US Treasury Secretary Fears Facebook Libra Could Be Misused by Terrorists

US Treasury Secretary Fears Facebook Libra Could Be Misused by Terrorists

In a press conference on Monday, US Treasury Secretary Steven Mnuchin expressed his concerns regarding the role that Facebook’s Libra could potentially play in financing terrorism and facilitating money launderers. He even termed it a “national security issue.” Mnuchin said: “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human trafficking.” He was of the view that the folks…

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US Lawmakers Push to Keep Big Tech Out of the Financial World with New Proposed Legislation

US Lawmakers Push to Keep Big Tech Out of the Financial World with New Proposed Legislation

In a legislative draft titled “Keep Big Tech Out Of Finance Act,” members of the US Democratic Party are working towards passing stringent rules to discourage big tech firms eyeing the financial market. This legislation is especially targeted at big firms such as Facebook who wants to function as a financial institution or issue virtual currencies. According to the draft, a large tech firm is one which majorly offers an online platform service and has…

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The Winklevoss Brothers Recommend Zuckerberg to Cooperate with the Feds

The Winklevoss Brothers Recommend Zuckerberg to Cooperate with the Feds

Despite their rocky relationship with Facebook CEO Mark Zuckerberg, the Winklevoss twins believe in Facebook’s bet on cryptocurrency, the two said in an interview with CNBC. They have always been vocal in their support of crypto and now they’ve come out in support of Facebook’s Libra. ″[Libra] is very positive for crypto, a company the stature of Facebook talking about crypto currencies demystifies the word and makes people feel a lot more comfortable,” said Tyler…

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President Donald Trump Spouts Crypto-Bashing Tweets; The Crypto Community Responds

President Donald Trump Spouts Crypto-Bashing Tweets; The Crypto Community Responds

The most powerful man in America (and possibly in the world), President Donald Trump, aggravated the crypto community on July 12 when he took to his Twitter account to rain down fire and brimstone on Bitcoin, the soon-to-be-launched Facebook Libra, and other cryptocurrencies. In his multiple crypto-bashing tweets, Trump stated without mincing words that he is not a fan of cryptocurrency. Punching even harder, Trump added that cryptocurrencies “are not money” and that their value…

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Second Crypto Investment for Visa with Cryptocurrency Holdings Startup Anchorage

Second Crypto Investment for Visa with Cryptocurrency Holdings Startup Anchorage

Visa, one of the largest payment processors in the world has recently made its second investment in cryptocurrency startup called Anchorage. As reported by Fortune, the company has reportedly invested millions of dollars during Anchorage’s new funding round. Both Visa and Anchorage have partnered with Facebook for its cryptocurrency project Libra. This is the second time that Visa has shown interest in a cryptocurrency startup and poured millions into it. Visa first invested in a…

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China to Accelerate Development of State-Issued Cryptocurrency

China to Accelerate Development of State-Issued Cryptocurrency

Facebook’s Libra has already created a deep impact on regulatory bodies across the United States and Europe. Now, according to a new report, China is also concerned about Libra as it can bring instability to the financial system of the authoritarian state, which pushes it to advance its research of its own state-based cryptocurrency. The People’s Bank of China (PBOC) is going to play a major role in the efforts to develop the country’s own…

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European Central Bank: Development of Facebook’s Cryptocurrency Libra is “Too Dangerous”

European Central Bank: Development of Facebook’s Cryptocurrency Libra is “Too Dangerous”

The newly-introduced cryptocurrency Libra of the social media giant Facebook has already created chaos in the crypto sphere and shaken financial regulatory bodies across the globe. Facebook Libra is a stablecoin backed by USD and it is quite different from Bitcoin, but it still works on the principle of decentralization (at least to a degree) which has become major concerns amongst regulators. Not only in Washington but regulators in Europe are also moving quickly to…

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US Congress Tells Facebook to Pull the Breaks on Libra’s Development

US Congress Tells Facebook to Pull the Breaks on Libra’s Development

The United States House of Representatives Committee on Financial Services demands from Facebook and its partners to stop the development of the Libra cryptocurrency stablecoin. This is just the latest hurdle in Facebook’s path to making Libra a globally accepted digital currency. Regulators across the board have been coming out one after the other against Libra. However, this might be the greatest threat to the stablecoin that Facebook has faced to date. In an open…

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Facebook Libra Braces for Unprecedented Global Scrutiny Towards Regulatory Compliance

Facebook Libra Braces for Unprecedented Global Scrutiny Towards Regulatory Compliance

It’s only been a couple of weeks since Facebook released its stablecoin Libra’s whitepaper and in tat short amount of time, many regulators from around the world have come out against Libra. Accordingly, a new report by Reuters claims that Libra is going to “run a regulatory gauntlet” as it crawls towards regulatory compliance. Libra faced immediate backlash from US, German, French, British and Russian lawmakers. The reason for this harsh reaction from the legislative…

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Facebook Libra Won’t Receive Any Special Treatment from Russia’s Finance Ministry

Facebook Libra Won’t Receive Any Special Treatment from Russia’s Finance Ministry

Ever since Facebook released the whitepaper for its cryptocurrency Libra, regulators across the globe have been commenting on its implications over the world and national economies. The Russian Finance Ministry will not issue any special regulations for Facebook’s upcoming digital currency Libra, deputy minister Alexei Moisseev said to local news outlet Interfax. Russia has categorically denied that Libra will get any special treatment in the upcoming legislation for regulation of digital assets. Moisseev was answering…

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