The Financial Stability Board which monitors the global economy believes that cryptocurrencies and especially Bitcoin, aren’t a threat to the world economy but should be monitored either way because of the fast evolution of the market. In today’s bitcoin news, we will see how that is the case.
According to a report by the Reserve Bank of India:
‘’The FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets. Its initial assessment is that crypto-assets do not pose risks to global financial stability currently.’’
However, the FSB remarked that cryptocurrencies are not a viable store of value and still can’t be used as a method of payment in the everyday life but despite this fact, they still don’t pose a threat to the global economy. Following their report, cryptocurrencies are simply problematic because of their high volatility.
The FSB monitors the world economy and makes strategies and recommendations to improve and promote stability. Their recommendations are not legally binding however it’s worth to listen to the members of the G20 finance ministers and central bank governors.
The Federal Reserve governor Lael Brainard also pointed out that the Fed is monitoring the behavior of the crypto prices and urged investors to take caution before investing in them. He also doesn’t believe that crypto poses a threat to the US financial stability.
Brainard’s Boss, however, Federal Reserve chairman Jerome Powell said that cryptocurrencies don’t have intrinsic value:
“Cryptocurrencies are great if you’re trying to launder money or hide money, so we have to be very conscious of that.’’
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Meet Libra: Deep Technical Analysis Of Facebook’s Cryptocurrency
“Enable a simple global currency and financial infrastructure that empowers billions of people”According to Facebook, the Libra project is decentralized but on its basis is actually semi-decentralized since it is controlled by a handful of corporations. The founding members of the crypto project include payments with the help of Visa, PayPal, PayU, and Mastercard. Also, technology and marketplaces helped by eBay, Farfetch, Lyft, MercadoPago, Spotify and Uber Technologies. Next, telecommunications with the help of Vodafone group, blockchain with the help of Coinbase, Xapo Holdings Limited and Bison Trails. The new project is also supported by venture capitalists such as Breakthrough Initiatives, Ribbit Capital, Andreessen Horowitz, and Thrive Capital. As mentioned in the latest cryptocurrency news, the whitepaper says that the ultimate goal is to become permission less blockchain but prior to this Facebook will set up the validators in order to make sure they create a monopolistic position over the network. Any company with a $1 billion valuation can now join the Libra’s affiliation.
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Ripple And MoneyGram Join Forces: $50M Investment On The Way
“Through Ripple’s xRapid product, we will have the ability to instantly settle funds from U.S. dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”As the website shows, MoneyGram is the second largest payments firm in the world. The coming altcoin news and its partnership with Ripple will also help the blockchain firm to gain presence in more than 200 countries (where MoneyGram actively operates). Much of the company's business lies in the remittances market, which value is estimated at around $600 billion. The CEO of Ripple, Brad Garlinghouse, also shared his excitement about the new Ripple and MoneyGram partnership, stating:
“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies."Payment processing and sending money globally through the blockchain are definitely something that can be improved with this new partnership. By joining Ripple's growing and global network, financial institutions can process their customers' payments anywhere in the world instantly, reliably as well as cost-effectively.
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