Bakkt, which is the cryptocurrency initiative of the New York Stock Exchange and its owner, the Intercontinental Exchange (ICE), is in the latest cryptocurrency news for unveiling plans for a crypto app. In fact, the startup’s app is seen as a Bitcoin futures vehicle – but a report states that the company may also be working on much more than futures, boding well for the development of the ecosystem in general.
A recent report from a trade publication named The Block shows that Bakkt signed a former Google contractor named Chris Petersen in its team. The UX consultant is definitely associated to the plans of designing a crypto app and as Bakkt said, is “a person familiar with the situation.”
Many analysts featured in the best cryptocurrency news sites claim that he is likely working on a wallet dubbed “Bakkt Pay.” Earlier this year, the company has been hiring a lot, as seen in the “Careers” page on its website. One job listing, for example, has been the one where Bakkt was seeking a mobile app developer, again sparking discussion about the potential crypto app development.
Sources close to The Block say that the release of the long-awaited financial vehicle will also require the crypto platform to launch the mobile application. Not many details were given about this, but the altcoin news show that Bakkt’s recently updated website mentions digital payments.
“Whether between consumers and merchants or peers, the ability to conduct transactions in digital assets holds promise as a these new global currencies evolve beyond a store of value or speculative assets, and as distributed ledger technology scales. Bakkt is working with leading merchants who recognize the potential of digital assets,” an excerpt related to the crypto app plans Bakkt.com reads.
Another interesting fact is that Bakkt appears in the latest cryptocurrency news months after it broke the news that is working closely with Starbucks to “commit” and allow Bitcoin payments in store in 2019.
The software, which is probably going to be Bakkt Pay, will facilitate these payments, which will be converted from cryptocurrencies into fiat currencies. This means that Starbucks will be taking no direct risk to ensure that it will be keeping its balance sheets clear of this asset class.
Facebook’s Head Of Blockchain Expects Libra To Be Governed By Swiss Law
“Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association.”Marcus also explained that the association wants to register with the U.S. Treasury Department’s Financial Crimes Enforcement Network but it is still unclear why does Libra want to settle in Switzerland and not in the United States. The Laws in both countries have similarities. They both allow digital currencies and exchanges, they try to protect the citizens from extortion, money laundering or any kind of illicit activity, they both use their financial legislature to cover the digital currencies and are still trying to determine what exactly is the best regulation for this sector. One of the main differences between the countries is the attitude they have towards crypto. The United States is always looking at crypto with caution while Switzerland has always been welcoming and open. The Federal Assembly which is the legislative branch of the Swiss government voted in favor of the motion to be guided on the application of current laws towards crypto. Also, the country decided to regulate digital currencies within the framework of their existing laws so they do not have special laws for crypto and ICOs. They chose to be flexible and to govern the different types of currencies depending on each case. On the contrary, in the United States, the small business owners, corporations and legislators have been calling for clarity on crypto regulation for many years. In the meantime, President Donald Trump has shared his opinion that he does not find bitcoin as an asset that you should invest in. the US Treasury Secretary Steven Mnuchin spoke at the press conference which we reported about in the latest cryptocurrency news saying:
“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking … This is indeed a national security issue. I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”
27 Libra Partners Pressured To Dump Facebook’s Crypto By Activists
- Open Markets Institute, a think tank that opposes corporate monopolies
- Public Citizen, a left-wing consumer-rights organization
- Demand Progress Education Fund, an internet activist group
- Revolving Door Project, an anti-Trump Democratic consortium
“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”In reality, Open Markets, Public Citizen, Demand Progress Education Fund and the Revolving Door Project say that Facebook merely wants to promote its own market dominance.“Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear," the letter featured on many best cryptocurrency news sites reads. The quartet urged all 27 Libra partners to withdraw from the project before they become accomplices in what they describe a "sinister scheme led by Zuckerberg."
“We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful,” the letter concludes.
Bank Of Thailand Is Open To Discussions With Libra
“All kinds of new digital money have been emerging, therefore the Bank of Thailand monitors all and don't give favoritism to any particular financial service. Security in financial services is the bank's top priority. It will take time.”The Bank of Thailand governor also said that Libra cannot simply replace the Thai baht, concluding that “Libra cannot just step in and replace all currencies and digital money.” As we reported in our latest cryptocurrency news not a long ago, Libra will likely run up against difficulties entering Thailand mainly because of the local financial legislation which currently exists - and how Libra is seen through that perspective. Aside from the Bank of Thailand, a lot of institutions are ready for Facebook's stablecoin Libra and are apparently accepting it well. The same goes with countries and people - all of which are eager for the release of the Libra stablecoin. For now, the Bank of Thailand governor is not the only one who speaks with concerns over Libra. Facebook's cryptocurrency was also a major topic in the US Senate and our coming altcoin news for its regulation, potential threat to the dollar and the economy in general. In other news, the cryptocurrency market seems to have stabilized and gained a couple of billions. The total valuation now is $291 billion and the 24 hour trading volume is at $62 billion.
Activist Groups Are Urging 27 Libra Partners To Ditch The Project
“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”The anti-Facebook activist groups suggest that the CEO of Facebook is lying when he says that he only wants to launch Libra to help the 1.7 billion people without access to traditional banking services. The groups say that the social media giant only wants to promote its dominance:
“Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear. We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful.”The libra project, as noted in the latest cryptocurrency news, is constantly under attack mainly because people believe it could be used to facilitate money laundering and drug trafficking.
Join us on Facebook
- Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money
- Big BTC Price Boom Will Bring To Consolidation: Market Experts
- Coinbase Closes Its Bundle Product After 8 Months On The Market
- Bitcoin Retests The $11,000 Range Holding A Strong Low Volume
- Facebook’s Head Of Blockchain Expects Libra To Be Governed By Swiss Law
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News4 days ago
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
Altcoin News5 days ago
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
Regulation4 days ago
French Authorities Will Approve Crypto Regulations For ICOs & Exchanges
Regulation4 days ago
G7 Approves The Japan Crypto-Based SWIFT Alternative
Bitcoin News4 days ago
Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run
Press Releases4 days ago
Sorry Mr President, cryptocurrency has a bright future
Altcoin News3 days ago
Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
Blockchain News4 days ago
Blockchain Investments Could Drop 60% This Year Due To Bitcoin: Report