#CryptoCorner: Huawei CEO Says Chinese State Should Compete with Libra (NASDAQ: $FB), Iran Officially Authorizes #Crypto Mining, Ripple Writes Open Letter to US Congress Urging Fair Regulation
#CryptoCorner: Huawei CEO Says Chinese State Should Compete
with Libra (NASDAQ: $FB), Iran Officially Authorizes #Crypto Mining, Ripple
Writes Open Letter to US Congress Urging Fair Regulation
Point Roberts WA, Delta BC July 29, 2019
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Stocks
discussed: (NasdaqGS:FB)
In an interview with
Italian media outlet L’economia, Ren Zhengfei, the CEO of Chinese
telecommunications giant Huawei, said that the government of China should
compete with Facebook’s (NasdaqGS:FB) Libra. When asked about the
status of the U.S. dollar as a global currency and its relationship with Libra,
Ren asserted that the government of China should preempt Facebook:
"Even
China is able to issue such currencies, why wait for Libra? The strength of a
state is greater than that of an Internet company.”
The government of Iran has
officially authorized cryptocurrency mining, following a cabinet meeting on
Sunday, according to local outlet Mehr News Agency. Those interested in
mining must obtain a license from the Ministry of Industry, Mine and Trade, and
the authorities caution that miners “should accept its risks and the government
and banking system will not provide any guarantees for them”. The piece
indicates that this could be a first step toward legalization of
cryptocurrencies in the country, in part as a means to mitigate the effect of
U.S.-led sanctions.
CoinDesk reports that Aximetria, a “firm
offering a personal finance app for both fiat and cryptocurrencies”, has been
awarded a license from the Swiss Financial Services Standards Association
(VQF). This license signals to regulators that Aximetria is fully compliant
with anti-money laundering laws in Switzerland. Alexey Ermakov, founder and CEO
of Aximetria, explained the importance of this license:
“Compared
to the EMI (Electronic Money Institution license), which is the most popular
regulation standard for European and British companies, the Swiss license is
much more desirable for a fintech company. This is because it also extends to
crypto laws in Switzerland and gives us a wide range of future business
development, including loans, FX, e-money accounts and salary projects.”
Ripple has written an open letter to the U.S. Congress, in which the
company petitions for fair regulation in the wake of recent crypto hearings in
the government. An excerpt reads:
Companies
like ours in the United States, and others abroad, employ these innovations in
partnership with regulated financial institutions to enable the world to move
money across borders like it already moves information—efficiently, reliably,
inexpensively. In our view, digital currencies have the opportunity to complement
existing currencies like the U.S. dollar—not replace them.
Without
a doubt, blockchain and digital currencies will engender greater financial
inclusion and economic growth not unlike the internet’s historic impact. As it
did with the internet, the U.S. has the chance to lead the way, nurturing this
economic opportunity while continuing to protect privacy and stability.
We
urge you to support regulation that does not disadvantage U.S. companies using
these technologies to innovate responsibly, and classifies digital currencies
in a way that recognizes their fundamental differences—not painting them with a
broad brush.
Sam
Mowers, Investorideas
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