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US Lawmakers Claims the US Cannot Ban Crypto Even If They Try

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US Lawmakers Claims US Cannot Ban Crypto Even If They Decide To
The statement by Mr.Crapo is as bullish as Bitcoin’s price sentiment in the year 2017. However, Crapo’s statement was a quick answer to Jeremy Allaire’s statement during the hearing.

US Lawmakers Claims the US Cannot Ban Crypto Even If They Decide To

United State finally opened up to finalize the regulatory frameworks on cryptocurrency on Tuesday. During the congressional hearings, Senate Banking Chairman Mike Crapo (R-ID) claims that crypto is a global innovation.

The US Cannot Ban Bitcoin

The majority asserts that Bitcoin cannot be banned, no matter if it’s the United States or any other country with more power. Implementing a ban on cryptocurrencies like Bitcoin is a catch-22. Despite years of uncertainty on how crypto & bitcoin can be regulated, Senate Banking Committee Chairman Mike Crapo (R-ID) expresses his view on Bitcoin, Facebook’s libra and cryptocurrency at large.
The session was broadcasted live on the official website and it was held by the U.S Senate Committee on Banking, Housing, and Urban Affairs. During the congressional hearing, Mr.Crapo said that, even if the US wants to ban bitcoin, it will not be able to succeed. He explains that;

“If the United States were to decide — and I’m not saying that it should — if the United States were to decide we don’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global innovation,”

Mr.Crapo discusses David Marcus’s hearing, who is the CEO of Calibra wallet, presented Testimony on how Facebook’s upcoming currency, Libra can work on a global level. In his opening note, he positively notes that they look forward to hearing how the ecosystem has grown, what are the gaps in existing regulatory structure and how other countries are approaching this, meantime adding, how individuals have real control over their data.

U.S. Should Lead in Developing these Innovations

The statement by Mr.Crapo is as bullish as Bitcoin’s price sentiment in the year 2017. However, Crapo’s statement was a quick answer to Jeremy Allaire’s statement during the hearing.

Jeremy Allaire who is the CEO of Circle global financial service company presented the testimony as a representative of the Blockchain Association trade group. He joined hearing session along with Law professor Mehrsa Baradaran from the University of California at Irvine and Rebecca Nelson Congressional Research Service specialist.

Mr.Allaire hints on how digital money can lead countries if they adopt it sooner. He elaborates his testimony as;

“I think the challenge that we all face with this is some of these cryptocurrencies — they’re just a piece of open-source software.

Allaire continues to explain the congressional committee about how Bitcoin and other crypto works. He says;

“There’s nothing else. It exists on the internet, it’s open-source software, anyone can implement it, it runs wherever the internet runs, and these have a monetary policy where these assets are algorithmically generated . . . That is a challenge that every government in the world now faces — that money, digital money, will move frictionlessly everywhere in the world at the speed of the internet.”

Following Allaire’s comment, Crapo notes that digital technology innovations are inevitable and such innovations could be beneficial. In his continuous speech, Crapo hints that the US should lead in developing these innovations.

“I believe that the U.S. should lead in developing these innovations and what the rules of the road should be,”

Blockchain News

U.S. Debt Increase Of Over 1 Trillion May Help Bitcoin

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U.S. Debt Increase Of Over 1 Trillion May Help Bitcoin

U.S. Debt Increase Of Over 1 Trillion May Help Bitcoin

Donald #Trump might not like #bitcoin, but he’s doing an excellent job creating the economic conditions in which the leading cryptocurrency can thrive. Need proof? Just look at the US national #debt, which crossed the $22 trillion mark in February and has ballooned by nearly $400 billion more in the six months since then.

The bad news for fiscal #hawks – and the good news for bitcoin bulls – is that there won’t be a reprieve anytime soon. Despite railing against the national debt during his first presidential campaign, Trump just signed a budget bill that will tack another $1.7 trillion onto the US #government’s liabilities over the next decade.

