Attitude

  • Goldman-Backed Apple Card Restricts Cryptocurrency Purchases

    Cryptocurrencies cannot be purchased with the new Apple credit card according to the American multinational technology company’s recently published customer agreement guidelines. The Apple card’s restrictions indicate that the company’s partner, Goldman Sachs, is leery toward cryptocurrencies and other “cash equivalents” like lottery tickets and casino chips. No Crypto Purchases With the Goldman Sachs Backed Apple Card The technology giant Apple (AAPL) recently announced the launch of a credit card, which allows people to spend credit with an annual percentage rate (APR) between 13-24%. The California-based firm revealed the card will be released at some point this month, according to the firm’s third fiscal quarter earnings call. Some of the biggest selling points for the new Apple Mastercard include: virtual use, no annual fees, and no fees for transactions and penalties. Another interesting aspect is that the card will not feature the traditional Mastercard 16-digit number or CVV code. “Thousands of Apple employees are using the Apple Card every day in a beta test and we will begin to roll out the Apple Card in August,” Apple CEO Tim Cook revealed…

    Aug 5, 2019
  • Circle CEO Allaire to Congress: Treat Crypto as a New Asset Class

    Crypto will take center stage on Capitol Hill for the second time in as many weeks when the U.S. Senate Banking Committee convenes Tuesday to discuss current and potential regulations. Jeremy Allaire, CEO of Circle, will testify as a representative of the Blockchain Association trade group. He will be joined by University of California at Irvine School of Law professor Mehrsa Baradaran and Congressional Research Service specialist Rebecca Nelson. The hearing is set to examine the regulatory questions around the industry and should be fairly broad, unlike the hearings on Facebook’s Libra project earlier this month. “It’s going to be a discussion about the broader industry and what are the regulatory challenges and what can the U.S. be doing better, so I’m pretty optimistic,” said Kristin Smith, head of the Blockchain Association. In his prepared remarks, Allaire calls for Congress to treat digital assets as its own asset class, as current regulatory burdens may make it difficult for U.S. companies to conduct business. “Being a law-abiding U.S. citizen should not put U.S. companies, or U.S. industry, at a disadvantage in the development of…

    Jul 30, 2019
  • Huawei CEO: Why Wait for Facebook? China Can Issue Its Own ‘Libra’

    The CEO of Chinese tech giant Huawei thinks that China can compete with Facebook for market share by issuing its own digital currency. Huawei CEO: ‘Why wait for others to issue it?’ As national news outlet Sina reported quoting a press conference in Italy on July 18, Ren Zhengfei believes China can easily create a digital currency with the same value proposition as Facebook’s Libra. “China can also issue such a currency by itself. Why wait for others to issue it? The power of a country is always stronger than an Internet company,” he said responding to a question from Italian economics journalist, Fabio Savelli. The comments follow concerns from China’s central bank, the People’s Bank of China (PBoC), that Libra could pose a threat to the country’s economy in some respects.  Beijing developing its own digital currency As Cointelegraph reported, earlier this month, the PBoC’s director, Wang Xin, said that if Libra is mostly pegged to the U.S. dollar, China would be at a disadvantage. “If so, it would bring a series of economic, financial and even international political consequences,” he claimed. Beijing is reportedly in the…

    Jul 26, 2019
  • US Treasury Secretary Mnuchin Voices New Pessimism About Bitcoin’s Future

    United States Treasury Secretary Steven Mnuchin voiced new bearish views on Bitcoin today, saying that he probably will not be talking about the number one cryptocurrency in as soon as five years. In an interview with “Squawk Box” CNBC on July 24, Mnuchin said: “I won’t be talking about Bitcoin in 10 years, I can assure you that […] I would bet even in 5 or 6 years I’m no longer talking about Bitcoin as Treasury Secretary. I’ll have other priorities […] I can assure you I will personally not be loaded up on Bitcoin.” Mnuchin’s latest remarks follow a recent statement about how cryptocurrencies primarily exist as a vehicle for crime and speculative investment, saying, “I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”  However, CEO and Digital Currency Group founder Barry Silbert celebrated the Treasury Secretary’s remarks, saying that they were “complete and total validation of Bitcoin.” Money Laundering Mnuchin also recently claimed that fiat money is not laundered to the extent that Bitcoin is. In a separate Squawk Box interview, Mnuchin said that the U.S. has the strongest Anti-Money Laundering…

    Jul 25, 2019
  • Trump Tweets Opposition to Crypto, Specifically Libra and Bitcoin

    United States President Donald Trump voiced his opposition to cryptocurrencies as a whole, citing Bitcoin and Libra specifically, in a series of tweets published around 8:15 p.m. EST on July 11. The full text of the three tweets reads:  “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity…. “…Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National… “…and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!” What prompted Trump to issue these tweets is a matter of speculation. They came the night…

