Connect with us

Crypto

European authorities display frontal opposition to Libra

Published

on

The reactions from the crypto community to Facebook’s Libra project have been a full-blown welcome party, compared to those of the first European representatives which have spoken today. 

It doesn’t appears casual that the unveiling of Libra’s whitepaper and website took place during European, Middle Eastern, African and Asian working hours. Consequently, some of the first reactions to arrive came from politicians from the European Union.

According to reports by Bloomberg, French Finance Minister Bruno Le Maire was the first highlighted public representative to speak about Libra. On a radio interview, he said that there is no way it will be seen as a sovereign currency, stating that “it can’t and it must not happen”.

On the meanwhile, the europarlamentarian Markus Ferber, whose party CSU forms part of the governing coalition in Germany, called for a high regulatory alert towards Facebook for its reported attempts to become a “shadow bank”. Ferber also called against a sort of “regulatory nirvana” which, in his opinion, forms the environment of Facebook and other multinational corporations. 

With countries such as China and India having already taken big steps to trouble and ban the use of alternative currencies by their citizens, it seems as if Facebook’s Libra will have to deal with lifting many regulatory hurdles.

Source.chepicap

Crypto

Wells Fargo to Pilot Dollar-Linked Crypto for Internal Settlement

Published

on

U.S.-based financial giant Wells Fargo is developing a U.S. dollar-linked cryptocurrency that will run on the firm’s first blockchain platform.

Dubbed Wells Fargo Digital Cash, the stablecoin will be used in a pilot initially for internal settlement across the company’s business.

The firm said in a press release on Tuesday that the digital token will enable to settle internal cross-border payments across its global network. Its international locations will also be able to move funds between each other using the token.

As banking services become increasingly digital, Wells Fargo sees “a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that,” said Lisa Frazier, head of the Innovation Group at the company.

Wells Fargo says its proprietary digital ledger tech (DLT) platform will enable it to move money in “near real-time” and “without impact to the underlying account, transaction postings or reconcilement infrastructure.”

It will also allow the firm’s international locations to move funds outside normal operating hours, remove the need for third-party payment intermediaries and cut the time and costs associated with such transactions.

The pilot, slated for next year, will start with transfers of U.S. dollars, but is expected to expand to other currencies. Eventually, it also aims to reach all Wells Fargo branches worldwide.

Frazier said:

“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”

Wells Fargo has previously launched other blockchain projects, including a banking prototype and a trade finance platform aimed at the cotton market. It’s also invested in blockchain finance startup Axoni.

Over and above internal settlement, the firm says it plans to use its DLT platform for “multiple” other applications.

source.coindesk.

Continue Reading

Crypto

McAfee’s Advice Seeing the Light – Cubans Using Crypto to Evade US Sanctions

Published

on

The United States has been the most dominant force in the world, both, economically and politically. The countries going against it have been confronted with strict sanctions, putting serious pressure on their currency and economy. Such countries usually have high inflation rates, and struggle to survive. However, the advent of cryptocurrencies is turning the table and helping countries evade the sanctions.

Cryptocurrencies are a threat to the US dominance globally and have faced stark criticism from all the factions of the establishment. Nonetheless, the demand for crypto in countries like Cuba, Venezuela, Iran, etc., has been on a steep rise. John McAfee, the famed computer scientist and crypto promoter had been voicing for a long time that crypto is the answer to all the problems people face due to political conundrums.

It was recently reported that Cubans have stepped up the use of digital currencies to bypass the US sanctions imposed on it. Apart from making online purchases, Cubans are using crypto also for daily trade transactions and investments. This has led to the general public to ease the burden of the sanctions and have a stable value of their money.

Reacting to media reports, McAfee tweeted, “I believe my urgings to the Cuban people to use Crypto to avoid U.S. Sanctions took root.”

Cuba is yet another country which proved that the use of crypto could help the citizens stabilize the value of their money and escape the ill-effects of sanctions. Prior to it, Venezuelans used crypto to tackle hyperinflation in the country after it went into a refreshed political tussle with the US. In fact, crypto mining brought much-needed revenue for the locals as they used cheap electricity prices to mine Bitcoin in return for payments, which were made in USD.

US authorities are putting bets to catch McAfee, who’s succeeded continuously to dodge them. The mastermind behind McAfee anti-virus has been on the run for a few years now, though he manages to post his views and explicit support for the crypto industry via Twitter. He has been saying it for a long time that crypto is the future, and most of his analysis are steadily coming true, especially in crisis-hit countries.

Cuba, on the other hand, has been in a tussle with the United States and its allies for decades, which has hindered growth and development of the country. Luckily, after the introduction of mobile internet, the general public has been introduced to the world of digital currencies, which are turning out to be a savior. Given the influence McAfee has on computer literates, his views will definitely continue to play a pivotal role in propagating crypto among the masses.

Source.cryptonewsz

Continue Reading

Crypto

Wells Fargo to Pilot Dollar-Linked Crypto for Internal Settlement

Published

on

U.S.-based financial giant Wells Fargo is developing a U.S. dollar-linked cryptocurrency that will run on the firm’s first blockchain platform.

Dubbed Wells Fargo Digital Cash, the stablecoin will be used in a pilot initially for internal settlement across the company’s business.

The firm said in a press release on Tuesday that the digital token will enable to settle internal cross-border payments across its global network. Its international locations will also be able to move funds between each other using the token.

As banking services become increasingly digital, Wells Fargo sees “a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that,” said Lisa Frazier, head of the Innovation Group at the company.

Wells Fargo says its proprietary digital ledger tech (DLT) platform will enable it to move money in “near real-time” and “without impact to the underlying account, transaction postings or reconcilement infrastructure.”

It will also allow the firm’s international locations to move funds outside normal operating hours, remove the need for third-party payment intermediaries and cut the time and costs associated with such transactions.

The pilot, slated for next year, will start with transfers of U.S. dollars, but is expected to expand to other currencies. Eventually, it also aims to reach all Wells Fargo branches worldwide.

Frazier said:

“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”

Wells Fargo has previously launched other blockchain projects, including a banking prototype and a trade finance platform aimed at the cotton market. It’s also invested in blockchain finance startup Axoni.

Over and above internal settlement, the firm says it plans to use its DLT platform for “multiple” other applications.

source.coindesk.

Continue Reading
Open

Close