Weekly Crypto Recap: Govt vs Libra, Cuba eyes crypto, and more!
FACEBOOK AND LIBRA: 2:19
Members of house of Representatives send open letter to Facebook telling them they need to stop development on Libra immediately:
They say: “It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar.”
It is a similar rhetoric to that used by Brad Sherman in May when he called for a ban on Bitcoin and other Cryptos “due to the threat they pose to U.S. international financial power”.
Japan expresses concern over Libra:
“It will move money into an absolutely virtual world, so it is completely different than other forms of digital payment.”
UK is also wary of Libra and wants a long examination period.
Meanwhile Russia’s Deputy Finance Minister says that Libra will not be banned, and will be treated like all other cryptocurrencies.
Facebook’s David Marcus confirms that he will be testifying before both the Senate Banking Committee and the House Financial Services Committee, and tells people that trusting Facebook is not needed in order to get the benefit of Libra.
Facebook has already applied for a NY BitLicense. NY is notoriously strict in handing these out.
CUBA AND VENEZUELA: 30:08
It was announced on Cuba’s state-run Television that the country is considering the use of cryptocurrency in order to bolster its finances, boost incomes and assist with market reforms.
In Venezuela Maduro orders Bank of Venezuela to make the Petro available to the public.
“I give the express order for transaction counters for The Petro to be opened in all Bank of Venezuela agencies.”
Brazilian bank BTG Pactual plans to utilize the Tezos blockchain for security token offerings
“Utilizing Tezos, a self-amending blockchain and smart contracts platform will encourage BTG Pactual and Dalma Capital to enhance their digitization efforts, by transacting in digital assets.”
“We see Tezos as a global player with a robust blockchain for asset tokenization”
CSW HEARING: 36:55
Stephen Palley, Lawyer covering the hearing, noted that a purported 2012 trust doc had font files copyrighted in 2015. Does this mean these documents submitted by CSW were forged?
Bitfinex repays $100 million of loan from Tether
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