#CryptoCorner: UK Parliament May Interrogate Libra, ECB Board Member Coeure Asserts That Regulators Must Be Completely Satisfied Before Approving Libra Launch
Point Roberts WA, Delta BC, July 22, 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) (NYSE:ICE) (NasdaqGS:MSFT) (NasdaqGS:SBUX)
Libra, the recently announced cryptocurrency project from Facebook (NasdaqGS:FB), may be interrogated by MPs in the UK, according to a report from CoinDesk. The piece quotes Damian Collins, chair of the House of Commons’ Digital, Culture, Media and Sport Committee, who expressed his concerns for the project to the publication Financial News:
“If we’re going to have this payment system created by Facebook that exists within a Facebook walled garden, which no one really has access to or can question, then our concern has got to be that this system is going to be open to massive fraud.”
“And Facebook won’t have any special responsibility over the Libra Network. But we hope that people will respond favorably to [Libra’s] Calibra wallet. We’ve been clear about our approach to financial data separation and we will live up to our commitments and work hard to deliver real utility.”
European Central Bank board member Benoit Coeure affirmed that regulators would not allow Libra to launch until all concerns regarding the digital coin are assuaged, according to a report from Reuters.
“Down the road we might find that there are gaps or inconsistencies that would require a prolonged discussion by regulators on how to do it differently. Authorities are not going to let any such projects happen before we have answers to our questions and before we have the right regulatory framework.”
Today will see the start of testing for bitcoin futures platform Bakkt, according to CCN. Bakkt, which is funded by Intercontinental Exchange (NYSE:ICE), Microsoft (NasdaqGS:MSFT) and Starbucks (NasdaqGS:SBUX), is explained in this excerpt from the CCN piece:
The futures contracts are physically settled in bitcoin. Investors receives a real allocation of BTC at the end of the contract period. In contrast, CME bitcoin futures simply track the spot price and settle in cash. It never “touches” bitcoin.
Bakkt will also provide fully-regulated, institutional-grade custody for digital assets. The firm applied for a trust license, allowing it to act as a qualified custodian with $100 million insurance coverage. The trading platform will also serve as a price discovery market that doesn’t rely on “manipulated” exchange-driven spot prices.
In simple terms, it’s the first physical bitcoin product that institutional players are comfortable using.
The article argues that with growing institutional demand for crypto, the launch of Bakkt could be a huge accelerator for the price of cryptocurrencies.
Another report from Reuters indicates that a government panel in India has recommended a total ban on cryptocurrencies in the country. Accompanying the ban would be consequences such as heavy fines and even prison time, according to the piece. However, the panel also reportedly recommended the establishment of some kind of central bank digital currency (CBDC).
Sam Mowers, Investorideas
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