Is Bitcoin Down 15% Due to Fed Chair’s Criticism of Facebook’s Crypto? |

The bitcoin price rally this week hit a snag as the world’s most powerful banker publicized his views on the Facebook’s upcoming cryptocurrency project. The BTC/USD instrument plunged by up to 15.43 percent to settle a session low of $11,169.36 on San Francisco-based Coinbase exchange. The move downside took place after the Federal Reserve Chairman Jerome Powell expressed ‘serious concerns’ about Facebook’s cryptocurrency, Libra. The banker said the social media giant’s project raises issues regarding “privacy, money laundering, consumer protection, and financial stability.” “These are concerns that should be thoroughly…

Winklevoss Twins’ Gemini Exchange May Join Facebook’s Libra Project

Tyler and Cameron Winklevoss, co-founders of the New York-based crypto exchange Gemini, may soon join the Libra Association, the consortium governing Facebook’s proposed cryptocurrency. “We’re definitely looking at it in earnest and we’re excited about the project,” Cameron told CoinDesk Tuesday. Tyler added that in their view, Libra is a harbinger of cryptos to come: “Our feeling is, this is the first of many FANG [Facebook, Amazon, Netflix and Google] companies to have a token project. Our prediction is in the next 24 months almost every FANG company will have…

Facebook’s Digital Coin Libra Faces Extreme Criticism

Libra, Facebook’s cryptocurrency to be launched as a payment service provider, requires close examination. According to a senior official at Britain’s financial watchdog, this new coin project requires deep scrutiny as it raises questions both on social and legal grounds. Facebook unveiled its Libra digital coin last month as a platform that will let one buy things or send money to people with nearly zero fees. Regulators Have Doubts About Libra One would pseudonymously buy or cash out their Libra online or at local exchange points like grocery stores. However, soon…

China’s Cryptocurrency | A Response to Facebook’s Libra Coin?

In response to Facebook’s new cryptocurrency, Libra, China’s central bank is reportedly developing its own cryptocurrency. According to the South China Morning Post, Libra poses a threat to the country’s financial system, and this has spurred on the development of the bank’s own digital coin. China’s Cryptocurrency At an event at Peking University’s Institute of Digital Finance yesterday, the director of the People’s Bank of China (PBoC) research bureau, Wang Xin, argued that if Libra effectively functions like money, then it will likely have a huge influence on “monetary policy, financial…

Facebook’s Stablecoin Libra Unlikely to Become Mainstream

Financial services firm Jefferies’ recent survey indicates that American users will hardly use Facebook’s forthcoming stablecoin Libra due to a lack of trust, The Block reported on July 1 In the survey, which included over 600 respondents, four in five people reportedly chose  “Unlikely” or “Very unlikely” when asked whether they would purchase Libra. 45% of the respondents explained their unwillingness to buy the coin as due to a lack of trust in Facebook, unless the company has no access to their transaction data. Nearly 40% of those surveyed reportedly…

This UK Financial Regulator Has a Problem with Facebook’s Libra Coin

Most individuals in the crypto space have been following the journey of the Libra coin, Facebook’s recently unveiled cryptocurrency. From month-long rumors to the company unveiling it last month to Binance reportedly entering discussions with Facebook over it, the public has long known about Libra coin. And today, July 2, there is even more news about it. But it’s not good. More News About the Libra Coin On Tuesday, July 2, The Guardian reported that Christoper Woolard has warned against the Libra coin. Woolard, who is a senior financial regulator…