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CHINA’S CENTRAL BANK MAKING DIGITAL CURRENCY BECAUSE OF LIBRA

December 21, 2019


Justin Sun has a run in with the police, and China’s central bank is said to be developing its own digital currency as an answer to Facebook’s Libra. Let’s start the show. Welcome back to crypto global news, please make sure you like share and subscribe the show. Enjoy today’s episode. Justin Sun the founder of the crypto currency, Tron, had some strange news out this week regarding a reported situation with the Beijing police. There have been mixed reports on this, from people saying that the police raided the tron offices, to people saying they were just protecting the building. Since the original incident and mixed reports on what had happened, Sun decided gave out a message through a spokesperson. “The very heart of TRON’s mission is to promote a fair and open internet that does not stifle discussion and dissent, however I also believe there’s a heightened responsibility from those disseminating news to be fair AND accurate. The twisting of events did nothing to help people who in some cases saw their life savings wiped out, while it hurt investors in the TRON community who saw the value of their holdings decline on fake news.” I am sure more on this store will surface in the weeks to come. The United States Securities and Exchange Commission, and the Financial Industry Regulatory Authority have outlined regulatory compliance issues for cryptocurrency custodians in an announcement in recent days. As per to the joint statement, the organizations have yet to discover a set of circumstances in which a crypto custodian could comply with the SEC’s Customer Protection Rule, which is described as follows: “Put simply, the Customer Protection Rule requires broker-dealers to safeguard customer assets and to keep customer assets separate from the firm’s assets, thus increasing the likelihood that customers’ securities and cash can be returned to them in the event of the broker-dealer’s failure.” Crypto exchange Bitstamp has set up its own Lightning Network node to boost the network’s capabilities. The Lightning Network is designed to enable speedy and zero-fee transactions by creating payment channels between users. The key issue at play here is the network aims to address bitcoin’s scalability problem by keeping the majority of transactions off-chain. By launching its own Lightning Network node, Bitstamp aims to promote the growth of the network, as well as encourage the crypto industry to adopt the technology. Mark Mobius, an emerging markets fund manager and also the founder of Mobius Capital Partners, recently said that if bitcoin continues to grow at the current rate, he would consider investing in the digital asset. In recent days, Mobius said that every portfolio needs to hold ten percent of gold to hedge against the global economy and the performance of the equities market. Mobius went on to say that bitcoin, at the current growth rate, is not necessarily viable as a store of value but if it grows, it would have to be a buyer and become involved in the market. Is this another example of institutional money moving into the crypto space? China’s central bank is said to be developing its own digital currency as an answer to Facebook’s Libra, as Libra could pose a risk to the country’s financial system. Wang Xin, director of the People’s Bank of China research bureau, said that: “if [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system?” Wang said that the bank decided to create its own digital currency specifically because of the unclear role of the United States dollar once Libra is issued: “If the digital currency is closely associated with the U.S. dollar, it could create a scenario under which sovereign currencies would coexist with U.S. dollar-centric digital currencies. But there would be in essence one boss, that is the U.S. dollar and the United States. If so, it would bring a series of economic, financial and even international political consequences.” This is a big deal – the two biggest superpowers in the world are bumping shoulders on a number of different fronts, but now the next battle may be in the digital space. Many thanks for tuning into today’s episode, please make sure you like share and subscribe, For crypto global news I’m Edward, until next time you take it easy.

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