The G7 task force has finally released its report. The latter highlights the shortcomings in the prevailing cross- border payment systems. However, the force is still wary if stablecoins will be able to resolve the same owing to their operational challenges. Member Nations To Allow GSC Launch Post Ensuring Regulatory Compliance The report alleges that
The Economic and Financial Committee has requested the European Commission to explore the risks posed by Facebook’s Digital Currency Libra and analyze if it will be regulated as virtual currency, a financial instrument or e-money. Potential Threat to Monetary Policy The national government envoys will delve into the analysis provided by the European Commission on the
Bitcoin, which was looking to break bearish in the past week, rejected yet another attempt to fall below $9000. The price of Bitcoin at 5: 30 hours UTC on 20th August 2019 is $10,796. It is trading 2.83% higher on a daily scale. The Bakkt announcement has had a significant positive effect on market sentiments.
The Senate hearing on Libra in the US put an indefinite stop to Facebooks’ cryptocurrency plans. Moreover, the Chinese were more apprehensive as they do not have access to Facebook currently. However, not all Central Banks see Libra as a threat. Reportedly, the President of the German Federal Bank, Jens Weidman, recently addressed a news
The Japanese minister of Finance, Taro Aso appealed to other G-7 finance ministers to take necessary assessments of Facebook’s cryptocurrency project, Libra. Looking Beyond Existing Regulations He urged them suggesting that Finance ministries of these regions access the project beyond existing financial regulations for any potential challenges that present regulations might overlook. According to Aso,
Global regulators are raising their concern over Libra’s impact on the financial industry. Following the US’s concern, Japan is also seeking to conduct an in-depth study on the Libra and the possible impact as well as affect it can create over the financial industry. Japan and Facebook’s Libra According to the latest report, Japan’s top