallet will be immediately beneficial to Facebook more broadly (in the form of advertising the opportunity for business and transact directly ) That increased usage is likely to yield greater advertising revenue for Facebook.
Besides all these details, Mr.Marcus noted another point in the financial section of testimony which might be a center of attention for Senate committee. While writing about the privacy and security of personal information, Mr.Marcus assured that Facebook will not be involved in user’s data, except in limited circumstances;
And, except in limited circumstances, such as preventing fraud or criminal activity and complying with the law, Calibra will not share customers’ account information or financial data with Facebook unless people agree to permit such sharing.
As for now, the result of testimony is still not available but Mr.Marcus already explained what and how he will be testifying Libra in front of Senate Committee.
You can check the result of testimony here – https://www.banking.senate.gov/hearings/examining-facebooks-proposed-digital-currency-and-data-privacy-considerations
Image Source – FT
The post Libra Testimony – Facebook Expects Switzerland Govt To Regulate Libra Association appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] Price Logs $11,000 as Crypto Market Hails Secretary Mnuchin’s Speech

The Secretary of the US Treasury held a press conference to address the concerns around the popularity of cryptocurrencies, especially Bitcoin and Libra. Since Facebook’s announcement of Libra, many regulating and statutory bodies in the US have come out and expressed their doubts.
Secretary Steven Mnuchin issued the address as an emergency announcement on cryptocurrencies. The highlight of the speech was primarily security concerns around the illicit use of cryptocurrencies. These include money laundering, trafficking, and terrorist financing.
Nevertheless, he seemed comfortable with the prospects of it being used as a speculative instrument. He said,
I’m not speaking on the investment merits of bitcoin, and using it for speculation. I am speaking on stopping the illicit financial activity.
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
Although it was an emergency speech that made many traders apprehensive at the moment. However, the market has gained about $750 since then. The price of Bitcoin at 3: 45 hours UTC on 16th July 2019 is $10786. It was trading around $10,200 before the announcement and touched a 12-hour high around $11,050.
Mati Greenspan, the Senior Market Analyst at eToro, shared the price analysis of Bitcoin as the speech was made. He tweeted,
Bitcoin is up 5% since Mnuchin started his emergency crypto speech 1 hour ago.
BTC/USD 1-Minute Chart Analysis – The market region represents the time of the Speech (Source)
Nevertheless, he also mentioned that cryptocurrencies are considered “national security at the moment.” Hence, even while the traders and investors seem to be in the clear, various regulations and new law impositions can be expected from the US. Mati Greenspan said,
This attack seems to be targeted at Libra and not at bitcoin but there’s no doubt they’re about to crackdown on the entire industry.
Moreover, Secretary Mnuchin explicitly mentioned that the primary reason behind the emergency address was the attention grabbed by Libra. On Friday, the President of the US, Trump, also expressed similar views. He said that he wasn’t a ‘fan of Bitcoin.’ Both Mnuchin and Trump believe that its value is based on thin air.
Nevertheless, the crypto-community still sees it as a triumph. The mainstream attention and even a partial acceptance at the moment in welcomed by the traders. Vinny Lingham, crypto-Analyst and trader tweeted about these sentiments of progress for a crypto-trader, as he said,
2009: What’s a Bitcoin?
2014: Bitcoin is dead!
2019: Should we ban Bitcoin?
2024: What’s a Dollar?
Watch the full video here,

Do you see this as a win for cryptocurrencies or an issue of concern? Please share your views with us. 
The post Bitcoin [BTC] Price Logs $11,000 as Crypto Market Hails Secretary Mnuchin’s Speech appeared first on Coingape.
Source: CoinGape

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

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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

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Libra Head Publishes Testimony for the US Senate Hearing Tomorrow

