Facebook Admits Libra May Never Launch!!! – Crypto Daily News
For today’s news segment, I have found four very cool pieces of news to discuss with you. Let me give you a glance at what they are. First up, Facebook’s Libra is under a lot of judgment and commentary. While the lawmakers believe that the new token could facilitate criminals, Facebook claims its Libra could actually aid law enforcement. Second up, Bitcoin bull Anthony Pompliano, an American entrepreneur and investor, has proven why the United States should become the leader in the race of crypto adoption. Furthermore, a US Senator recently expressed his thoughts – that Bitcoin is unbeatable, even when they want to ban it. And finally, SBI Holdings, a financial services company group based in Tokyo, announces VCTrade Pro services to gain a greater advantage in the crypto sphere. If you find these pieces of news interesting and want to know all about them, please make sure you stay with me until the very end.
This week we are also very happy to announce a $70 Bitcoin Giveaway. All you need to do is to like, comment, and subscribe, to have a chance to win. We will announce the winner this Saturday, by drawing out a video from this week and then drawing the winner from that video. And remember guys, all you need to do is to like, comment, and subscribe! It is super easy to be the next lucky winner.
The Market Today
Now, let’s see how the crypto market is performing. The market is recovering pretty well guys. On the top 10 tokens, all of the coins are in greens. Bitcoin has just crossed the $10,000 mark with a 4.64% increase. Ethereum and XRP are also increasing by 3.35% and 0.55% respectively. In the fourth position, Litecoin is surging at 8.64% from yesterday. Moving on to our top 20 cryptocurrencies, Chainlink is gaining more than 4.7%. Tezos and NEO have a more-than-3% increase. Meanwhile, UNUS SED LEO seems to follow the opposite direction with a 1.9% drop.
Libra is under a lot of judgment and commentary
Now, let’s get straight to our first news segment. The new token from Facebook, known as the Libra, is under a lot of controversial judgment and commentary. Let’s have a look at what these are. First up lawmakers believe that the new token could facilitate criminals. Facebook recently admitted that Libra may never launch. Yet the social media giant still claims that their Libra token could help lawmakers in terms of law enforcement. Per a report on The verge, Billionaire businessman Mark Cuban believed that it is a “big mistake” to launch Facebook’s Libra token. When he is asked to explain the reason, he said:
“I’m not against cryptocurrency at all. I’m not against the distributed nature of cryptocurrency.”
“But the problem I have with Facebook is that Facebook is in a unique position with over 2.2 billion worldwide users. By having those tentacles everywhere globally, they have the opportunity to be more impactful in countries where there is less stability.”
In another post by Beincrypto, second-quarter report filing with the SEC, Facebook admitted that:
“There can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all.”
So, what is the reason behind this statement? The firm noted that the insufficient regulatory clarity on blockchain may stop the company from launching or even ban its Libra project. In the report, Facebook also mentioned its lack of knowledge and experience on cryptocurrencies:
“We do not have significant prior experience with digital currency or blockchain technology, which may adversely affect our ability to successfully develop and market these products and services.”
Anthony Pompliano believes the US should lead the race of crypto adoption
Heading to the second news item for today. According to a report on Utoday, Bitcoin bull Anthony Pompliano, an American entrepreneur and investor, has persuaded Americans that they should become the leader in the race for crypto adoption. In a recent episode of Squawk Box, morning news and talk program on CNBC, Anthony Pompliano mentioned that he has analyzed and weighed the global crypto sphere. The Bitcoin bull believes that any country in the world, whether it is the US, China or Russian, will finally take Bitcoin ‘in a very serious way.’ He also claims that no one can erase the king of crypto. As a result, if one country can seize this chance to adopt Bitcoin, it will possess a very advantageous strength over others.
US Senator thinks that Bitcoin is unbeatable, even when the US wants to ban it
And here we come to the third piece of news. Per an article on CCN, U.S. Senator Mike Crapo (R-Idaho) admitted that it is very hard, or even impossible to prohibit Bitcoin. On July 30, he chaired the Senate Committee on Banking, Housing, and Urban Affairs cryptocurrency hearing, where he showed his point of view:
“If the United States were to decide, and I’m not saying it should, if the United States decided we didn’t want cryptocurrency to happen in the United States, and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global tech, a global innovation.”
Senator Cortex Masto Member of the US Democratic Party, also encouraged the development of crypto:
“I do think that blockchain technology is the future…I think there’s potential here, and it’s not going to go away, so we need to pay attention to it.”
In addition to this, Senator Mike Crapo believes that Bitcoin has no reason to be banned while it holds meaningful benefits for us:
“With the appropriate balance of regulation, digital currencies and their innovative underlying technology could provide meaningful benefits and I look forward to learning more about the ecosystem during this hearing.”
July was a significant month for Bitcoin and crypto sphere on the political stage. It is not likely that cryptocurrencies will get a free ride from Congress, but the situation is moving in a positive way. Congress seems to be more understanding and open-minded about the digital currency. On the other hand, during a hearing with Congress, Facebook executive David Marcus said their new token Libra can be a useful tool for law enforcement due to its large amount of data on the users. Facebook pointed out that while cash cannot trace criminals because there is no record of the transaction, Bitcoin doesn’t always have ownership record; Its Libra, however, can track both the transactions and the involved parties. Yaya Fanusie, a former CIA analyst and security consultant, stated:
“You’re going to see an expansion of exchanges and wallet services that have stronger (anti-money-laundering) protocols and restrictions. That would be good for law enforcement.”
SBI Holdings released VCTrade Pro services
Moving to the last news item for today guys. SBI Holdings, a financial services company group, based in Tokyo, has just released its new virtual currency exchange service, “VCTRADE Pro.” The tweet from SBI Holdings focused on some trading pairs: XRP/JPY, BTC/JPY, and ETH/JPY, which makes the XRP holders excited as they believed XRP tokens will increase in price. The firm said:
“Unlike the VCTRADE (sales point system) method, VCTRADE Pro concludes a sales contract for cash virtual currency between the company and the customer when it is promised by offering bid and sell prices for each virtual currency.”
The SBI’s VCTRADE Pro trading exchange shows the start of a race into the core banking involvement of the crypto sphere. Following this release, XRP holders may experience a surge in value, and the XRP token may soon replace Ethereum as 2nd place in the crypto market.
So what are your thoughts regarding all the news?
Do you think that Libra is beneficial to the US or not?
Can Facebook kick off Libra in 2020?
Do you agree with Anthony Pompliano’s point of view on Bitcoin’s role?
Do you think that Bitcoin is really unbeatable?
Will the new exchange service allow SBI Holdings to gain a huge advantage over its competitors?
Please leave a comment right below to let me know what you guys are thinking. And guys, please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig. I’ll see you guys tomorrow.
Join us at our Telegram group and follow us on Youtube and Twitter.
Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing.