#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 - Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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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
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