David Marcus, Previous PayPal president and the Head of Facebook’s Libra cryptocurrency, has taken to twitter by opposing the idea that the digital currency will make threats against monetary Authority of sovereign countries.
Nevertheless, David Marcus has turned out to disprove these worries. Further, he wrote in an expansive Twitter thread that, asserting that at its center, Libra is intended to be a ” better payment network and system running on top of existing currencies” for a worldwide audience, not an altogether new model to fulfill the world’s needs.
Instead of testing the current framework, Marcus accepts that Libra will be a tool for development. Moreover, he presented that Libra is a stablecoin getting its value from a container of fiat currencies. Besides, with the goal for Libra to stay as a specific type of payment, it depends upon the success of national fiat, as opposed to making a well organized new type of currency.
Furthermore, the advancement of the Libra has raised serious worries among regulators over how it will be directed. Prior this month, a member of the board of the ECB (European Central Bank) forewarned that the Libra virtual currency could in specific situations negatively influence the bank’s capacity to regulate the single market and the Euro.
Predominantly, governments have overlooked Bitcoin. While the cryptocurrency supporters consider it to be the future of finance and currency, with the possibility to take over fiat currencies as we are aware of them today, governments did not go with the flow. Almost certainly, they look BTC as merely a criminal’s device or a type of money for those on the margins.
One of their first remark with the idea that Libra could hypothetically be used by criminals hoping to harm is that this Facebook supported crypto resource, because of its vast presumable network at launch will be compared to new fiat currency in a global context. Succinctly put, the launch of Libra, some dread, could start to infringe on the U.S. dollar’s Authority in the U.S., the Euro’s strength in the Eurozone.
Regardless, Marcus remark comes as the world’s national bankers have assembled in Basel to talk stablecoins and the potentially harming impact they may have on the economy. Marcus concluded by expressing that the Libra Association plans to be in full agreement with regulatory oversight and is eager to work with national banks and legislators to guarantee the best possible implementation of the cash.
However, Bertrand Perez, the Director-General of the Libra Association, expressed that the stablecoin should make it to by the latter half of 2020, a little later than the mid-2020 launch date suggested to Libra’s much debatable launch in June.
Cryptocurrencies price prediction: Bitcoin, Ripple & IOTA – European Wrap – 17 February
Bitcoin Price Prediction: BTC/USD banks on $9,700 support for reversal – Confluence Detector
Bitcoin continues to face increased selling activity on the first day of the trading this week. The drab action is a continuation of the weekend losses that jeopardized support levels at $10,200 and $10,000. There was a struggle to keep the price above $9,800 during the Asian house, however, the downward force saw the bulls scatter leaving a gap for another drop towards $9,700.
Bitcoin confluence levels
According to the confluence detector, BTC/USD is trading between stacks of support and resistance. The first hurdle is seen at $9,954; the region where the Bollinger Band 15-minutes upper, the 100 SMA 15-mins, the 38.2% Fibo one-day and the pivot point one week support one converge.
Ripple Price Analysis: XRP/USD erased the gains of the previous rally
Ripple’s XRP has been collapsing for three days in a row. The massive sell-off caused by a global correction on the cryptocurrency market wiped out all the gains of the previous week and pushed XRP/USD below $0.2700 on Sunday. At the time of writing, the coin is trying to settle above $0.2800, however, an upside bias remains weak. XRP is down 10.5% on a day-to-day basis, and 4.6% since the beginning of Monday. Ripple’s current market value is registered at $12.2 billion, while an average daily trading volume amounts to nearly $4 billion in line with the figures of the previous days.
IOTA team released wallet update, transactions are not resumed; IOT/USD stays under pressure
IOTA hit an intraday low at $0.2602 during early Asian hours and recovered to $0.2690 by the time of writing. The 24th largest digital asset has lost nearly 9% of its value in the recent 24 hours amid massive sell-off on the cryptocurrency markets. The coin has been losing ground since February 12, when major vulnerability of IOTA’s flagship wallet was discovered.
Brazilian Cryptocurrency Exchanges Hit Hard by Tax Regulations
Legislators in Brazil have gotten support to regulate the crypto market following allegations of fraud at Atlas Quantum, Zero10, and Trader Group last year, and February saw some of the results of those actions. Bitcoin.com has reported that two major cryptocurrency exchanges based in the South American nation have been shut down following threats of heavy fines and the immediate effects of the regulations.
Acesso Bitcoin was one of the exchanges to voluntarily close their doors. Cofounder Pedro Nunes was quoted by crypto news outlet Portal do Bitcoin as saying:
“After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges.”
Latoex, another Brazil-based crypto exchange, faces similar problems. The company is looking at a 100,000-Brazilian real (BRD) fine if it does not comply with a suspension order issued by Brazil’s Securities and Exchange Commission.
Current Crypto Regulations in Brazil
Because Brazil does not have a dedicated law to deal with crypto at this time, all exchanges fall under the purview of Normative Instruction No. 1888 issued by the Department of Federal Revenue. All companies carrying out crypto transactions in Brazil must report them or face fines, ranging from 500 BRD to 1500 BRD, or from 120 to 360 USD.
Both houses of the National Congress of Brazil are looking at proposals to regulate the country’s crypto industry. A special commission is analyzing and making revisions to such a motion, Bill 2303/2015. Meanwhile, the Senate is reviewing two other bills, PL 3825/2019 and PL 3949/2019. As of Feb. 2020, no specific legislation has been enacted to establish regulations for the cryptocurrency market in Brazil.
BitMax.io and Bithumb Korea Announce Strategic Partnership to Enhance Product Platform and Accelerate Global Expansion
BitMax.io, a Singapore-registered digital asset trading platform with a global footprint, and Bithumb Korea, a South Korean-based cryptocurrency exchange, are pleased to announce a strategic global partnership leveraging their respective market presence and expertise.
Founded by a group of Wall Street quant trading veterans in 2018, BitMax.io offers a broad range of financial products for retail and institutional clients. Bithumb Korea was founded in 2014 and is a leading cryptocurrency exchange in the world in terms of total transaction volume. Bithumb has expanded its investment in blockchain technology by developing and providing custody, kiosk, VC and research services, thereby contributing to the growth of the cryptocurrency ecosystem.
The key terms of the new partnership encompass the development of blockchain and infrastructure technology. The collaborative effort will foster new opportunities as well as accelerate the development of product solutions in today’s competitive environment.
Dr. George Cao, CEO of BitMax.io stated,
“Rigorous product innovation has always been a key point of differentiation for our institutional-grade trading platform. We are thrilled about this exciting opportunity to combine that approach with Bithumb Korea’s deep crypto business expertise. Both institutions will work closely on the delivery of synergistic services and products to our global users across the digital asset ecosystem.”
BitMax.io [BTMX.com] is a leading digital asset trading platform with a broad range of financial products and services for both retail and institutional clients, with robust product design ranging from innovative volatility products to margin trading and other investment solutions.
About Bithumb Korea
Bithumb Korea has grown beyond Korea to become one of the largest cryptocurrency exchanges in the world. The comprehensive financial platform company is leading the digital financial innovation based on cryptocurrencies and blockchains.