The US Could FINE FACEBOOK Libra $1 MILLION Per Day!!! – Crypto Daily News
Hi guys, it’s cool to see you here with me again. For the news segment today, I have five very hot pieces of news to share with you. Let me give you a glance at what they are. First up, Ripple adoption gets another boost after Santander bank, a Spanish banking giant, launches new payment corridor, which supports instant payments between the UK and Poland. For the second item, the United States Senate Banking Committee released the Opening Statements on Libra ahead of senate Hearing in which the head of Facebook’s crypto wallet Calibra will testify. Thirdly, the new US House Bill would be likely to charge Facebook’s Libra $1 Million a day if Facebook issues a cryptocurrency. And the fourth piece for today, it looks like Buterin, Ethereum co-founder, proposes Bitcoin Cash integration to scale up Ethereum in the short term. And the last one guys, ICON, a Korean blockchain project has just unveiled its new transaction fee system. If you find these pieces of news are interesting and want to know all about them, please make sure you stay with me until the very end.
And this week, we have our super awesome giveaway. We are very happy to announce a $70 Bitcoin Giveaway for this week. All you need to do is to like, comment, and subscribe, to go in the draw 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’s super easy to be our next lucky winner.
The Market Today
Now, before we dive into the news, let’s see how the crypto market is performing. After a few bearish days, now the market seems to be recovering. On the top 10 tokens, Bitcoin is heading back to the $11,000 mark with a 5.21% increase. We can see a similar trend with Ethereum and XRP, who are both gaining by 0.88% and 2.22% respectively. Meanwhile, Binance coin and TRON are still in reds with a 1.73% and 0.63% loss. Moving on to our top 20, we can still see a mixture of greens and reds. Cosmos and Tezos are gaining 9.43% and 6.10% respectively, while Chainlink is still dropping by 2.34% over the last 24 hours.
Ripple adoption gets another boost with Santander bank
Now, let’s get straight to the first news item. Per a report by decrypt.co, Spanish banking giant Banco Santander has announced its One Pay FX, a digital banking app powered by Ripple for its cross-border payments, has added a new corridor to its blockchain-powered service. According to the announcement on its website, the iOS app supports instant payments between the UK and Poland. Taking it to Twitter, Marcus Treacher, senior vice president of customer success at Ripple, highlighted:
“Powered by Ripple & great to see this important payment corridor go live”.
Jeremy Light, the managing director at Accenture and payments industry expert also tweeted,
“Santander UK’s One Pay FX app now supports payments to Poland from the U.K. – no fees, best ex rate, smooth payment experience.”
With the new feature, Santander customers can now transfer as much as 10,000 euros per day to 19 European countries–and the US–with no transaction fees. For those who are unaware, Santander launched the One Pay FX in April 2018, making it available to retail customers in the UK, Spain, Poland, and Brazil. This was a pretty big step for Ripple, as Banco Santander is Europe’s third-largest bank managing $1.4 trillion in assets.
Senate Banking Committee released the Opening Statements on Libra
Moving on to the second news piece for today. As reported on Coin Telegraph, the United States Senate Banking Committee has released the opening statements from David Marcus, head of Facebook’s crypto wallet Calibra. The statements come ahead of a hearing on the Libra cryptocurrency project on July 17 in the Senate, in which Marcus will testify. In his testimony, Marcus mentioned the problem of Facebook’s Libra and the digital wallet Calibra, which have previously raised a lot of criticism from both the public, lawmakers, and leading industry players. Specifically, Marcus delivered comments on the structure and management of Libra and Calibra and their implications for commerce and consumers. According to Marcus, Facebook will not launch Libra until the company can solve all matters related to the stablecoin’s regulation and get the approvals from appropriate people. Marcus added:
“State financial regulators will regulate Calibra as a money transmitter, and the Federal Trade Commission and the Consumer Financial Protection Bureau will monitor for consumer protection and data privacy and security issues.”
The new US House Bill would charge Facebook’s Libra $1 Million a day
Next, it is very shocking to hear that a new US House Bill could fine Facebook up to $1 million a day if it issues Libra token due to the violation with the Democrats’ rules. According to Reuters, the bill is under discussion by the Democratic majority led by the United States House Financial Services Committee. It reportedly states that:
“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System.”
Meanwhile, Jerome Powell, head of the U.S. Fed, has recognized both potential benefits and risks of Facebook’s Libra. He further claimed that for now, the central bank is not overly concerned given the relative infancy of the asset class.
Buterin proposes Bitcoin Cash integration to scale up Ethereum in the short term
And the fourth item for today’s video. As seen on Coin Telegraph, Ethereum co-founder Vitalik Buterin suggested using the Bitcoin Cash blockchain system as a temporary solution for scaling the Ethereum network. For those who are unaware, Ethereum’s network has experienced some processing problems. Its native blockchain is only capable of processing as few as 15 transactions per second (TPS), while Ripple, its major competitor, has a TPS capacity of 1,500! To improve this situation, the Ethereum team is working to deploy the Ethereum 2.0, which is expected to come in early 2020. However, Buterin has now suggested deploying other blockchains as a new option for improving Ethereum scalability in the short term. Specifically, Buterin said the Bitcoin Cash blockchain is a perfect match for this purpose. So why did they choose that system? Buterin outlined three other prominent reasons, including low fees, the readiness of necessary machinery and the Bitcoin Cash community’s openness to people using the blockchain.
ICON unveiled a new transaction fee system – Fee 2.0
Here we come to the last news item for today guys. Per a report on Crypto Ninjas, one of the biggest blockchain projects in South Korea, ICON, has just released a brand new transaction fee system for its Network, named “Fee 2.0”. It was published on the ICON mainnet on July 15, allowing its users to access ICOn DApp services more comfortably without any transaction costs. In the past, the DApp users have to pay a fee in cryptos, starting from their initial uses of services. That posed a significant barrier to users as they have to bear the burden of creating a wallet and buying cryptocurrency. To solve this issue, they designed the Fee 2.0 system with two main components: Fee sharing and Virtual step. The fee sharing function allows users to choose between paying themselves or on behalf of the service users. With the Virtual step feature, it enables DApp service operators to pay fees with the ‘Virtual steps’ created through an ICX (ICON’s cryptocurrency) staking process. Regarding the new system, Min Kim, Council Member of the ICON Foundation, said that:
“With Fee 2.0, which innovatively improves user experience, more DApps will be actively operated and used and the expansion of the ICON’s DApp ecosystem will be realized.”
And that’s it, guys! That’s the end of the news for today.
So what are your thoughts regarding all the news?
Are you excited to use One Pay FX to make instant payments between the UK and Poland?
What do you think about the Opening Statements on Libra?
What is your opinion regarding the $1 million daily fine for Facebook’s Libra?
How likely will the short-term solution of Ethereum be successful?
And finally, do you think Fee 2.0 will completely solve the bottleneck for ICON?
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 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.