By CCN Markets: Facebook’s unveiling of Libra, its cryptocurrency project coming in 2020, has caught the attention of many, including the French Finance Minister. Bruno Le Maire, speaking on French Radio, has said that this new cryptocurrency cannot operate as a sovereign currency. Facebook’s Libra project intends to introduce a digital currency for usage on its platforms. However, this is raising several economic issues. Concerns on its regulation, and the status of this currency, are up for debate with Le Maire giving some stern warnings. Stern Libra warning With its reach of over 2.3 billion users, Facebook’s cryptocurrency could well call
Ehud Barak served as the prime minister of Israel from 1999 to 2001. These days he makes a lot of money as an investor and co-founder of startup companies in such fields as cyber espionage and cannabis. However, he seems to think that investing in cryptocurrency is less legitimate.
Former Israeli Prime Minister Ehud Barak praised blockchain as an important technology but thinks bitcoin is a Ponzi scheme that should be avoided. Barak — who was prime minister from 1999 to 2001 — made the remarks at the Globes Most Promising Startups event in Tel Aviv, Israel. Barak recently invested in, and became chairman of, the medical cannabis
The post Bitcoin is a Ponzi Scheme, Says Former Israel Prime Minister Ehud Barak appeared first on CCN
Russian Economic Development Minister Maksim Oreshkin has stated that while bitcoin has deflated like a “soap bubble,” it has impacted the world positively by boosting investment in new technologies. Speaking to the media on Wednesday at Russia Calling, an investment forum organised by VTB Capital, Oreshkin said that despite the woes of the crypto market,
The post Bitcoin Deflated Like a ‘Soap Bubble’: Russian Economy Minister appeared first on CCN
Malaysian Finance Minister Lim Guan Eng has revealed that a new set of comprehensive regulations guiding the activities of crypto exchanges and ICOs will come into effect in Q1 2019. Speaking in Kuala Lumpur on Wednesday at the FinTech Conference 2018 organised by Malaysia’s Securities Commission, he revealed that the new regulations are part of
The post Malaysia’s Finance Minister: Crypto Regulation to be Enforced in Q1 2019 appeared first on CCN
The Deputy Prime Minister of Thailand, Wissanu Krea-ngam, has called for the enhancement of cryptocurrency regulations in the country. Speaking during the fourth regional Counter-Terrorism Financing Summit which took place in Bangkok, Wissanu argued that there was a need for more domestic and international legal measures to be put in place to prevent the misuse
The post Thailand’s Deputy Prime Minister Advocates for More Cryptocurrency Regulations appeared first on CCN
New Zealand’s Prime Minister, Jacinda Ardern, is the latest high-profile individual to be used in perpetuating a cryptocurrency scam. According to the Prime Minister’s office, various ads bearing her image have appeared on social media network Facebook with the intention of persuading citizens of the Asia Pacific country to invest in a cryptocurrency startup. To
The post Exposed: Bitcoin Scam Used New Zealand’s Prime Minister as an Endorsement appeared first on CCN
Malta’s prime minister, Joseph Muscat, has told the U.N. that cryptocurrencies are “the inevitable future of money.”
Less than a fortnight since his appointment as Zimbabwe’s finance minister, the new treasury boss is potentially placing himself on a collision path with the country’s central bank with his pro-cryptocurrency stance. According to Mthuli Ncube, Zimbabwe’s newly minted Minister of Finance, cryptocurrencies could assist the southern Africa country to solve the cash crunch that
The post Cryptocurrency Could Solve Zimbabwe’s Cash Shortages: Finance Minister appeared first on CCN
While countries around the world argue and dither over how to effectively control, manage, or ban cryptocurrencies, the tiny Mediterranean island of Malta is looking to become the blockchain capital of the world.
Valour and Firmness (and Crypto)
When it comes to effective cryptocurrency regulation and encouragement, Malta is years ahead of (most of) the competition.
As noted by Bloomberg, the island nation’s Prime Minister, Joseph Muscat, has claimed that cryptocurrencies are “the inevitable future of money” and will form the future global economy’s foundation.
France’s Finance Minister, Bruno Le Maire, is the latest high profile person to embrace the power of crypto as he realizes the benefits that virtual currencies offer.
We know that cryptocurrency prices have a reputation for taking investors on a rollercoaster ride. Bitcoin was trading at over $ 20k one week, then dropping to $ 8k a few weeks later. However, this pendulum swinging isn’t just reserved for the markets.
Prominent figures who initially had one opinion on crypto are doing a 180 and adopting a completely different outlook (ahem, Jamie Dimon). France’s Finance Minister, Bruno Le Maire, is yet another Bitcoin backtracker in the wake of crypto discussions held during the recent G20 summit in Argentina.
The world’s largest cryptocurrency has found a new home on one of the world’s smallest island states. Prime Minister Joseph Muscat warmly welcomed the cryptocurrency platform and spoke of his desire for Malta to become “global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies”. Colleagues joined him in welcoming Binance and spoke of a desire for Malta to become known as “the blockchain island”.
Also read: Zhao Dong Recounts How He Lost 9,000 BTC
In a six-page letter to the Dutch senate and house, Finance Minister Wopke Hoekstra has outlined his concerns over the rapid and dramatic growth in cryptocurrencies.
Hoekstra emphasized that there has been little time to understand and react to the changing landscape and that the current supervision and regulatory framework is ill equipped to deal with it. Because of the cross-border nature of the technology and markets, closing those gaps requires a unified approach across governments and borders. The minister will actively be working in a European context, but the entire process will take time and coordination between disparate governments and agencies.
Wopke Hoekstra, the Dutch finance minister, has issued a letter to Holland’s parliament describing the current regulatory framework pertaining to cryptocurrencies as “insufficiently equipped.” The minister advocates the development regional and international regulatory efforts in response to the burgeoning digital currency phenomenon.
Dutch Cryptocurrency Investment Soared in 2017
Mr. Hoekstra’s letter discusses the current regulatory framework in place governing cryptocurrencies, in addition to “bitcoin futures and other high-risk derivatives such as binary options.”
South Korea’s government has confirmed it has “no intention” of banning or “suppressing” cryptocurrency trading in fresh comments on the industry.
‘No Intention To Ban’
In comments Wednesday quoted by Reuters, finance minister Kim Dong-yeon, who earlier in January said that a shutdown was still a possibility, finally ended apprehension surrounding the future of cryptocurrency trading in the country.
Kim had faced a 200,000-strong petition demanding he be fired from his position after the comments, which along with those by justice minister Park Sang-ki, sent shock waves through cryptocurrency markets and sparked public outrage.