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Libra provides software and data to support operations for the crypto asset ecosystem.

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“A National Security Issue”, US Secretary of Treasury Speaks On Libra and Bitcoin

Just days ago President Donald Trump called Bitcoin and other cryptocurrencies “not money” when he Tweeted about the subject for the first time. Now his Secretary of Treasury, Steve Mnuchin has offered a warning about the industry. Specifically, he addressed the negative impact that Facebook’s new cryptocurrency Libra could have.  During a press conference, Mnuchin said the US government would not allow cryptocurrencies to aid crime. Just as the President said previously, he’s wary of what digital assets can provide to dangerous criminals and enemies of the United States.  “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking,” the Secretary said. Facebook’s new project was one of his main concerns. Mnuchin fears that Libra, “could be misused by money launderers and terrorist financiers” and that it could cause a “national security issue.” Mnuchin said he had no idea why BTC was selling for such a high price and echoed the sentiment of the President’s recent tweet. “The president does have concerns as it relates to bitcoin and cryptocurrencies — those are legitimate concerns that we have been working on for a long period of time,” Mnuchin said. During the presser, Mnuchin also mentioned that the administration is not opposed to holding cryptocurrency for speculative reasons. The Treasury’s only concern is to curb illicit activities. Right after Mnuchin dropped this line, the price started to creep back up. “I’m not speaking on the investment merits of bitcoin, and using it for speculation. I am speaking on stopping illicit financial activity.” Mnuchin went on to say “this is a non-political situation.” This line of reasoning by Mnuchin led to some particularly positive responses on social media. eToro’s Mati Greenspan thinks these statements could be taken as a step towards Wall Street BTC trading.  “Bitcoin trading on Wall Street is still on the table. Mnuchin confirms, bitcoin speculation is OK, they’re want to target the “illicit” use of crypto.” Many builders and entrepreneurs in the cryptocurrency space would prefer a higher level of clarity when it comes to regulations. If the official stance of the government is that investing is OK, and only crime is the target, the space can flourish as new money will flow into the crypto space. The post “A National Security Issue”, US Secretary of Treasury Speaks On Libra and Bitcoin appeared first on ZyCrypto.
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US Treasury Secretary Mnuchin Attacks Bitcoin, Libra

US Treasury Secretary Steven Mnuchin touched upon Bitcoin and Facebook’s Libra cryptocurrency in a Monday press conference, voicing concerns about the misuse of cryptos for money laundering and terrorist financing. Bitcoin, Libra Represent a National Security Issue, Mnuchin Says The cryptocurrency market turned bearish as Mnuchin mentioned the negative aspects of digital assets. His speech focused on Bitcoin and Facebook’s Libra. Specifically, the secretary said during a Monday press conference that Libra could be misused for criminal activities such as money laundering and terrorist financing. Mnuchin noted, Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human trafficking. Many players have attempted to use cryptocurrencies to fund their malign behavior He even said that cryptocurrencies were a national security issue and that he wasn’t comfortable today with the launch of Libra. Mnuchin’s comments come several days after President Donald Trump himself revealed in a tweet that he was not a fan of cryptocurrencies like Bitcoin. His reaction accelerated the market correction, with Bitcoin losing about 10% in the weekend. I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity…. — Donald J. Trump (@realDonaldTrump) July 12, 2019 Mnuchin defended his boss, saying that Trump had legitimate concerns. US Government Plans Tight Regulation on Libra The Treasury Secretary is worried that Libra would fuel illicit activities. The social media giant announced the Libra project last month, sparking intense reactions from politicians and regulators across the globe. Facebook has scheduled a hearing before the US Senate Banking Committee for Tuesday, July 15. The next day, the social media company faces another hearing before the House Financial Services Committee. While it’s difficult to anticipate an outcome of the Libra saga, we see that the pressure is growing from both Republicans and Democrats. Last week, Jerome Powell, Chairman of the Federal Reserve, told lawmakers that he would like Facebook to halt the launch of Libra, which is planned for next year. Facebook commented on the situation, telling CNBC that it had expected critical a response from regulators, central banks, and lawmakers around the world. Nevertheless, Libra was announced a year ahead because of this exact reason – to address those concerns. At this point, Mnuchin regards Libra as a national security issue indeed. He said: With respect to Facebook’s Libra and other developments in cryptocurrencies, our overriding goal is to maintain the integrity of our financial system and protect it from abuse. We will not allow digital asset service providers to operate in the shadows. All in all, the predominant words used by Mnuchin in his speech were negative, with terms like illicit, terrorism financing, money laundering, highly volatile, speculative nature, and fraud being often used repeatedly. Mnuchin’s stance already sparked critical comments on Twitter and other social media channels. What is your take on it? Images courtesy of Twitter @realDonaldTrump, Shutterstock, video courtesy of Youtube @FoxBusinessNetwork The post US Treasury Secretary Mnuchin Attacks Bitcoin, Libra appeared first on Bitcoinist.com.
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Steven Mnuchin Said Libra And Bitcoin Are A National Security Issue

