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#CryptoCorner: Libra Scrutinized in U.S., UK and Japan, Cuba Considers Cryptocurrency

 

Point Roberts, WA and Delta, BC - July 3, 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 Scrutinized in U.S., UK and Japan, Cuba Considers Cryptocurrency

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Crypto Corner

Stocks discussed: (NasdaqGS:FB)

DC-based consumer rights think tank Public Citizen has published a letter requesting a moratorium on Facebook's (NasdaqGS:FB) Libra project. The letter argues that Libra poses too many unaddressed risks, and seeks clarification on the cryptocurrency's relationship to: governance, national sovereignty, law enforcement and taxation, consumer protection, privacy, competition and systemic risk. The more than 30 entities that endorse the letter agree:

All of us believe the risks posed by Facebook's proposal are too great to allow the plan to proceed with so many unanswered questions.

Also yesterday members of the U.S. House of Representatives sent an open letter to Facebook requesting a cease to the development of Libra. Addressed to Facebook CEO Mark Zuckerberg, COO Sheryl Sandberg and Calibra CEO David Marcus, the letter cites concerns surrounding "privacy, trading, national security, and monetary policy" affecting "Facebook's over 2 billion users, but also for investors, consumers, and the broader global economy".

Because Facebook is already in the hands of over a quarter of the world's population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail.

It would seem that Libra just can't get a break. Reuters reports that Christopher Woolard, executive director of strategy and competition at the Financial Conduct Authority in the UK - the country's financial watchdog - said the project's "size and scale will pose questions for society and government more generally about what is acceptable and desirable in this space".

And the trend continues with Nikkei Asian Review reporting today that the Bank of Japan (BOJ) is voicing concerns about the digital coin. According to the report, an unnamed BOJ official stated that "It will move money into an absolutely virtual world, so it is completely different than other forms of digital payment".

SBS News reports that the government of Cuba is considering the use of cryptocurrency to alleviate economic troubles fuelled by U.S. sanctions. This is similar to what Cuban ally Venezuela did with their cryptocurrency Petro, though the latter's experiment failed to stave of economic collapse.

Sam Mowers, Investorideas

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