Wednesday, 17 July, 2019

President Trump Joins the Facebook Libra Critics

Fed Chair Says Libra ‘Cannot Go Forward’ Until Facebook Addresses Concerns Fed Chair Says Libra ‘Cannot Go Forward’ Until Facebook Addresses Concerns
Russell Knight | 14 July, 2019, 00:01

According to him, crypto is not money, it's based on thin air, and is highly volatile with unregulated coins facilitating illegal activities, such as drug trade.

Trump talked about the price of Facebook's upcoming Libra virtual currency, with the President saying Libra "will have little standing or dependability" adding that Facebook should work with a banking charter and get regulated like traditional financial institutions. "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National [and international]".

After criticizing cryptos, Trump praised the US dollar as the most "dominant" currency in the world.

Despite Trump's negative views on bitcoin and the cryptocurrency space in general, the cryptocurrency community applauded his tweet over the free publicity it gave BTC.

Brian Armstrong, the CEO of Coinbase, suggested that the U.S. President needing to respond to the growth of crypto assets can be considered as an optimistic indicator for the long term survivability of the market.

Magnitude-4.6 quake in Washington felt in BC
Also Friday, there was a 4.9-magnitude natural disaster in Ridgecrest, CA., and a small 2.5-magnitude quake in Mexico City. Authorities have not issued any tsunami warnings or advisories, and no serious injuries or damage has been reported yet.

Griezmann's buyout clause surpasses Messi's
Though, it was only announced on Friday with Barcelona paying Griezmann's €120million release clause. He also won the Europa League, the UEFA Super Cup and the Spanish Super Cup in that time.

Federer beats Nadal to reach record 12th Wimbledon final
Federer finally clinched it on his fifth match point of the match and let out a scream upon reaching his 12th Wimbledon final. In 2003 the Swiss played his first championship clash in the All England Club, now he will face Novak Djokovic on Sunday.

In early July five Democrat lawmakers sent a letter to Facebook executives including Chief Executive Mark Zuckerberg, calling on the social media giant to halt production of Libra, which is slated to roll out in the first half of next year. Both the Federal Reserve System and a separate panel called the Financial Stability Oversight Council are meeting to discuss Libra alongside global policy makers, Powell said. "Its by far the most dominant currency anywhere in the World, and it will always stay that way".

Crypto markets shrugged off Trump's tirade, with bitcoin trending up to stand at $11.618 in morning trading. In the US, Federal Reserve Chair Jerome Powell said he had "serious concerns" over privacy and money laundering.

The American public and global community, the president argued, should use the "reliable" United States dollar instead, as he called for more federal regulations of peer-to-peer financial transactions.

The ubiquity of smartphones means digital wallets for Libra could expand the use of banking, credit card services and e-commerce in developing nations.

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