Steven Mnuchin, the U.S. Secretary of the Treasury, hosted an official briefing on crypto regulations in which he clarified many issues regarding what the U.S. government thinks about […] The post Steven Mnuchin Said Libra And Bitcoin Are A National Security Issue appeared first on UseTheBitcoin.
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Senate Banking Committee Opens Up With New Facebook Libra Statements, What To Expect Next?

The crypto world will certainly be marked by two important aspects in 2019: the end of the bear market (and subsequent bull run) and Facebook’s Libra. Now, the U. S. Senate Banking Committee has recently decided to release the opening statements of the head of Facebook’s Calibra (Libra’s wallet), David Marcus. He testified on the […]
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Treasury Secretary Steven Mnuchin Considers Facebook’s Libra as a National Security Issue

Treasury Secretary Steven Mnuchin shared the government’s worries about Facebook’s digital currency Libra. Regulators are clearly paying close attention to what Facebook is trying to do and what they want to achieve. This is according to a recent report released by Bloomberg. Steven Mnuchin Talks About Libra During a conversation with reporters at the White […]
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UK Finance Chief Ready to Engage with ‘Potentially Transformative’ Libra

The UK is studying the properties of Libra in-depth to prevent the digital currency from damaging the economy. This is what Philip Hammond, Chancellor of the Exchequer of the United Kingdom, said in a recent interview with CNBC’s Squawk Box. Hammond explained that regulators must fully understand how Libra works to counter the risks associated […] The post UK Finance Chief Ready to Engage with ‘Potentially Transformative’ Libra appeared first on CCN Markets
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UK Finance Chief Ready to Engage with ‘Potentially Transformative’ Libra

The UK is studying the properties of Libra in-depth to prevent the digital currency from damaging the economy. This is what Philip Hammond, Chancellor of the Exchequer of the United Kingdom, said in a recent interview with CNBC’s Squawk Box. Hammond explained that regulators must fully understand how Libra works to counter the risks associated […] The post UK Finance Chief Ready to Engage with ‘Potentially Transformative’ Libra appeared first on CCN Markets
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Tether (USDT) Accidentally Creates $5 Billion in Crypto

Stable coins, which are backed by fiat currency, have become an integral part of the crypto ecosystem over the past couple of years, and in that regard, Tether (USDT) is possibly the most well known. However, the very fact that it is backed by fiat makes it possible for it to be prone to certain errors, and that is exactly what happened yesterday when the team behind USDT made a mistake that had an effect on the wider crypto market for some time. Administrative Error In an astonishing development, the members at Tether transferred $5 billion ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
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ZILLIQA Price Prediction Today: Daily (ZIL) Value Forecast – July 15

• The short-term and medium-term outlook is in a downtrend. • Selling opportunities at the broken demand area may be considered. ZIL/USD Medium-term Trend: Bearish Supply zone: $0.02500, $0.02600, $0.027000 Demand zone: $0.01000, $0.00500, $0.00300 ZILUSD is in a downtrend in the medium-term. The bears' strong pressure broke the lower demand area of the rant […]
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Royal Mint In UK Enters Crypto Realm Offering Custodial Services for Temtum (TEM) Cryptocurrency

The Royal Mint in the UK, a 1,100 financial institution tasked with minting coins for the United Kingdom announced their plans to become a cryptocurrency custodian in the coming days. This becomes the first time the financial institution is entering into the cryptocurrency world following previous unsuccessful attempts. The Royal Mint released an official press […]
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