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Libra coin news

Is Bitcoin Down 15% Due To Fed Chair’s Criticism On Libra?

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The Bitcoin price rally has hit a snag this week as the most powerful banker in the world publicized his views on Facebook and its upcoming cryptocurrency project named Libra. Many best cryptocurrency news sites are asking: “Is Bitcoin down 15% due to this case?”

The BTC/USD instrument plunged by up to 15.43%, settling a session low of $11,169 today. After reaching $13,400 on Coinbase, the move downside took place after the Federal Reserve Chairman Jerome Powell expressed his ‘serious concerns’ about Facebook’s cryptocurrency, Libra.

Now, the question if Bitcoin is down because of this  remains – and the banker said that the social media giant’s project raises a lot of issues regarding “privacy, money laundering, consumer protection, and financial stability.”

“These are concerns that should be thoroughly and publicly addressed,” he added.

His comments reportedly spooked Bitcoin investors at a time when the cryptocurrency was hinting to retest the year-to-date high of $13,868.44. A string of large sell orders made traders ask themselves “is Bitcoin down” because of this – and whether the trend will continue.

Meanwhile, Facebook;s Libra presented a bullish case for Bitcoin but not for altcoins. The coming altcoin news showed that there was not a big rally for the altcoins. According to the billionaire investor Mike Novogratz, Facebook’s foray into the crypto space validated Bitcoin’s long-term potential as an asset.

“One of the largest companies in the world said we believe in cryptocurrencies. If you’re an institutional investor who’s getting close and still worried about investing, it makes you that much more confident,” he told CNBC in an interview.

US lawmakers have therefore went ahead and asked the Libra team to halt the development. Meanwhile, countries like China, Iran and Venezuela are apparently working on national cryptocurrencies – but refused to include the Facebook cryptocurrency into their existing financial systems.

“People valuing Libra is inseparable from the global dollarization trend, and maintaining a strong monetary status may put China in a favorable position. China should take precautions and undertake policy research,” said Xiaochuan Zhou, former governor of People’s Bank of China.

On the question “is Bitcoin down 15% because of this” we can only say that the losses continue and that at press time, BTC is at $11,731 with a market cap of $209 billion.

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Libra coin news

Facebook Wants A Series Of Stablecoins For Its Libra Project

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The pressure around Libra can be best seen in our latest Libra coin news. The latest updates show that the pressure continues to pile up on Facebook and that the social media giant is still determined to forge ahead with its grand crypto ambitions. Now, Facebook wants a series of stablecoins for the Libra crypto projects as part of its latest plan.Yesterday, the Libra Associaton said that it was considering basing its cryptocurrency on a range of fiat currencies instead of one synthetic one. As Reuters reported, the project lead David Marcus then said that the team is open to looking at alternative approaches following an avalanche of criticism and the defection of several major partners.Marcus confirmed that Facebook wants big things and then stated:
“We could do it differently. Instead of having a synthetic unit … we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc. We could definitely approach this with having a multitude of stablecoins that represent national currencies in a tokenized digital form.”
As we can see, the original plan was to have Libra pegged to a basket of fiat currencies which the consortium would hold and control themselves. The regulators and bankers around the globe saw this as a major threat to sovereignty and their own abilities to manage the monetary policy.The pressure was also too much for a number of key project partners including PayPal, Stripe, Visa and Mastercard, all of which decided to withdraw and leave the project with just one payments platform remaining. The US senators threatened severe action against the companies associated with the ambitious crypto project.Facebook wants a stablecoin pegged to other coins - but that does not change the fact that there are many concerns that such currency could be used for money laundering since the banks would not be able to monitor the capital flows. Last week, the G7 group of nations issued a report outlining a number of challenges and concerns that they had over the project. The Libra Association replied and stated that there was nothing to worry about and all of the issues would be addressed.
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Indian Minister Says That India Is ‘Extremely Cautious’ About Libra

