July 20, 2019, | AtoZ Markets - Mostly, the cryptocurrency market overflew this week with the ramifications of the Facebook Libra coin congressional hearing, and what the representatives questions and the statements that answered those questions.
In our weekly crypto overview today, we have:
- US Treasury not comfortable with Facebook’s Libra.
- Questioning shouts about Libra continue at the congress amid defending echoes.
- SWIFT-like global crypto payment system takes the green light in Japan.
- Binance warns of worse volatility in the cryptocurrency market.
Welcome to our weekly news brief
On the margin of our tour, I would like to touch upon the most recent news coming from the U.S, with regard to the details of the Ponzi scheme Renwick Haddow, who defrauded investors through, in cooperation with James Moore- both British citizens.
The updates in the case say that the New York Southern District Court has turned down the application for holding a new trial for Co-Ponzi scammer James Moore, as he requested a month ago, for what he called “prejudicial error”.
Moore faces two counts as “conspiracy to defraud”, and “defrauding, investors” in a business called “Bar Works”. Each charge carries a maximum of 20 years in prison.
Japan to lead a SWIFT-like a global cryptocurrency payment system
The Japanese government has recently approved a project that introduces a SWIFT-like cryptocurrency payment system that is aimed at helping to confront money laundering on a global scale.
Japan started to scrutinize cryptocurrency exchanges and check their compliance to anti-money laundering standards in May this year, for a more rigorous check under the magnifying glass of the Financial Action Task Force (FATF) that is supposed to come next autumn.
US congress continue investigating Facebook Libra and JPMorgan defends
U.S Congresswoman Alexandria Ocasio-Cortez addressed Calibra wallet CEO David Marcus, asking, “Why should these activities be consolidated under one corporation?”
As Marcus answered saying the Coin is governed by members chosen accordingly, Ocasio-Cortez asked returned answered questioning whether those members were elected “democratically” or not, naming the coin as “a currency controlled by an undemocratically-selected coalition of largely massive corporations.”
Marcus hinted as well that Libra is unlikely to affect the financial market stability, saying, “sovereign currency will remain sovereign”.
On the defending side, Jamie Dimon, CEO of global financial services firm JPMorgan Chase, pointed out to that Facebook’s cryptocurrency project Libra does not constitute a threat in the near future.
Our relaxing break in this tour will be with a briefed, informative guide on how to build a cryptocurrency minding rig.
US treasury shows concerns over Facebook Libra
The U.S. Treasury Secretary Steven Mnuchin voiced the Trump administration’s concerns with Facebook Libra and Bitcoin, in a press conference.
Mnuchin highlighted some of the concerns the treasury has as for cryptocurrencies in general, which are likely to be used for easing “money laundering, terrorist financing, extortion, human trafficking, drug trafficking, and tax evasion.” Confirming this is a serious “national security threat”.
Binance warns of further volatility in cryptocurrencies
In the beginning of the week, a surprising warning came from the world’s largest cryptocurrency exchange by volume; Binance, reading that it was not the institutional demand that drove the recent bitcoin rally, and the market is still prone to probable volatility to a worse extent even.
The warning came in a comment by the exchange’s chief executive Changpeng Zhao, who said:
"We have not seen institutions growing faster. What we’ve seen is a pickup in both places. The number of institutions coming into this industry has not increased that tremendously in 2019 yet."
We conclude our tour today with an explanatory article on what High-Frequency Trading (HFT) is.
Until our appointment renews the next week, I leave you with your website AtoZ Markets for more news and articles to read.