U.S. lawmakers have been skeptical about Facebook and the libra coin and some of the Libra Association look to distance themselves from the project.
Facebook has recently hired Susan Zook, a former aid to the chairman US Senate Banking Committee to work on lobbying Facebook’s Libra cryptocurrency project.
Walmart has filed with the U.S. Patent and Trademark Office, an application to create its own Libra-like digital currency. The filing points to the asset being a stablecoin with a focus on financial inclusion.
Let’s dig deeper into what Libra is, what it might mean to the global economy, and why it’s currently below the U.S. authorities’ radar.
Bitcoin had been in an uptrend for most of the day, and yesterday it managed to successfully pierce the $10,000 mark, which is generally considered to be a level of crucial psychological, if not technical, resistance.
Ripple sent an open letter to the U.S. Congress intending to explain the differences between various blockchains and digital currencies. In the letteer the company stressed the willingness to cooperate with the authorities.
Billionaire Bitcoin bull, Mike Novogratz, has predicted that Bitcoin price will hit $20,00 before the year ends. He said this during a Bloomberg interview where he also touched on Facebook’s Libra.
Mark Zuckerberg has made it clear that Facebook will not launch its Libra crypto until all the regulators have been brought on board and every regulatory issue resolved satisfactorily.
The way Libra is designed makes it hard for governments to see who’s paying whom, or to limit cross-border payments. Thus the People’s Bank of China (PBOC) has vowed to create a currency it can manage- likely one that will be linked to real identities.
While a majority of investors said that they aren’t interested in Libra (with many preferring Bitcoin instead), some also said that unlike the decentralized cryptocurrencies, Libra doesn’t give them the financial freedom from governments.