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The Finance Minister Nirmala Sitharaman has said that India - just like many other countries - is right now showing a high degree of caution when it comes to the Facebook stalbecoin Libra. The Indian minister showed his scrutiny by the public and also spoke more about the Libra project.During the 2019 Annual Meetings of the International Monetary Fund and the World Bank in Washington, DC - which included a discussion of the Libra project - the Indian minister Sitharaman told reporters from the New Indian Express the following:
“On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this [...]. Countries will have to show extreme caution much before anything is said or moved on this.”
Sitharaman also noted that representatives of other nations had argued against the use of the term "stable currency" or "stablecoin" but instead emphasized the token and its links to cryptocurrency.As we previously reported in our Libra latest news, the stablecoin has been designated by Facebook as a type of digital asset that is designed to mitigate price volatility. As such, it was initially proposed to be backed by a basket of national fiat currencies such as the US dollar, Euro, Japanese yen, British pound and Singapore dollar.The Indian minister also said that while presentations at the annual meetings had conceded the prospective strengths of such virtual currencies, “everyone without fail spoke about the challenges together with talking about it as a necessary step forward. So everyone was stepping cautiously on it.”Circumspection in regards to Libra has indeed been reverberating among the citizens, cryptocurrency industry figures, governments, regulators as well as central bankers worldwide. Besides the Indian minister, China was also in the cryptocurrency news for ratcheting up its existing plans for a central bank digital currency in a bid to protect against the perceived threat to its monetary sovereignty and legal currency status.As the news then showed, the former governor of the People's Bank of China argued that “people valuing Libra is inseparable from the global dollarization trend.”
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US Senator Defends Libra Saying The Country Is Behind In Crypto and Fintech

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US Senator defends Facebook’s crypto project Libra since the cryptocurrency has flown under the radar of the governments. In the Libra Coin news today, we see that nearly for a decade the majority of the politicians in the western world have chosen not to talk about the subject matter regarding cryptocurrencies.This changed a lot when Libra was launched and Facebook’s crypto and blockchain project that has never missed a headline of every single large publication on the planet since its launch.But this changed with the launch of Libra, Facebook’s crypto and blockchain project that has no graced the headline of nearly every single large publication on planet Earth. Some of the most powerful people in the world and here including US President Donald Trump have not commented on Libra. The sentiment that was held by these prominent commentators has been widely bearish. Trump, for example, trashed bitcoin and said that the cryptocurrency is widely used in criminal activities before adding that Libra is not a real form of money in the US. However, not all of the politicians are bearish. In fact, one US Senator defends Libra.In a letter from October 17th, Senator Michael Rounds from south Dakota defended Libra. He sent the letter to Nathan McCauley which is the President of Libra partner Anchorage Trust company and stated his support of the project and even explained how disappointed he is in his colleagues not approving the innovation. Rounds explained that he sees promise in cryptocurrencies and digital payments but has seen the United States fall behind in this area. He wrote:
 “By 2022, digital wallets […] will comprise less than 10% of the U.S. consumer in-person payments.’’
While this is not something to worry about, Rounds asserted that with the payments industry still in infancy relative to the rest of the world, he is confused about how his colleagues reacted with such hostility to the creation of Libra. He did admit that he is concerned that cryptocurrencies can be used to do crimes but he remarked that Libra should continue to preserve and improve the lives of many Americans and the neighboring countries as well. This will be done by creating a cryptosystem that will allow the unbanked to be more integrated in the 21st century.
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China May ‘Rewire The World’ With Its Digital Yuan: Facebook

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New reports from Facebook and its chief David Marcus are in the focus of the blockchain news today, showing a warning sent to Washington. According to Marcus, stopping the launch of Libra will open the door for China to steal a key advantage in the world of digital currencies.As reported by Bloomberg, Marcus stated:
“The future in five years, if we don’t have a good answer, is basically China re-wiring [much of the world] with a digital renminbi running on their controlled blockchain.”
For those of you who don't know, American regulators have repeatedly called on Facebook to halt its proposed 2020 launch for the Libra cryptocurrency. They appear ready right now to impose new laws that would make a United States rollout impossible - including the so-called "Keep Big Tech out of Finance" bill.David Marcus retorted that blocking Facebook and its Libra project could backfire on American lawmakers. As China and other nations are known to be forging behind the scenes on digital fiat, there might be a bigger plot right now and something that could effectively end the dollar's control over the world economy.Marcus also warned the American regulators that they risked "having a whole part of the world completely blocked from United States sanctions and protected from United States sanctions – and having a new digital reserve currency [with no alternative].”Bloomberg's report also quotes a "former leader" and crypto pioneer from China and the central bank as stating that "the goal of the country’s project was to keep China from having to adopt a standard, like Bitcoin, designed and controlled by others.”Meanwhile, the Libra coin news show that the stablecoin appears to have finally found an ally in the American parliament. Rounds, who was a Republican senator for South Dakota Mike Rounds, wrote a letter to Libra's partner Anchorage where he expressed his support for the companies that are continuing to stand behind Facebook's forthcoming cryptocurrency.
“It would be unfortunate to shun a new solution that could connect more of the most vulnerable Americans to our financial services system,” Rounds said.
He also added that the US was in serious danger of falling behind the rest of the world in terms of cryptocurrency usage and infrastructure.
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