US Senate sets Hearing on Facebook’s Libra!!! + $70 Giveaway
Today I have 3 really awesome news pieces to kick off the end of the week! So let’s get into it guys!
First up, we have the Head of the Central Bank of Russia who shared her opinion on cryptocurrencies – she mentioned that cryptocurrencies are more convenient than cash and society is ready for adoption. Next up, US Residents will lose access to many altcoins on Binance starting in September, and finally, the Senate banking committee has set a hearing on Facebook’s cryptocurrency token for July 16.
Like I said guys, there are heaps of cool and exciting news pieces for today. Once again, if you want to hear all about it, please make sure stay right until the very end. Once again, today is the last day to go into the draw to win…drum roll please guys, $70 worth of Bitcoin tokens. We will announce the winner tomorrow by drawing out a video and then drawing a winner from the video. Good luck to you guys all! And please, if you love what we go, make sure you like, subscribe and just pop a comment down below.
The Market Today
Moving onto the market today. As you guys can see here in the top 10, there is a mix of greens and red in the market. Bitcoin is still in top place, increasing by 1.46%. Just before I continue with its increase – guys, I want to also state here that Bitcoin’s price is at $9,265 and at this rate, will reach $10,000 very soon! Ethereum’s Ether is in second place, increasing by 0.26% and finally Ripple’s XRP is falling by 0.98%. Now moving to the top 20, you can see here that there are no major increases or decreases across the board.
Cryptocurrencies are More Convenient than Cash
Now let’s look to the news! First up, we have news from the Head of the Central Bank of Russia. According to Etherum World News, the head of the Central Bank of Russia mentioned that cryptocurrencies are more convenient than cash and that society is ready for adoption. Although cryptocurrencies are mentioned a lot in geopolitics, the Bank of Russia is currently considering the possibility of issuing a national cryptocurrency.
According to Elvira Nabiullina, the head of the Central Bank of Russia, she highly praised the technology behind cryptocurrencies. She mentioned that:
It will be more convenient, it is electronic money for people, for citizens. Are we ready as a society to refuse cash?
Nabiullina then added that:
digital currencies are in some sense the readiness of society.
Even though implementing cryptocurrencies may be difficult Nabiullina commented that the Russian government is currently evaluating this possibility. However, apart from the legality, technologies, however, need to mature before cryptocurrencies can be implemented appropriately.
Indeed, the Central Bank Digital Currency cannot be realized immediately, however many central banks, including the Russian Central Bank, are exploring this possibility…If we are talking about the national currency, which works as a whole in the country, that is, these are not private assets, of course, this requires that the technology allows ensuring reliability and continuity. Technologies must be mature, including distributed registry technologies.
US Residents Lose access to Many Altcoins On Binance
Now moving on, it looks like US Residents will lose access to many altcoins on Binance beginning in September. The report from CryptoPotato shows, as you can see on this table here that many cryptocurrencies will no longer be available to US citizens. Unfortunately for these endangered exchange tokens, they will most likely experience a large drop in volume. The news comes shortly after Binance announced a US exclusive fiat to crypto exchange. Binance’s CEO CHangpeng Zhao implied that:
Some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain.
Senate Banking Committee Sets Hearing On Facebook’s Crypto Token For July 16
Now moving on, the last news item for the day, the Senate banking committee sets hearing on Facebook’s cryptocurrency token for July 16. It looks like the Banking Committee of the United States Senate will hear the testimony on Facebook’s LIbra cryptocurrency Project on July 16. Although Facebook released the white paper for the token yesterday, not everyone was so happy about it. Representative Maxine Waters, the chairwoman of the United States House of Representatives’ Financial Services Committee, demanded that Facebook stop the project’s development while regulators look into the project further.
Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.
On July 16, the Banking Committee will hold a hearing called “examining Facebook’s proposed digital currency and data privacy considerations.”
Given Facebook’s past history, it’s not a surprise that the Government is jumping in. Jerome Powell, the head of the US Federal Reserve mentioned in a speech that:
Facebook has made quite broad rounds around the world with regulators, supervisors, and lots of people to discuss their plans and that certainly includes us.
So what are your thoughts about this situation?
Do you think that Russia will have its own national crypto anytime soon?
What about Binance’s removal of altcoins for US citizens?
And finally, thoughts about the US Government jumping in to hold a hearing about Facebook’s Libra token?
Once again guys, if you want to go into the draw to win $70 worth of Bitcoin, don’t forget to like, comment, and subscribe. It’s your girl Cindy with Cryptopig – I’ll see you guys next week!!
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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.