Discussions about the Facebook initiative «Libra» have not abated in the cryptocurrency industry. The last few days have not been an exception, so let’s start with displaying the current situation.
1. Joseph Stiglitz, Nobel laureate in economics, said «only a fool will trust to Facebook and Libra».
It should be noted, that Stiglitz is an avid opponent of cryptocurrency and everything about them. He didn`t change his point of view regarding to Libra, noting that the coin would become a means for circumventing the regulation and requirements for countering money laundering.
«The last thing we need is a tool that encourages illegal activity and money laundering».
2. In turn, the head of the blockchain direction on Facebook David Marcus noted that Libra users don`t need to trust Facebook.
«Facebook is not the only member of the association. The social network will not control the blockchain, currency or provisioning reserve. Facebook will be only one of the hundreds of the association members. We will not have special privileges in any matters» Marcus said.
3. The Central Bank of Japan has expressed concerns regarding Libra. This is mainly due to the fact that the cryptocurrency will be difficult to regulate, which may create risks for the financial system.
«This initiative will move money to a completely virtual world. This is a completely different type of digital payments» one of the officials, whose name the source didn`t indicate, said.
4. Meanwhile, more than 30 different public organizations in the USA have asked Congress to suspend or completely cancel the development of Libra.
«First, it is necessary for the project representatives to give all the necessary answers to the questions posed and then let them work on the development» it was said in the letter, which was sent to the regulator.
The main issues are related to compliance with the requirements of regulators in the field of anti-money laundering (AML), as well as in the field of user identification.
5. Jefferies company conducted a study and found out that the majority of users of various social networks from the United States don`t plan to use Libra.
The survey involved more than 600 people. 80% replied that they «unlikely» would buy the coin. 40% of respondents said they already have a mobile payment wallet, so they just don`t need Libra.
6. Information about a potential rival of Libra- the Telegram Open Network project, appears.
The South Korean company «Gram Asia» plans to sell the rights for purchasing Gram tokens for $ 4 per unit. This was reported by Liquid Exchange, which will be an intermediary in this campaign. If investors use their own liquid-QASH cryptocurrency in the transaction, the price will be reduced to $ 3.50 per unit. According to one of the investors of the second round, the price for.
1 Gram was $ 1.33. Thus, the token will trade approximately x3 compared to the price during a closed sale.
It should be noted, that Telegram doesn`t participate in the campaign. It is carried out exclusively between Liquid and Gram Asia.
Now some news is not about TON and Libra.
7. Binance completely goes from the USDT Omni standard stable deposit address to the ERC-20 address. Now output is available only to ERC-20 standard wallets, while input can also be made to old Omni addresses.
8. Also, the validators of Binance Chain agreed to hold a planned «hard fork» in the main network at block 20,300,000. According to preliminary data, this will be July 15th.
Users who hold BNB on exchanges or in supported wallets don`t need to do anything.
The update involves the introduction of a clear distinction for makers and takers during the conclusion of transactions. Also there will be added a procedure for delisting trading pairs. The process will be carried out after the call by validators and approval by voting.
Projects will be able to freeze their tokens for a certain time. Why it is necessary? For example, this may be provided in their roadmap.
Among other things, a number of other changes and improvements will be made.
9. On this Thursday, Binance had listed token of Erlond project, which was held by IEO on the platform. Token was opened x13, but in that moment, it gave to investors x30. At the time of writing, it is trading at USD 0.006666703 or 0.00000056 BTC.
This time, users expressed their indignation because of the too low percentage of winning tickets, which was 11%. They noticed that the system is beneficial for large players who buy BNBs on the last day to purchase IEO tokens and immediately sell them. Therefore, users suggested revising the rules to encourage BNB holders.
10. Ripple Xpring branch invested $ 500 million in the development of the XRP ecosystem. Since May last year, it has been supporting projects that work with the XRP token.
The funds were distributed among various companies, including the Forte gaming blockchain platform, as well as the Bolt Labs, Securitize, Dharma and Wietse Wind’s projects XRPL Labs.
11. The UK Financial Regulator (FCA) is considering the probability of a derivatives ban based on cryptocurrencies for protection investors from financial damage. It is about contracts on price difference (CFD), options and futures, as well as exchange traded bonds (ETN).
12. In the meantime, FCA has approved the first cryptocurrency hedge-fund «Prime Factor».
It is reported, that Prime Factor will manage assets worth more than 100 million euros.
13. Nodar Khaduri, Georgian Finance Minister, signed into a new law, according to which traders and cryptocurrency miners stop paying value added tax (VAT).
«Cryptocurrencies are digital assets that are based on a decentralized network and are exchanged electronically. No intermediary is required for their exchange» it outlined in the document.
Now individuals and legal entities are not required to pay VAT when exchanging cryptocurrencies for national and foreign currencies. At the same time, only individuals are exempted from income tax for such operations.
Interestingly, that only foreign mining companies are exempted from VAT, so it is more profitable for national mining companies to go to offshore.
14. Arthur Hayes, director general of the BitMEX derivatives exchange, announced that bonds tied to cryptocurrencies will soon appear on the platform.
There is a little bit about the rates.
15. Michael Novograc, well-known cryptocurrency enthusiast, believes that the Bitcoin exchange rate will rise to $ 40,000 in the near future.
16. Mark Yusko, CEO Morgan Creek Capital, noted that Bitcoin can «grow» easily up to $ 50,000 – 100,000 over two years.
He noted the effect of FOMO and the wide distribution of cryptocurrencies as a reason. He also relies on Metcalf’s law, which says that the value of a network is proportional to half the square of the number of this network users.
17. Omkar Godbole, CoinDesk analyst, believes that despite on the sharp rebound in prices from $ 9,614 to $ 2,000, there are still no signs of buyers.
18. Many are waiting for the so-called «Altcoin season»- a time when the Altcoins are ahead of Bitcoin in growth. Jeff Dorman, Arca Investment Director, expressed the opinion that it may never repeat.
«Many are waiting for the altcoin season. It’s time to forget this term. The crypto market is now much more developed than it was in 2017».
Dorman proposes to pay attention to the assets that have a real active product and which can reach mass distribution. There are included Stellar Lumens (XLM) and Rchain (RHOC).