#CryptoCorner: Libra Grilled by Congress and G7, Japan Proposes SWIFT-like #Crypto Payments Network and Coinbase Announces 3 New Trading Signals for Platform
#CryptoCorner: Libra Grilled by Congress and G7, Japan
Proposes SWIFT-like #Crypto Payments Network and Coinbase Announces 3 New
Trading Signals for Platform
Point Roberts, WA, Delta BC July 18, 2019
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Stocks
discussed: (NasdaqGS:FB)
Facebook (NasdaqGS:FB) was in for another grilling
yesterday as the House Financial Services Committee hammered the tech giant
with questions regarding its forthcoming Libra cryptocurrency project.
According to coverage in The Guardian, the head of Calibra, David Marcus,
testified before the committee, answering questions on everything from users
data and privacy protection, the headquarters of the project and censorship.
Another concern that was raised by the House, was whether Libra would act as
competition to the U.S. dollar. Missouri representative Ann Wagner said:
“I’m
concerned that a 2020 launch date demonstrates deep insensitivities around how
Libra could impact our national security, the global financial system, the
privacy of people across the globe, criminal activity and international human
rights”.
To which Marcus replied:
“We
do not want to compete with the dollar.” And then said, “we want Libra to be a digital global
currency” and “one unit of digital currency for the whole world”.
The G7 gave Libra no less
of a hard time during the organization’s informal talks in Chantilly, France
earlier today. Reuters reports that G7 finance ministers and
central bankers pushed for tight regulation of Libra to stave of global
financial disruption. European Central Bank board member Benoit Coeure, the
chairman of the taskforce, commented:
“A
global stablecoin for retail purposes could provide for faster and cheaper
remittances, spur competition for payments and thus lower costs, and support
greater financial inclusion. However ... they give rise to a number of risks
related to public policy priorities including anti-money laundering and
countering the financing of terrorism, consumer and data protection, cyber
resilience, fair competition and tax compliance.”
Reuters also reports that Japan is spearheading an effort
to establish an international network for crypto payments, similar to the
Society for Worldwide Interbank Financial Telecommunication (SWIFT) used by
banks. An unnamed source said the aim of the network would be to combat money
laundering and that “a team related to the inter-governmental Financial Action
Task Force (FATF) will monitor its development”. The project was initially
proposed by Japan’s Ministry of Finance and Financial Services Agency, and was
approved by the FATF in June.
In a blog post yesterday, crypto exchange giant
Coinbase announced the launch of three new trading signals to assist users in
making trade decisions on the platform. These include Top Holder Activity, which indicates changes in asset positions
among users with large holdings in the last 24 hours; Typical Hold Time, which indicates the median number of days an
asset stays in a Coinbase customer’s account or vault before it’s sold or sent
to another address or wallet; Price
Correlation, which measures how cryptocurrency prices have moved in
relation to each other.
Sam
Mowers, Investorideas
Read other editions of the Crypto Corner
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