Want to be even more terrified? Take a brief glance at the US Debt Clock and watch those numbers spiral upwards in real-time. While Trump continues to tout the “phenomenal” bipartisan budget agreement, the government’s debt addiction set the US economy on a dangerous path.

Bitcoin, unlike the US dollar, has a fixed supply. Only 21 million bitcoins will ever be issued, and the keys to 23 percent of the tokens in circulation have reportedly been misplaced already. Unlike government-run currencies, the cryptocurrency’s value depends entirely on one thing: demand. It’s not surprising that institutional investors have started piling into bitcoin already to hedge their bets. Risky or not, BTC might just be the best way to protect yourself against the irresponsible borrowing of the US government.

What comes next for the US economy?

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Regulation News

Facebook Privacy Issue To Stall Libra?

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Facebook Privacy Issue To Stall Libra?

Facebook Privacy Issue To Stall Libra?

 

As if Facebook didn’t have enough privacy issues, the company now confirms that it has been transcribing the audio chats of its users for quite some time.

Facebook claims that the only conversations that were transcribed were from those users who selected that option in the Messenger app.

Facebook also claims that it was on for the sole purpose of making sure the transcription application was performing properly.  Needless to say, it is difficult to believe anything Facebook has to say on this or any other privacy issue. Even worse, third-parties were used to transcribe the audio, but this information was never disclosed to users.

This is not going to help Facebook in regards to the Libra cryptocurrency venture. Cryptocurrency users love the idea that transactions are relatively private and like to hope and believe that what they do with their transactions is not scrutinized. Yet Libra is supposed to be managed by a “trusted issuer,” namely Facebook. Write-access to the transaction ledger for Libra rests solely with authorized members of a corporation consortium. As it is, distrust of corporations, in general, is widespread, but the distrust of Facebook is now legendary. Every week it seems like some other privacy breach is revealed in the Facebook universe. Just when it seems like an issue has been aired, or cleared, another one pops up like Whack-a-Mole.

Believers in cryptocurrency coalesce around the desire to eliminate centralized entities. They don’t want to have any connection to some form of centralized control or valuation. It is becoming increasingly apparent that Libra has fewer and fewer qualities of true cryptocurrencies. Rather, Facebook seems to want Libra to be some kind of innovation with the established financial system – and then control it. Even Congress is concerned. Ed Butowsky, Managing Partner at Chapwood Capital Investment Management, tells CCN that – even though he’s a crypto skeptic – cryptocurrencies and other financial systems have one thing in common:

“System control requires user trust. From gold rush sellers to today’s gold – buying stores, systems to weigh gold have been transparent and trusted. No such transparency exists for Libra. Transparency and Facebook are mutually exclusive. Libra will consequently face big trust challenges.”

What is the future for Libra and Facebook?

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Regulation News

Coinsquare And FlexaHQ – To Bring Crypto Payments To Canada

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Coinsquare And FlexaHQ - To Bring Crypto Payments To Canada

Coinsquare And FlexaHQ – To Bring Crypto Payments To Canada

One of Canada’s top crypto exchanges, Coinsquare, has partnered with United States cryptocurrency payments startup Flexa to bring in-store digital currency payments to Canada.

In-store crypto payments in Canada

The official Twitter account of Canadian cryptocurrency exchange Coinsquare said on August 13 that the firm partnered with U.S.-based crypto payments startup Flexa. The partnership will reportedly allow the latter company to expand its in-store crypto payment processing services to Canada. Coinsquare noted:

“One of the biggest hurdles in mass adoption for crypto is finding a way to let users spend it. We are excited to bring Flexa’s solution for this problem to #Canada.”

Per the announcement, the exchange will also add Flexa’s spend features to its apps, allowing its users to spend directly from their on-exchange balance in over 7,500 physical stores in Canada.

A variety of accepted coins

According to a promotional video featured on Flexa’s official website, the startup’s service supports Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH). Furthermore, a post published by the company on Medium today suggests that they also support Litecoin (LTC), anoncoin Zcash (ZEC) and stable-coin Gemini Dollar (GUSD).

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