Facebook’s Libra Facing Regulators in India, US and Europe
Right after a big Libra cryptocurrency announcement the world’s regulators from India, US, and Europe started to pushing back Facebook’s plans. Facebook’s problems are not so much in its particular brand of blockchain so much as the considerable roadblock presented in the form of the global financial regulators and central banks. After much chatter about how to regulate crypto on Friday (21 June) the G7’s Financial Action Task Force (FATF) will present its full recommendations for regulating “virtual asset service providers”.
China Have No Plans to Follow Facebook into Crypto
China’s internet giants appear unlikely to follow Facebook into the cryptocurrency space anytime soon – though you can be sure they’re paying attention. Pony Ma, the CEO of Tencent, thinks regulation will be the deciding factor for the success of Facebook’s Libra initiative. The comment was screen captured and subsequently circulated on the platform. Tencent confirmed its authenticity to CoinDesk.
Libra Testnet Peeks into the Facebook Crypto Future
Facebook is launching Libra. As stablecoins go, people will now have a choice between Bitfinex’s Leo and Facebook’s Libra. The Libra blockchain project is now live for testing, and the documentation released with the project reveals a lot of insights into the philosophy and design of the new blockchain. The chain sports a new programming language, just like Ethereum did – called Move. Facebook says it aims to create a “safe” place for people to develop with digital assets. In crypto, we call that testnet. Nevertheless, Facebook is already one of the more developer-friendly blockchain projects you’ll see.
Bitcoin Breaks 2019 High as Investors Paint $15,000 FOMO Target
Bitcoin has been on a strong upside movement supplemented with large volume across major crypto markets. On Friday, the bitcoin price hit $9,800 on leading exchanges in the likes of Coinbase, Binance, and Bitstamp, achieving a new 2019 high following a 162 percent year-to-date gain against the U.S. dollar. As the bitcoin price nears the so-called “FOMO” level at $10,000, which has been considered as a psychological level by many investors in the crypto market, investors anticipate the momentum of the asset to strengthen in the near term.
Austria’s Post Office Gives Out Free ETH in a World’s First Tokenized Stamp Edition
It may be the rarest stamp of all, 1,500 red ones issued by Austria’s post office with 0.001666666 ETH contained in each of them. “Austrian Post is offering for the first time a stamp which is also stored as a digital image in the Ethereum Blockchain. This guarantees complete traceability for all former owners of the stamp or their digital image”. 150,000 have been issued in total, with each having their own color in digital form. Black is the most common at 78,500, while yellow is the second rarest at 10,000. They sold them for €6.90. Now the whole collection goes for $10,000 on eBay.
Florida City Paid $600,000 Bitcoin Ransom to Hackers
The city council of Riviera Beach, Florida, voted on Monday to meet the demands of its hackers to pay a ransom of $600,000 in Bitcoin in hope of getting back the city’s compromised data. The attack began on May 29, when an employee from the police department opened an email attachment that contained malware. The software quickly spread through the city’s computer systems, affecting its email system and even the 911 dispatch operations.