#CryptoCorner: France Will Not Authorize Libra, Roger Ver’s Bitcoin.com Planning for BCH Futures and Binance US to Open Registration Next Week
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France will not authorize Facebook’s (NasdaqGS:FB) Libra in Europe, according to a report from CNBC. Bruno Le Maire, the country’s Finance Minister, affirmed France’s position at an OECD conference in Paris today. He cited concerns that Libra would undermine the sovereignty of national currencies, and that it would be used for money laundering and terrorism financing.
“All these concerns around libra are serious. So I want to say this with a lot of clarity: In these conditions, we cannot authorize the development of libra on European soil.”
Dante Disparte, Head of Policy and Communications for the Libra Association, replied to Le Maire’s comments:
“We welcome this scrutiny and have deliberately designed a long launch runway to have these conversations, educate stakeholders and incorporate their feedback in our design. The Libra Association and its members are committed to working with regulatory authorities to achieve a safe, transparent, and consumer-focused implementation of the Libra project. We recognize that blockchain is an emerging technology, and that policymakers must carefully consider how its applications fit into their financial system policies.”
Mark Branson, director of the Swiss Financial Market Supervisory Authority (FINMA), showed in an interview with Neue Zürcher Zeitung, that his country was more open to Libra than his French counterpart. But Branson conceded that it would take more than one country to regulate the project:
“It is clear that other players want to have a say. A project of such a global dimension can only be addressed through international coordination and consultation with other regulators and regulators. It is illusory to believe that a single country can regulate and oversee a project like Libra on its own.”
Bloomberg reports that Roger Ver’s Bitcoin.com plans to generate more interest in Bitcoin Cash (BCH) with the introduction of a futures contract. David Shin, head of Bitcoin.com’s newly launched exchange unit, explained the firm’s plans to make Bitcoin Cash bigger:
“Within a year I want to make that the second- or third-largest market cap. To get from No. 4 to No. 3 or No. 2, we have to see more volume.”
“We’ll try to list a BCH future on one of these exchanges that’s CFTC regulated to therefore have a product that can be traded into the U.S. with institutional traders. In theory we should see more penetration, more users, more trading and more volume.”
In a blog post yesterday, crypto exchange giant Binance revealed that U.S. exchange will open for user registration on September 18. During this registration phase of the rollout, users will be able to select a verification tier, whereupon they can make deposits across the initial selection of digital assets.
Sam Mowers, Investorideas
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