The Facebook crypto project is again in the altcoin news. This time, we are seeing an allegedly sealed backing from over a dozen of big players in the industry and firms which include Visa, Mastercard, PayPal and Uber for its soon to be released cryptocurrency project.
First unveiled by the Wall Street Journal (WSJ) on June 13, the news show sources familiar with the matter telling the financial news site that the firms have each invested $10 million in a consortium. Active in the finance, eCommerce, venture capital and telecoms industries, the firms have joined a consortium that will govern the Facebook crypto project which is rumored to be a digital token, dubbed Libra.
The best cryptocurrency news sites have also reported details that previously surfaced – and are linked to the highly secretive Facebook crypto project. They argued that the social media giant’s crypto will be a fiat-pegged stablecoin which will be pegged to a basket of national fiat currencies all in order to avoid price volatility.
The talks with some of the big investment partners to Facebook are ongoing, the sources claim. However, the eventual list of consortium members could always change. As the report shared on WSJ and in the latest cryptocurrency news notes, the consortium itself is allegedly known as the Libra Association.
In the report, we can also see that several members have expressed concerns that Facebook’s new token could be exploited for money laundering or terror financing purposes. WSJ has reported that neither Facebook nor the individual consortium members, will control this cryptocurrency. However, some members could operate nodes on the network underlying the crypto payment network – which is still without a proof.
In addition to all of this, the Facebook crypto project has gotten a consortium with big names but also companies like the fintech firm Stripe, travel reservations site Booking.com and e-Commerce site MercadoLibre, all of which are signing on to the project as the coming altcoin news show.
All of the consortium members have been asked to co-sign the Facebook crypto project and coin’s white paper which is allegedly set to be published on June 18 this year.
XRP Experiences A Sharp Price Decrease Of More Than 10%
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
Join us on Facebook
- XRP Experiences A Sharp Price Decrease Of More Than 10%
- Alex Kruger Believes Bitcoin Price Will Reach $50,000 By 2021
- Institutional Investors Buy $200M Worth Of Crypto Per Week: Coinbase
- Why Is Bitcoin Still Hovering Around 5 Figures: Analysts Explain
- Ethereum Could Climb Above $200 According To Analysts
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News5 days ago
Samsung Just Added Bitcoin Support To Its Blockchain Keystore
Regulation2 days ago
Bakkt Acquired Regulatory Approval From The US Regulators
Blockchain News4 days ago
BitMEX Loses The Leading Position To Emerging Competition
Bitcoin News5 days ago
Dallas Mavericks Is The Second NBA Team To Accept Bitcoin
Bitcoin News1 day ago
Mysterious BTC User Claims He Is Hodling $10 Billion In Bitcoin
Bitcoin Scams3 days ago
Chinese Ponzi Scheme Caused The Latest Bitcoin Sell-Off
Bitcoin News2 days ago
Bitcoin Price Hesitates But Further Recovery Is Likely
Bitcoin News5 days ago
Bitcoin Chart Perfectly Shows The Dominance Of BTC Over Altcoins