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.’’
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
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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