Bitcoin
BTC$23 363.14

-0.03%

Ethereum
ETH$1 868.52

1.92%

Tether
USDT$0.999977

-0.01%

USD Coin
USDC$0.999951

0.01%

Binance Coin
BNB$303.33

-1.00%

XRP
XRP$0.378717

0.24%

Regulators Lambasting Facebook's Libra


26 Jun 2019

For about half a year or so, Facebook was subject to speculation and news mongering because of the mystery which shrouded the development of corporation’s proprietary cryptocurrency. Everyone kept guessing what would be the name of this cryptocurrency - Libra or GlobalCoin, which fiat currencies it would be pegged to, and whether or not this token even falls within the definition of a cryptocurrency since it was presumed to be heavily centralized and regulated.

Last week, the social media mogul has finally dispelled all doubt after having officially announced their intention to roll out the ‘global cryptocurrency’ titled Libra sometime next year. Obviously, this announcement has turned into the talk of the town, making the global crypto community along with each and every news outlet of the world buzz like an overcrowded beehive.

Price drops, criticism rises


Amazingly, this news bomb didn’t cause the expected spike in the price of Facebook’s stock. On the contrary, the market registered a slight decrease in the period from June 18 (the time of the emergence of the news) till June 19, from $188.47 to $187.48, though it has subsequently rebounded and gone up, reaching $193.17, as of writing. But these price shifts were nothing compared to the barrage of attacks from politicians and regulators, which they prefer to wrap up in such terms as “deep concern” and a “skeptical view”.

The Americans want more hearings with Zuckerberg


Naturally, the biggest concerns about Libra were voiced by the United States officials. The members of the Federal Trade Commission are already rubbing their hands gleefully, thinking of ways to impose restrictions on the future business practices involving Libra. Some members of the US Senate also offered their opinion on Facebook’s newest initiative.

Sherrod Brown, a Senator from Ohio who represents the Democratic Party, said in his interview to Bloomberg that the social networking behemoth is too influential of a company to allow it to have its own currency. He didn’t miss an opportunity to pour cold water on Donald Trump by saying that the current administration is cutting a lot of slack to huge corporations like Facebook, almost letting them run amok. He believes that should Libra be left without regulatory supervision, it will have a derogatory effect on the global financial system.

Maxine Waters, the chair of the House Financial Services Committee, declared her intention to initiate the hearings regarding the term of cryptocurrency operations and even asked Facebook executives to temporarily suspend the work on Libra until both sides will have reached a settlement on all outstanding issues.

What Europe had to say about Libra


The officials in Europe have also given their two cents on this matter with Mark Carney, the governor of the Bank of England, saying that the British financial institutions will approach Libra with great caution, and might even go as far as ban the cryptocurrency should they arrive at the conclusion that it is not safe enough.

Bruno Le Maire, the Minister of Finance of France, said that Libra constitutes a threat to national currencies. He intends to bring this issue up during the upcoming G7 Summit where the head of central banks will gather to discuss the acute financial problems. 

Author: Alex Paulson for Crypto-Rating.com


Related

The crypto market tests the strength of buyers
The crypto market tests the strength of buyers
Bitcoin, Ethereum corridor and new dog race?
Bitcoin, Ethereum corridor and new dog race?
August 26: a Terrible Day on the Calendar
August 26: a Terrible Day on the Calendar
ETH devs move up the date for Merge
ETH devs move up the date for Merge
AMarkets Adds 5 New Cryptocurrencies
AMarkets Adds 5 New Cryptocurrencies
Bitcoin seeks support
Bitcoin seeks support
Axie Infinity looking to ‘double-down’ on Korean market
Axie Infinity looking to ‘double-down’ on Korean market
Influencers Talk about a Very Long Crypto Spring
Influencers Talk about a Very Long Crypto Spring
Bitcoin's bullish stability
Bitcoin's bullish stability

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 90.4% 11 $23 363.14 -0.03% -2.65% $446 823 684 066 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70.8% 57 $1 868.52 1.92% -0.51% $227 993 947 896 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $0.999977 -0.01% -0.04% $67 547 880 122 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $0.999951 0.01% 0.01% $52 853 692 355 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 67.6% 63 $303.33 -1.00% -6.38% $48 938 685 508 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 88.4% 10 $0.378717 0.24% -0.28% $18 700 123 577 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92% 1 $0.999950 0.02% 0.01% $18 538 747 093 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 84.8% 27 $0.528389 -1.39% -0.64% $17 930 371 507 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 79.6% 35 $40.86 0.98% -4.45% $14 252 057 103 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 83.6% 28 $0.077619 -3.50% 9.27% $10 297 802 123 DOGE 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 67.6% 66 $0.055681 -5.02% -9.31% $9 655 716 850 HEX 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 69.6% 55 $8.39 -0.08% -8.83% $9 297 483 290 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 74.4% 43 $0.000014 -4.14% 15.33% $7 806 235 316 SHIB 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 82% 24 $0.893855 1.02% -2.98% $7 188 492 292 MATIC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.