Cryptocurrency 

Mark Zuckerberg to Testify Before Congress Over Libra

Facebook CEO Mark Zuckerberg will defend the proposed Libra cryptocurrency in a testimony before the House Financial Services Committee on October 23. The highly scrutinized proposed cryptocurrency, which is being led by Facebook (NASDAQ:FB), has come under fire from regulators on both sides of the Atlantic due to its potential threat to monetary sovereignty. Now, Zuckerberg must defend the plans before US lawmakers for a third time when he speaks at a hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” Previously, Libra had…

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Cryptocurrency 

Libra to Be at the Center of the EU’s New Crypto Regulations

Libra will be the focus of the cryptocurrency regulatory framework planned by the European Union’s finance commissioner Valdis Dombrovskis. “Common Approach” Needed, Says Commission VP The former Latvian Prime Minister has been the Vice President of the European Commission since 2014 and said in his bid to be reappointed that the EU needs to take a unified approach to regulating cryptocurrencies. “[…] we must address risks such as unfair competition, cybersecurity, and threats to financial stability. For instance, Europe needs a common approach on crypto-assets, such as Libra. I intend to propose…

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Cryptocurrency 

Tim Cook Talks Cryptocurrencies | It’s a No for Tech Behemoth

Three months ago, Facebook (NASDAQ:FB) disclosed plans to roll out a cryptocurrency in the summer of 2020. Such news has made several headlines, with the latest being negative, as PayPal (NASDAQ:PYPL) might pull out of Facebook’s project. Even worse for the technology behemoth is that Apple (NASDAQ:AAPL), another tech giant, has expressed zero desire in following in the company’s footsteps, according to Tim Cook. Which brings forth the question: is it correct for Facebook to involve itself with virtual currencies? Here’s what we know about Apple’s latest comments. Tim Cook Talks…

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Cryptocurrency 

PayPal Might Quit Facebook’s Libra Project

When it comes to the payments space, there is no other company that has a reputation as big as that of PayPal (NASDAQ:PYPL). Hence, when it emerged that the payments giant was going to be a part of the Libra Association, there was a lot of anticipation about the sort of product Libra was going to be. Key Details However, according to the latest reports, it has emerged that PayPal is now considering pulling out of the Libra Association. The reason behind the decision is tied to the regulatory issues…

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Cryptocurrency 

Libra Labeled a ‘Monetary Threat’ By Senior US Bank Executives

Libra, the underfire planned cryptocurrency from Facebook (NASDAQ:FB), has been described as a monetary threat by senior US bank executives in a meeting with the Federal Reserve.  Senior Bank Execs Opposed to Libra Libra has been heavily scrutinized by regulatory bodies and financial institutions across the globe since it was first announced back in June and has been dealt a further blow following a meeting of the Federal Advisory Council this month. Members of the council include M&T Bank CEO Rene Jones, KeyCorp’s Beth Mooney, and Brian Moynihan, CEO of Bank…

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Cryptocurrency 

Telegram to Launch Its Telegram Open Network (TON) in October

Telegram has indicated that the Telegram Open Network (TON) could launch at the end of this month. On Wednesday, in an email to TON investors, the firm indicated that the launch is on track as planned earlier. TON Could Be Ready by October 16 The CTO of TON Labs, Mitja Goroshevsky, confirmed the information indicating that TON Labs will be responsible for running and managing the validation pool. TON Labs is a startup tasked with the responsibility of creating tools for TON developers. Investors will receive the TON key generation…

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Cryptocurrency 

Mastercard and Visa Reconsider Libra as Regulatory Criticism Intensifies

On Tuesday, the Wall Street Journal reported that MasterCard Inc. (NYSE:MA) and Visa Inc. (NYSE:V), among other financial partners, could be reconsidering their position in Facebook Inc.’s (NASDAQ:FB) cryptocurrency project Libra. Backers Not Ready for Criticism from Regulators The Journal report indicated that the financial backers of the cryptocurrency project are not ready to draw criticism from regulators. Libra has received criticism from legislators owing to the reputation of Facebook regarding how it has been handling personal information. Many have declined Facebook’s request to support Libra publicly. In an interview with…

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Cryptocurrency 

Cryptocurrency Faces Challenges in Cuba Despite Growing Crypto Adoption

Cuba rolled out mobile across the country last year, and this has resulted in increased usage of cryptocurrency. Most Cubans are increasingly using cryptocurrencies to circumvent economic sanctions levied by the US to access the global marketplace. However, despite this increasing adoption, crypto still faces several challenges in Cuba. Some of the challenges include restricted access to cryptocurrency exchanges, lack of proper regulations, as well as the growing acceptance of the gold-backed MLM stablecoin. Using Crypto to Circumvent Sanctions A report published on September 12 by Reuters included passages from…

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Cryptocurrency 

Overstock’s Crypto Division Invests $2 Million USD in Evernym

Troubled online retailer Overstock has invested $2 million USD in blockchain-based identity firm Evernym through its crypto division, Medici Ventures. Blockchain-Based Identity Technology Evernym was founded in Salt Lake City in 2013 and has developed a blockchain-based technology that allows organizations and governments to issue, accept, and verify credentials that operate similarly to a digital passport. Its digital credential platform, Verity, allows organizations to interact with customers while giving clients control over their data. The technology utilizes blockchain to develop a decentralized ecosystem of digital credentials that is more trustworthy than physical…

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Cryptocurrency 

Libra Launch Date in Doubt Following Comments From Mark Zuckerberg

Libra’s proposed 2020 launch date has been thrown into doubt after Facebook CEO Mark Zuckerberg refused to put a definitive timeframe on the project. Contradicting Reports on Libra Launch Speaking to Nikkei, Zuckerberg was asked about the expected launch date of Libra, to which he replied: “Obviously we want to move forward at some point soon [and] not have this take many years to roll out, but right now I’m really focused on making sure that we do this well.” Despite coming in for heavy criticism since being announced in June, Libra…

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