Totally ABSURD!!! New Rules Against Crypto Privacy!!! + Ripple XRP Giveaway
Today I have three cool news items to share with you. So let’s get straight into it guys.
So first up, looks like the intergovernmental body, the Financial Action Taskforce (FATF) has committed to making 200 countries treat cryptocurrency exchanges like banks. The update will officially go public on June the 21st. Next up, Coinbase expands cryptocurrency Visa debit cards ti sux European countries, allowing customers in the region to spend their digital assets. And finally, payments company Square has hired Steve Lee, the ex-Google director as the first member of its new crypto team! Guys, if you’re interested to hear all about it, please make sure you stay right until the very end of the video.
Once again guys, the amazing giveaway we have this week is a $70 Ripple XRP Giveaway. All you need to go is hit the like, subscribe button and just comment down below. How does it work? We will draw a video on Saturday by picking out a video from this week and choosing the winner from the video. So guys if you love our videos and want to go in the draw to win, like, comment, and subscribe and you could be his week’s lucky winner.
The Market Today
Now, let’s have a look at the market. As you guys can see here, the market has a mix of green and reds with no major increases or decreases. First up we have Bitcoin increasing by 1.34%, Ethereum’s Ether increasing by 3.91% and Ripple’s XRP going up by 2.12%. If we look at the top 20, you can see that it follows a similar trend with no large increases or decreases overall.
FATF Releases New Update to National Regulators
Now let’s look at the news. According to the Bitcoinist, it looks like the Financial Action Taskforce (FATF) has released an update to national regulators as to how they should be treating businesses dealing cryptocurrencies like banks. While the impact is not entirely clear, fintech experts warn that businesses or private investors who exchange more than $1000 worth of cryptocurrencies will need to give in their personal information.
For exchanges and asset managers, the FATF requirements show that the business or person receiving the funds also need to be identified. Despite this requirement, many in the crypto space believe that the identification of users on the receiving end is impossible with decentralized cryptocurrencies. For those who are concerned, at this stage, the FATF can only make recommendations and whether or not the rules are applied depends on each jurisdiction’s authorities. However, countries that do not comply can face blacklisting and even be removed from the global financial system, so there are pretty big consequences.
Eric Turner, the director of research at Messari, the crypto research firm, mentioned to Bloomberg that:
their recommendation could have a much larger impact than the SEC or any other regulator has to date.
He also mentioned that is was:
one of the biggest threats to crypto today.
It’s definitely big news to rock the crypto sphere. It’s a shame that the people who are trying to understand Bitcoin aren’t really talking to those who understand it in the industry and can provide clear contextual understanding. I mean, it’s not as easy as comparing a Bitcoin transaction with a bank-to-bank one.
Akin Fernandez commented on Twitter in May that:
Bitcoin is not a bank. It is not SWIFT. It is not money. It is just a database. When you accept this, the above image looks totally absurd.
The image he is talking about it this where the Bitcoin address is being compared with a bank destination number.
Coinbase expands its Crypto Visa Debit Cards Across Europe
Now, moving on according to Coindesk, it looks like Coinbase is expanding its cryptocurrency Visa debit cards across Europe. Which countries in Europe? These include Spain, Germany, France, Italy, Ireland, and the Netherlands. So what can customers do with the crypto Visa debit cards? They can spend their cryptocurrency assets, which include Bitcoin, Ethereum, and Litecoin in both online and physical stores that accept Visa cards.
While Coinbase initially rolled out these cryptocurrency Visa debit cards in April, they were for users based in the UK. While the CEO of Coinbase UK, Zeeshan Feroz did not mention how many people had used the card since April, he did mention that it blew past the initial 1,000 cards given to customers for free.
So how do the cards work? Are the customers paying the merchants directly in crypto? Unfortunately, that is not the case just yet. The customers are paying Coinbase the cryptocurrency tokens, which Coinbasee converts into a fiat currency to pay the merchant. Coinbase also charges a fee to help convert users’ cryptocurrencies into fiat.
Square Hires Ex-Google Director As First Member Of New Crypto Team
Now, let’s move onto the last news item for today. According to Coindesk, it looks like Square is hiring an ex-Google Director as its first member of its new crypto team. The news was released on Twitter Wednesday afternoon, without clear specification of what Lee’s role in the company would be. If you guys remember Square, the bitcoin-friendly cash app led Jack Dorsey, who also happens to be the CEO of Twitter, announced that it was hiring a cryptocurrency team in March. Dorsey also mentioned that these new roles are not focused on Square’s own commercial interests, but instead, what is best for the cryptocurrency community. Although Square isn’t focused on commercial interests for the new roles, Square generated $65.5 million in Bitcoin-related revenue in the first quarter of 2019. This is its highest quarterly volume to date.
So let me tell you a bit about Steve Lee. Lee left Google in 2015, after 8 years with the company. As you guys can see on his Twitter, he is a big fan of the crypto industry and a Bitcoin Optech contributor. He is also an angel investor and has invested in Lyft, Pinterest, and, Yardbarker.
So guys, what are your thoughts on these situations?
What do you think about the FATF’s new laws?
What do you think about Coinbase expanding their cryptocurrency Visa debit cards across Europe?
And finally, are you excited to see Steve Lee join the Square team?
Guys, please don’t forget to like, comment, and subscribe to go in the draw to win $70 worth of Ripple’s XRP tokens. It’s Cindy with CryptoPig. I’ll see you guys around!
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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.