Facebook Libra May Not Launch by 2020!!!
I have found three pieces of news to discuss with you. Let’s briefly see what they are. First up, it’s great to see that Bitcoin Bank Accounts have launched in 31 European Countries. Second up, here’s some great news from the weekend, did you know that nearly 10% of India’s richest investors are looking to increase allocation to cryptocurrency. And finally, we will end today’s video with a thorough look at Facebook’s Libra token and their current situation, and how they may not launch by 2020.
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.
The Market Today
It looks like we have a mixture of greens and reds here. Bitcoin is still accounting for the largest market cap, which is increasing by 1.35%. ETH and XRP, on the other hand, are losing their value by 0.88% and 1.17% respectively.
Citizens in 31 European nations can open Bitcoin bank account online
According to the report on the DailyHodl, Bitwala, a German blockchain company has just published its new app enabling citizens of Europe to open a German bank account with an integrated Bitcoin wallet right on their smartphones. Now, the announcement was released on Thursday last week. In their report, the new digital money app allows users to purchase and sell Bitcoin tokens. Furthermore, the accounts and debit cards are offered at no cost. In return, Bitwala will charge a 1% fee on the trading value. One special thing that may interest card users is that if they, unfortunately, lose the cards, they can easily cancel it on the app. In regard to the news, Benjamin Jones, co-founder, and chief technical officer of Bitwala, commented:
“We are particularly proud to have reduced the onboarding time for new customers. Onboarding is now directly integrated into the app. Once you have an account, you can seamlessly integrate your daily banking activities – whether in bitcoin or Euro – into your everyday life.”
Now, for those who are concerned about the reliability of this new service, Bitwala’s accounts are powered by Berlin-based fintech company solarisBank which has a German banking license and is supervised by the Federal Financial Supervisory Authority (BaFin). And if you are living in Europe and wondering if you are in the 31 countries, you can check it out on this list, which includes Austria, Belgium, Bulgaria, Croatia and Republic of Cyprus. Just to name a few.
10% of the Indian millionaires will invest in cryptos
According to an article on The Block Crypto, due to India’s slowing economy, 9.6% of the richest investors in India are keen to build up their crypto portfolio. The Hurun Research Institute revealed that more than one-third of India’s wealthy class are pessimistic about the Indian economy over the next three years. While many of them are turning to real estate or stock, a significant number, of nearly 10% believe that cryptocurrencies are the best investment for the next three years. Now, it is very interesting to know that approximately half of the interviewees didn’t know much about digital tokens. If more people were aware of cryptocurrencies and what they could do, we’re sure that the 9.6% figure would be a significantly more significant number. For those who are extra curious, among those who were educated about cryptocurrencies, the largest group showed a preference to invest in Bitcoin (29.15%); the next 8.74% said that they would invest in Ethereum and 6.80% would like to invest in Ripple.
Can Facebook’s Libra make it to launch in 2020?
Cointelegraph has posted a detailed analysis of the Libra token, pondering the question of whether the token will launch as scheduled in 2020. Last month, the month of August, was a really interesting time as we witnessed the launches, releases, and announcements of a number of digital currencies, from the People’s Bank Of China announcing the release of a national digital currency, to Walmart developing their own Blockchain, and Binance launching the Venus Project. Among these tokens, Facebook’s Libra was still highly debated and contested over. To give you an update on what Facebook has been up to in the last few months, they are actively seeking specialists who can persuade financial regulators to accept its newly introduced coin, and even give it the right to launch a testnet of the future network. In another thread, the controversial project has initiated a bug bounty program last week with the hope that all its security vulnerabilities will be fixed before the official launch. In spite of its great effort, Facebook’s Libra will not be able to launch until it gets permission from the authorities.
Regarding the case, The U.S. Treasury Department said:
“Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability. These are concerns that should be thoroughly and publicly addressed before proceeding.”
In addition, Michael Pompeo claimed that the development of anonymous transactions could reduce the level of security in the world. But that’s not all. Many major nations also expressed their negative attitude about digital currencies.
“We will limit or prohibit the creation of such sites.”
The United Kingdom mentioned:
“The Bank of England approaches Libra with an open mind but not an open door.”
“It is out of question that it [Libra] become a sovereign currency.”
To address the situation, Facebook has clarified that user data won’t be shared between the new project and the existing social media network. Furthermore, Facebook is attempting to solve the problem of distrust by removing the burden of sole responsibility and instead of distributing it among the members of the Association.
So what are your thoughts regarding all the news?
Are you going to try the new app from Bitwala?
Are you excited to hear more people moving towards cryptocurrencies as an investment option?
Do you believe that Facebook can launch Libra in 2020?
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.
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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. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.