    Jul 12, 2019
  • How 10 Countries Respond to Facebook’s Libra Cryptocurrency

    A growing number of governments have responded to Facebook’s cryptocurrency plans including China, France, India, Japan, South Korea, Russia, Singapore, Thailand, the U.K., and the U.S. Several intergovernmental organizations have also weighed in such as the European Central Bank and the Bank of International Settlements. Facebook’s Libra Project Facebook unveiled its plans last month for newly formed subsidiary Calibra which aims to provide financial services via the Libra network. “The first product Calibra will introduce is a digital wallet for Libra, a new global currency powered by blockchain technology. The wallet will be available in Messenger, Whatsapp and as a standalone app — and we expect to launch in 2020,” the social media giant announced. Calibra has been providing information to central banks worldwide regarding its Libra plans to create understanding and exchange information, according to Calibra CEO David Marcus. Regarding which countries Calibra will be available in, a Facebook spokesperson told news.Bitcoin.com on July 9 that “Calibra won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies,” elaborating: The Libra blockchain will be global. It will be up to custodial…

    Jul 12, 2019
  • PBoC Will Create Cryptocurrency to Meet Libra Challenge

    The release of the Libra white paper has brought the participants in the traditional financial technology field to the enemy, and has also promoted global geopolitical competition. The US Congress expressed opposition. The SEC decided to relax the regulatory barriers to cryptocurrencies, speed up the global rules for cryptocurrency regulation, and China is releasing the layout signal to create cryptocurrencies. Recently, the People’s Bank of China (Branch in Shenzhen) said that the trade blockchain platform created by the People’s Bank of China has processed more than 30 billion CNY (about 4.36 billion US dollars) of foreign exchange transactions. The platform has access to 28 banks and 483 outlets. The use of blockchain technology avoids slow paper tracking between multiple receiving departments in a traditional banking environment. Next, the platform will accelerate ecological construction and nationwide promotion, and is ready to interface with similar platforms such as HKICL to provide more convenient trade financing services. In the future, the platform will connect to more similar platforms of national and international organizations. According to South China Morning Post, Wang Xin, director of the…

    Jul 10, 2019
  • Now Japanese Regulators Are Getting Anxious About Facebook’s Cryptocurrency

    Japan’s central bank has joined the regulators worldwide expressing concerns over the potential risks posed by Facebook’s Libra cryptocurrency project. A report from Nikkei Asian Review on Wednesday indicates that the Bank of Japan (BoJ) has concerns that Libra – a planned cryptocurrency backed by a basket of fiat currencies and government securities – will be tough to regulate and could bring risk to the financial system. Nikkei cited as unnamed official from the BoJ as recently saying: “It will move money into an absolutely virtual world, so it is completely different than other forms of digital payment.” The report suggests that by linking Libra to more than one national currency, Facebook may be trying to avoid undue control from any single nation’s regulators. The Bank of Japan’s governor, Haruhiko Kuroda, has said he intends to “keep careful watch” on whether cryptocurrencies could become generally adopted as a means of payment, and how existing financial and payment systems might be affected. The report further posits that, as Libra users withdraw money to buy the token from regional banks, Facebook would likely place those reserve funds…

    Jul 4, 2019
  • ‘A Very Expensive Failure’: Blockchain Experts Slam Facebook’s Libra Cryptocurrency

    A lot has already been said about Facebook’s Libra cryptocurrency and its ambition to disrupt the finance world. But what about the blockchain technology that powers it? Blockchain experts have poured over the technical documents and played with the Libra protocol testnet. Suffice to say, they’re not convinced about Libra’s claims. Facebook launched the Libra protocol blockchain testnet on Tuesday, but experts aren’t convinced. “A disaster in slow motion” Bitcoin developer Tamas Blummer offered the most damning assessment of the Libra protocol. He said Facebook is abusing its position to muscle into the blockchain world. “Trying to buy leadership in a cutting edge technology is very expensive and likely futile. I am pretty certain that this will be a very expensive failure, but a great door opener for Bitcoin.” Getting deeper into the blockchain itself, Blummer said the blockchain has more in common with Ethereum more than Bitcoin. It shares many of the same features as Ethereum such as sharding and a form of Practical Byzantine Fault Tolerance (PBFT). Indeed, it may even kill Ethereum and Ripple, Blummer claimed. “Libra resembles Ethereum more than Bitcoin. It…

    Jun 20, 2019
  • European Union Commission Demands More Standards for Blockchain Interoperability

    The European Union Blockchain Observatory and Forum have recently affirmed that there is a need for a blockchain technology that has more standards and is more interoperable.

    Mar 13, 2019

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