#CryptoCorner: Libra (NasdaqGS: $FB) May Not Launch in India, Australia’s NAB Leery of Libra, LINE (NYSE: $LN) Close to Licensing for #Crypto Exchange and Litecoin Foundation to Launch Crypto Debit Card
#CryptoCorner: Libra (NasdaqGS:
$FB) May Not Launch in India, Australia’s
NAB Leery of Libra, LINE (NYSE: $LN) Close to Licensing for #Crypto Exchange and Litecoin
Foundation to Launch Crypto Debit Card
Point Roberts WA, Delta BC, June 20, 2019
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June
20 Crypto Corner
Stocks discussed: (NasdaqGS:FB) (NYSE:LN)
It looks like
Facebook’s (NasdaqGS:FB) Libra will not be available in
India, according to local outlet the Economic Times. The article cites people
“directly in the know”, who explain that Libra won’t launch in markets where
cryptos are illegal, and that Facebook had not formally applied for Libra to
the Reserve Bank of India (RBI).
Also leery with
regard to Libra is National Australia Bank (NAB) business banking chief Anthony
Healy, who said that Facebook’s massive user base made the cryptocurrency
risky, according to The Sydney Morning Herald.
“They’re not the first company to
launch a crypto payment solution, but they do have immense reach obviously
through their Facebook platform. With a billion plus users on its platform, it
is clearly a threat.”
However Healy also
indicated positive consequences that could result from the example, whether
successful or not, of Libra.
“Like
all fintech disrupters, they’re all potential threats, but they’re also
opportunities for us to learn, and if some of these emerge as real threats we
can learn from them, develop our own capabilities and respond appropriately.”
MarketWatch reports that the U.S. Senate
Banking Committee has set the date July 16 for a hearing on Libra. The hearing
is titled: Examining Facebook's Proposed
Digital Currency and Data Privacy Considerations. On Tuesday Facebook said:
“We
look forward to responding to lawmakers' questions as this process moves
forward.”
Bloomberg reports that Japanese messaging app
giant LINE Corporation (NYSE:LN) is close to obtaining a license for
its cryptocurrency exchange BitMax. “People familiar with the matter” say that
approval may be granted by the end of June, allowing operations to commence
within a few weeks of licensing. BitMax will enable LINE’s 80 million users to
buy, sell and trade cryptocurrencies including the platform’s own native token,
Link.
Litecoin Foundation
has teamed up with Bilbox Exchange and blockchain firm Ternio to launch Litecoin BlockCard, a debit card that will
“enable users to spend the value of their cryptocurrency either online or in
physical store locations, anywhere in the world where major credit cards are
accepted”. Charlie Lee, creator of Litecoin (LTC) and Managing Director of the Litecoin
Foundation, said:
“This is an exciting partnership for us as it furthers
the Litecoin Foundation’s mission to create more use cases for spending
Litecoin in everyday life. Leveraging Ternio’s BlockCard platform with Bibox’s
exchange engine gives Litecoin holders unparalleled access to use their LTC at
merchants around the world.”
Sam
Mowers, Investorideas
Read other editions of the Crypto Corner
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