Jerome Powell, the head of the United States Federal Reserve, has said that he recognizes both potential benefits and risks to Facebook’s recently-unveiled Libra cryptocurrency project . Powell made his remarks during a press conference broadcast on PBS news hour on June 19. During the conference, the Fed chair was asked whether he was concerned as to whether Facebook’s libra cryptocurrency could undermine the Fed and erode its power to influence the economy. In response, Powell said he believed that society remains a long way from digital currencies replacing central bank currencies, and that the central bank was not too …

The Chicago Mercantile Exchange (CME) Group has released data showing that open interest in Bitcoin futures is rising, as per an official Twitter post on June 18. Interest in BTC futures over time: https://twitter.com/CMEGroup/status/1141015074062110721 According to CME, bitcoin (BTC) open interest spiked on June 17 with an all-time high of 5,311 contracts totalling 26,555 BTC, or approximately $246 million at press time. Futures are standardized contracts that bind a party to buying or selling some asset at a predetermined date. Notably, the CME group also remarked in the Twitter post that BTC futures appears to be gaining popularity with institutional …

The Banking Committee of the United States Senate will hear testimony on Facebook’s Libra cryptocurrency project on July 16, economic news site MarketWatch reports on June 19. The social media giant released the white paper for its Libra token yesterday. The stablecoin, will operate on a native eponymous blockchain, and will be backed by a basket of reserve assets “designed to give it intrinsic value” and mitigate volatility fluctuations. Following the release of the project, U.S. regulators expressed their concern about the project’s possible effects on financial stability. Rep. Maxine Waters, chairwoman of the United States House of Representatives’ Financial …

Singapore-based cryptocurrency exchange KuCoin has announced that it is now listing the cryptocurrency Binance Coin (BNB) issued by the exchange Binance, according to a press release on June 19. KuCoin will reportedly offer BNB trading pairs with Bitcoin (BTC) and Tether (USDT). The announcement also notes that KuCoin will support projects based on Binance’s native blockchain, Binance Chain, in addition to its native coin BNB. The recent development shows that major trading institutions are putting trust in Binance’s token-vetting process on its initial exchange offering platform. At press time, KuCoin is the 46th largest cryptocurrency exchange on CoinMarketCap, with an …

Facebook’s Calibra digital wallet will not be available in some of the social network’s largest markets, including India, according to a TechCrunch report on June 19. A spokesperson told the website: “The libra blockchain will be global, but it will be up to custodial wallet providers to determine where they will and will not operate. Calibra won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies.” Estimates by Statista suggest there were 260 million Facebook users in India as of April this year — far ahead of the tech giant’s second-largest market, the United States. Earlier this month, Indian …

Chairman of the Russian State Duma Committee on Financial Market Anatoly Aksakov has said that Facebook’s forthcoming cryptocurrency Libra will not be legalized in Russia, local news outlet TASS reported on June 18. Aksakov stated that Russia will not legalize the use of Facebook’s Libra cryptocurrency which the company intends to roll out in 2020, because it may pose a threat to the financial system of the country. Aksakov also stressed that Russia has no plans to adopt legislation “which provides space for the active use of crypto tools created in the framework of open platforms, blockchains.” Aksakov’s statements would …

Fundstrat Global Advisors co-founder Tom Lee said that bitcoin (BTC) could easily reach new highs during an interview with CNBC published on June 18. In his comments, Lee said that bitcoin is becoming the reserve currency of the cryptocurrency space, and noted that it has been worth over the $9,000 price level in only 4% of its history. Then, he declared: “I think bitcoin is easily going to take out its all-time highs.” Before making those price predictions, Lee also noted that Facebook’s Libra project is a validation of mainstream interest in cryptocurrencies. He also stated that he thinks this …

The head of the United Kingdom’s central bank has said Facebook’s new libra cryptocurrency could have genuine use cases if it can conform to regulatory demands, the Financial Times (FT) reported on June 18. Speaking at a conference of central bankers in Portugal, Mark Carney, governor of the Bank of England (BoE), delivered mixed reviews of libra. The in-house stablecoin for Facebook has sparked predictions of blanket bans by governments since developers unveiled it this week. “The governor said the BoE was there to guarantee financial and monetary stability and would look at Facebook’s proposals ‘very closely and in a …

Rep. Maxine Waters, chairwoman of the United States House of Representatives’ Financial Services Committee is requesting that Facebook halt development on its cryptocurrency, the Libra, as reported by CNN Tech Reporter Brian Fung in a series of tweets June 18. In her statement, Rep. Waters explained: “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action” In response, Rep. Patrick McHenry, also of the Financial Services Committee, said the following: “It is incumbent upon …

French Minister of the Economy and Finance intends to “ask for guarantees” from Facebook in regards to its forthcoming digital currency Libra, media outlet Europe 1 reported on June 18. The Minister of the Economy and Finance, Bruno Le Maire told Europe 1 that Facebook’s long-awaited stablecoin Libra is an “attribute of the sovereignty of the States” and should “remain in the hands of the States and not of the private companies which answer to private interests". Le Maire stated that he will “ask for guarantees” from the social media giant such as "the guarantee that this instrument of transaction …

Head of blockchain at social media giant Facebook David Marcus said that the Libra Project will distance itself from bitcoin (BTC) and will share information with authorities, Cointelegraph Brazil reports on June 18. Per the report, Marcus made his remarks during an interview with Brazilian newspaper Estado de São Paulo, which was published today. During the interview, he said that Libra’s data will be shared with authorities for crime prevention and to ensure compliance with regulation. The article also claims that Facebook does initially not plan to profit off of Libra transaction fees and intends to keep the costs associated …

Binance Research, the research arm of major cryptocurrency exchange Binance, claims that Facebook’s Libra stablecoin could spark additional cryptocurrency volume in a post published on its blog on June 18. In the announcement concerning the release of the full report, Binance Research claims: “Libra could spark additional cryptocurrency volume due to increased accessibility from both institutional players and everyday retail users.” Furthermore, the post also notes that the researchers anticipate that the Libra will have a significant impact on both local and global markets, financial and economic industries, as well as in the cryptocurrency space. This influence will manifest after …