Facebook hired the senior UK bank lobbyist Ed Bowles who will work on the GlobalCoin launch in order to help the company figure out European regulations. In the altcoin news today we read more about his bio.
According to the Financial Times, Facebook will work with the Standard Chartered European Head of Corporate and Public Affairs Ed Bowles starting from September. He will work as the director of public policy. Bowles left Standard Chartered after 12 years of work to join Facebook which is expected to publish the whitepaper of the centralized cryptocurrency-GlobalCoin in four days.
The social media giant has been facing strong regulatory pressure over the years after the Wall Street Journal released a report about the questionable privacy practices of the company. Facebook is now strongly focusing on complying with the financial laws before they launch their own cryptocurrency. At the beginning of the month, the outgoing US Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo confirmed that the CEO of Facebook Mark Zuckerberg has initiated conversations about GlobalCoin with the regulatory body. He also met with the Bank of England Governor Mark Carney and discussed financial plans and the launch of his cryptocurrency.
Also, Facebook hired the UK Deputy PM and Liberal Democrats Head Nick Clegg back in January who moved to Silicon Valley to work as the company’s head of global policy and communications. Clegg served as a member of the European Parliament and also was a European Commission trade negotiator and Facebook hired him in order to get influence in the EU.
As previously mentioned in the latest cryptocurrency news, Facebook had plenty of privacy scandals in the past and regulators are now worried that the tech giant can comply with the Know Your Customer and Anti Money Laundering policies. The European Commission Director General for Financial Stability Olivier Guersent stated:
“Facebook has a right like anyone else to launch itself on the market. But the issue is really the connection with the rest of their activities and the collection of data. That’s the angle through which we could tackle it.’’
Gold-Backed Russian Crypto Could Crush The USD Standard
“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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Hottest Cryptocurrency Is Up 330% This Year (And It’s Not Bitcoin)
“Every time we’ve seen a halving event in Bitcoin or Litecoin, the price has risen astronomically,” is what Mati Greenspan believes, who is a senior market analyst at the trading platform eToro. “So if that pattern continues, what we’ve seen so far is small potatoes in comparison,” he said. “This is quite normal for the crypto market.”Right now, cryptocurrencies are undergoing a major renaissance. While Litecoin is reported as the hottest cryptocurrency this year by many best cryptocurrency news sites, Bitcoin is also triggering a new rally and Facebook with its expected crypto project is additionally fueling up the space. All of the developments happening this year have managed to push the price of Bitcoin by 120% since the beginning of the year - and the price of Ether close to 100% this year. Litecoin remains the hottest cryptocurrency - going from $30 at the end of last year to $130 right now.
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