The Senate Banking Chair in the US had scheduled a meeting with the executive of Facebook to question about Libra for 16th July 2019. Reportedly, Marcus David, the Head of the Libra Association, will be representing the Tech Giant’s plans.
David has shared the written testimony on the government website where he diligently explains the development and the plans with Libra. Moreover, Marcus David was also the President of one of the largest payment network in the world, PayPal. In the beginning, he revisits this fact and association with Facebook to further converge on the issue.
On Libra, he emphasized the utility of the payment system and its viability. He wrote,
Libra is about developing a safe, secure, and low-cost way for people to move money efficiently around the world. He also added, “In fact, I expect that this will be the broadest, most extensive, and most careful pre-launch oversight by regulators and central banks in FinTech’s history.”
He mentioned that Libra would work with the Governments and that “monetary policy is properly the province of central banks.” Nevertheless, the structure proposed by him mimics that of a central bank. It involves a Libra Reserve and a Libra Association, and the transactions would be conducted on the blockchain. He said,
Libra brings together attributes of the world’s best currencies: stability, low inflation, wide usability, and fungibility.
However, he emphasized that the fact that Libra would not compete with the functions of the sovereign Central Banks in any country. While a basket of currencies will back Libra, the Reserve will be distributed all around the world. Regulated custodians will hold the reserves in specific geographical locations. He wrote,
The assets in the Libra Reserve will be held by a geographically distributed network of regulated custodians with investment-grade credit ratings to provide high auditability.
On the regulatory front, it is currently being governed by FINMA in Switzerland and is registered as a money service business. Moreover, the Non-Government Organisation plans to gain appropriate regulatory license and approval from all countries it will operate in.
Gabor Gubacs, the CEO at VanEck tweeted,
#Libra / David Marcus’ written Senate testimony is published. Quick-take:
+ “Libra is a payment tool, not an investment.”
+ Functions as an NGO. + Regulator: Switzerland/FINMA.
+ Compliance: OFAC
+ registered as money services business
Last but not least, the announcement laid the foundation of an innovative system that has a lot of potential in improving the Financial Services Industry. Moreover, it also began the probation period, where healthy engagement with the Authorities around the world will help bring the plan to fruition.
Do you think that the Authorities will consider the testimony to continue its crackdown? Please share your views with us. 
The post Libra Head Publishes Testimony for the US Senate Hearing Tomorrow appeared first on Coingape.
Source: CoinGape

Leaked Document Shows India Will Ban All Cryptocurrency

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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

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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?

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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?

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Source: CoinSpeaker

Big Blow to Libra: US Regulators Propose a New Bill for the “Big Tech”

The democratic wing of the House Financial Services Committee in the US has proposed a new bill that would prevent big tech companies “from functioning as financial institutions or issuing digital currencies.”
Reportedly, a bill “Keep Big Tech Out Of Finance Act” has been drafted and is being circulated with the regulators. If passed, the new law will rule out “Tech” space from entering into the payments space. Moreover, it targets explicitly Libra, the brainchild of Facebook, which is also backed by other big tech names like eBay and Uber.
According to the media source, the bill includes the following conditions which would prohibit the online services platforms and service providers from engaging in independent finance activities,
“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,”
Notably, not a single bank has joined the Libra Association at the moment. However, the two big card issuing firms, VISA, and MasterCard, which have agreed to join are closest to the Financial Services industries. Even the President of the US, who recently spoke about cryptocurrencies also reiterated the fact that,
“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 and International.”
Moreover, as reported earlier on Coingape, the new SEC guidelines have also put considerable impositions on the crypto custodial platforms trying to seek the regulator’s approval. One of the few options that these firms currently have is registering as an SPDI under the Wyoming State laws.
Libra announcement had a massive impact on the cryptocurrency markets. It restored investor confidence as cryptocurrency seem to be gaining mainstream adoption. However, ever since its release, Facebook has received a lot of criticism from Governments all over the world.
Also Read: Japan’s Top Regulators Setting Up Working Group Dedicated on Libra Coin
Furthermore, if the above said bill is approved in the House, it would necessarily put an end to Libra. It would also motivate the firms involved to review their plans.
The increasing scrutiny around Libra might also be adversely affecting Bitcoin prices, as it attempted to break below $10,000. The price of Bitcoin at 3: 00 hours UTC on 15th July 2019 is 10,121. It is trading 11% lower on a daily scale.
Will a banking license solve things for the upcoming industry, or the regulators will nip it in the bud? Please share your views with us. 
The post Big Blow to Libra: US Regulators Propose a New Bill for the “Big Tech” appeared first on Coingape.
Source: CoinGape

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, […]
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‘Keep Big Tech Out of Finance’ Says the Congress

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‘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

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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.
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Source: New feedNewsBTC.com

Facebook’s Libra and Donald Trump’s cryptocurrency tweets speculated to be positive catalysts for Bitcoin

Bitcoin and the rest of the cryptocurrency market have been waiting to break into the financial ecosystem for quite some time now. U.S President Donald Trump’s recent tweets have only fast-tracked the process. In a tweetstorm yesterday, the President claimed that Bitcoin was not really money and that it was only used for fraudulent activities. […]
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Source: AMB Crypto