Crypto last week – MXC exchange
Ex-owner of WEX cryptoexchange Dmitry Vasilyev was detained this week in Italy, GHP Group Mark Garber acquired the Vostok blockchain project, and in the US Congress there were hearings about the Libra cryptocurrency project from Facebook.
David Marcus, who heads up the Calibra project of Facebook, on July 16–17, explained to the US Congress the concept of the Stablecoin Libra. During a speech in the US Senate, he said that the currency would be launched only after receiving the relevant permission from regulators. Experts were invited to the hearings to give an overview of the cryptoindustry. One of them was Meltem Demirors, Chief Strategy Officer at CoinShares — she explained how Libra differs from Bitcoin and why this steyblecoin is much weaker than the main cryptocurrency.
Gary Gensler, who headed the CFTC from 2009 to 2014 and held senior positions in the US Treasury, in his commentary to the US House of Representatives said that the new cryptocurrency project Facebook looks like an investment tool and that Libra has signs of a banking structure.
Congressman Timothy Mac Henry admitted that bitcoin has already become an “irresistible force”
According to JP Morgan CEO Jamie Dimon, the output of Libra cryptocurrency does not pose any threat to the traditional market.
Liu Dongmin, head of the World Finance Center at the Institute of World Economics and Politics of the Academy of Social Sciences of the People’s Republic of China, believes that the Libra cryptocurrency of the social network Facebook can become global only if all central banks develop regulatory measures that ensure financial security.
The G7 finance ministers said that Facebook’s Libra cryptocurrency could destabilize the global economy and be used to launder money and finance terrorism.
Thus, the Minister of Finance of Japan, Taro Aso, said that the Japanese government doubted the reliability of the Libra cryptocurrency, although it considers it a convenient means of international remittances. German Finance Minister Olaf Scholz believes that competition between the Libra token and the euro cannot be allowed. He stressed that in the territory of the European Union the euro is the only official payment instrument. US Treasury Secretary Stephen Mnuchin believes that innovation is necessary for the development of the American economy, but their introduction should not harm the dominance of the US dollar in the global market.
According to Brad Garlinghaus, the CEO of Californian startup Ripple, digital currencies are unlikely to be able to force fiat money out of circulation. CEO Ripple is confident that cryptocurrency has enormous potential, and for its disclosure it is necessary to cooperate with regulators. It is necessary to integrate into the existing financial system, and not to oppose it, stressed Garlinghaus.
In a recent comment for Bloomberg, the head of Binance Changpang Zhao said that the institutional demand for bitcoin is not the cause of the current rally of bitcoin, as some think, so you should not expect the extreme volatility of the cryptocurrency market to smooth out soon.
According to the popular TV presenter Max Kaiser, only two cryptocurrencies have great prospects: Bitcoin and Monero. Kaiser is known as an ardent supporter of Bitcoin, but now the TV host believes that in addition to Bitcoin, the Monero coin will be able to occupy a dominant position in the cryptosphere thanks to the embedded transaction privacy system.