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Crypto Market Falls As Federal Reserve Chairman Says Libra ”Cannot Go Forward”
The Chairman of the Federal Reserve, Jerome Powell, recently spoke before the US House Financial Services Committee. In his talk, Powell put an emphasis on that Facebook’s Libra crypto must handle regulatory concerns. Powell noted that unless there is “broad satisfaction” with the way Facebook does this, he does not think Libra can go forward. Libra “cannot go forward” without broad satisfaction These comments have had a substantial effect on…
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European Union Central Bank Will Not Add Bitcoin to Reserves, Says Bitcoin Is Not a Currency
The European Central Bank recently held a Q&A session in which they took questions from Twitter users. The Q&A session saw the ECB decline to recognize Bitcoin as a currency, quoting the ECB’s Chief Economist. Moreover, the ECB also said that it would not add any Bitcoin to its currency reserves. ECB Chief Economist: “Bitcoin is not a currency, it rather is a very volatile asset” This question came as…
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ECB Executive Calls Libra A “Wake-Up Call”, Calls For Swift Regulatory Action
A member of the European Central Bank has recently said that European financial regulators should act swiftly regarding Libra. Moreover, Facebook’s crypto is described as a crypto “wake-up call” for regulators and public authorities alike. Libra is a “wake-up call” for regulators This story was first covered by Bloomberg. According to Benoit Coeure, an executive board member of the European Central Bank, developing new asset classes – such as cryptocurrencies…
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South Korea’s Second Largest City Considers Launching Local Cryptocurrency
The second-most populous city in South Korea, Busan, is reportedly considering launching a local cryptocurrency. This crypto would supposedly take the form of a stablecoin pegged to the South Korean won. Busan, South Korea, plans local cryptocurrency This news comes from the South Korean technology news outlet ETnews. What’s more, the report supposedly details how the city of Busan would develop the stablecoin together with BNK Busan Bank.  BNK Busan…