#CryptoCorner: Libra May Not Launch in India, Australia's NAB Leery of Libra, LINE Close to Licensing for Crypto Exchange and Litecoin Foundation to Launch Crypto Debit Card
Point Roberts, WA and Delta, BC - June 20, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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#CryptoCorner: Libra May Not Launch in India, Australia's NAB Leery of Libra, LINE Close to Licensing for Crypto Exchange and #Litecoin Foundation to Launch Crypto Debit Card
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Stocks discussed: (NasdaqGS:FB) (NYSE:LN)
It looks like Facebook's (NasdaqGS:FB) Libra will not be available in India, according to local outlet the Economic Times. The article cites people "directly in the know", who explain that Libra won't launch in markets where cryptos are illegal, and that Facebook had not formally applied for Libra to the Reserve Bank of India (RBI).
Also leery with regard to Libra is National Australia Bank (NAB) business banking chief Anthony Healy, who said that Facebook's massive user base made the cryptocurrency risky, according to The Sydney Morning Herald.
"They're not the first company to launch a crypto payment solution, but they do have immense reach obviously through their Facebook platform. With a billion plus users on its platform, it is clearly a threat."
However Healy also indicated positive consequences that could result from the example, whether successful or not, of Libra.
"Like all fintech disrupters, they're all potential threats, but they're also opportunities for us to learn, and if some of these emerge as real threats we can learn from them, develop our own capabilities and respond appropriately."
MarketWatch reports that the U.S. Senate Banking Committee has set the date July 16 for a hearing on Libra. The hearing is titled: Examining Facebook's Proposed Digital Currency and Data Privacy Considerations. On Tuesday Facebook said:
"We look forward to responding to lawmakers' questions as this process moves forward."
Bloomberg reports that Japanese messaging app giant LINE Corporation (NYSE:LN) is close to obtaining a license for its cryptocurrency exchange BitMax. "People familiar with the matter" say that approval may be granted by the end of June, allowing operations to commence within a few weeks of licensing. BitMax will enable LINE's 80 million users to buy, sell and trade cryptocurrencies including the platform's own native token, Link.
Litecoin Foundation has teamed up with Bilbox Exchange and blockchain firm Ternio to launch Litecoin BlockCard, a debit card that will "enable users to spend the value of their cryptocurrency either online or in physical store locations, anywhere in the world where major credit cards are accepted". Charlie Lee, creator of Litecoin (LTC) and Managing Director of the Litecoin Foundation, said:
"This is an exciting partnership for us as it furthers the Litecoin Foundation's mission to create more use cases for spending Litecoin in everyday life. Leveraging Ternio's BlockCard platform with Bibox's exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world."
Sam Mowers, Investorideas
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