Facebook’s Libra Comes Under House Scrutiny
This week on the Hill Congress questioned David Marcus, head of Facebook’s Calibra initiative on the social network’s proposed new cryptocurrency, Libra. Lawmakers tried to get a handle on how the federal government could monitor and manage this new payment system that could potentially allow users to easily transfer money. Facebook says the new coin will help those who may not be able to afford or don’t have access to a traditional bank. Marcus told lawmakers Facebook will wait to launch Libra until they have addressed all regulatory concerns.
Japan to Create New Crypto Trading Platform
The Japanese government recently announced plans to develop a new international cryptocurrency trading platform to help prevent money laundering through digital assets. The new network would be similar to the SWIFT network currently used by banks to send money around the world. In 2017 Japan became the first country to regulate cryptocurrencies. The developers plan for the platform to be operational in a few years.
Commodity Futures Trading Commission Investigating BitMEX
The Commodity Futures Trading Commission (CFTC) recently launched an investigation into cryptocurrency exchange BitMEX, and whether the exchange allowed American users to trade on the platform. In January BitMEX CEO Arthur Hayes said the exchange removed anyone from the US from its platform, however, he agreed that users could hide their true location through a VPN.
On August 19th, Binance, the world’s leading crypto exchange, announced that it will be releasing a new blockchain project: Venus. Venus is Binance’s initiative to build a compatible ecosystem of stablecoins that will place the currencies of both developed and developing countries on an equal playing field.
Aimed to rival Facebook’s Libra coin, Venus is a progressive cryptocurrency call-to-action. Venus has the power to unify the digital currency world through its objective to “build a new alliance and sustainable community” on one local platform by partnering governments with powerful corporations, tech giants, and top crypto firms, according to a Cointelegraph article on the project.
Venus attempts to solve value variances and inflation throughout world economies through its stablecoin platform. As an ecosystem of stablecoins, the public chain technology that supports Venus allows for cross-border transactions that will allow for the implementation and development of new stablecoins that can be used anywhere the Venus project is supported.
Venus has the potential to unify the world and its economies as we know it. Although there is a disparity between the world’s richest and least developed countries, the development and implementation of stablecoin cryptocurrencies is actually beneficial for empowering the poorest among us. There are millions throughout the world that have limited to no access to modern technology, but equipping a poor population with assets of any kind provides them the opportunity to develop a financial identity, even if it is through their paper wallets. While there are several hurdles to address before total technological and financial equality becomes a reality, the Venus project provides a first step and a further call-to-action to lessen the global tech disparity.
The announcement of Venus is exactly what the objective behind the blockchain movement is all about: financial freedom and equality. “Financial inclusion is important for reducing poverty, by allowing people to manage savings, receive loans, and build credit,” claims Angela Rastegar of Hackernoon. This blockchain initiative gives the least technologically advanced a new hope for economic and financial freedom.