The latest Coinbase news bring the head of the United Kingdom brach named Zeeshan Feroz, arguing that the world needs centralized entities that support cryptocurrency. The Coinbase UK CEO noted that entities like central banks and Facebook are more than needed for overall support of the entire crypto ecosystem.
In an interview that Feroz had with CNBC published on October 24, he said that there are two ways for cryptocurrency to go mainstream. One of them is the central bank digital currency (CBDC) issuance and the other is Facebook’s Libra stablecoin which is expected to launch in 2020.
As distinct from cryptocurrencies as possible, a CBDC is a digital currency that is issued by a central bank. The point of the Coinbase UK CEO with a currency like this is to exploit its legal tender status that depends on government regulation or law. CBDCs such as the digital US dollar or British pound, according to Feroz, could “catalyze adoption in a way that us geeks in Silicon Valley might not be able to.”
Aside from this, Feroz did not mention the only CBDC that has been announced by a major global economy to date: the People’s Bank of China and its digital renminbi. As he continued, another route to mass adoption would be through Facebook and “with the billions of users that they have.”
The Coinbase UK CEO was in the Libra coin news for stating the following:
“Libra as a currency has the potential to be a form of payment that is really universal in its nature. It’s not going to be easy, you’re really challenging the status quo. We’re at step one of a thousand step journey.”
Coinbase is one of the 21 remaining companies that are part of the Libra Association, which is an organization known for being under scrutiny by lawmakers across the world and consequently losing seven high-profile participants such as Visa, eBay and Mastercard.
The Coinbase UK CEO also argued that at the end of the long journey with Libra, we could be poised to establish “a financial system that is more open, where people can send funds globally as easily as you send an email.”
When talking about central entities, Feroz pointed out to a place for centralized businesses where they would support the cryptosystem.
“To transition from the world we’re in today to that utopia, perhaps you need centralized entities, you need an on and off-ramp. You can’t buy crypto if you don’t have a centralized business that can maintain those relationships with banks,” the Coinbase UK CEO concluded.
Coinbase And Ripple Executives Want To Drive US Crypto Adoption
“To improve market integrity and provide consumers the confidence they deserve, Congress may need to enact legislation to support the orderly and secure functioning of crypto markets.”When it comes to regulations, the Coinbase and Ripple executives noted:
“Such legislation could expand the Commodity Futures Trading Commission’s (CFTC) authority to include the regulation and oversight of digital commodity exchange markets.”They also expanded on the need for a regulatory framework and said that state-specific regulations are to blame now.The Market Integrity Working Group has the Blockchain Association behind it. As these Coinbase and Ripple executives said in the crypto news today, exchanges are hobbled by many regulatory frameworks in the US and as a result of that, new exchanges find it hard to enter the market while existing ones have a hard time remaining compliant.
“Consumers and cryptocurrency exchanges deserve a clear regulatory framework, the establishment of which would ultimately enhance market integrity and drive consumer adoption of cryptocurrencies.”The executives from Coinbase and Ripple now argue that the new exchanges face byzantine burdens while existing exchanges struggle against compliance requirements. However, a regulatory framework would help them bolster market integrity and would encourage consumer adoption of cryptocurrencies.Before this, we saw that Coinbase announced Dogecoin (DOGE) and Stellar (XLM) support on their wallet and developed a new asset listing process. On the other hand, Ripple's XRP token was in the news for trading high and reaching new monthly highs. Right now, the altcoin is at $0.2329 with a 2.17% increase on the day and a market cap of $10.18 billion.Speaking of which, the market has returned to its previous highs and is now stable at $247 billion and preparing to cross the major psychological barrier at $250 billion.
Coinbase Wallet Nears 1 Million BTC, Exchanges Hold Record Levels Of Crypto
“More individuals and institutions need to learn how to self custody,” the Tales from the Crypt Podcast host Marty Bent said in a recent episode.Meanwhile, as the Coinbase wallet nears 1 million users, the exchange is by far the one with the largest BTC holdings. However, the majority of the major trading platforms are seeing their balances increase now.Now, there is a dedicated effort to inspire Bitcoin holders to remove their coins from exchanges and place them in wallets to which they control the private keys. On top of all this, a recent analysis from Proof of Keys on exchange wallets shows that the most recent event on January 3 did not spark mass withdrawals.
“Coinbase’s apparent dominance and steady growth may be because it attracts a large share of long-term/institutional investors, who are less concerned with short term price swings,” one expert said.A couple of days ago, Coinbase officially rolled out support for Cosmos (ATOM) which was a move that many praised in the altcoin news. As the Coinbase wallet nears 1 million BTC, it is important to stimulate other altcoins and expand on the support.Before this, news emerged showing that Coinbase Pro is available on Android devices in a move that went to embrace the importance of mobile nowadays.
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