Home ICYMI Facebook Coin Libra Pushback by US Lawmakers, BI CEO Dismisses Cryptocurrencies

Facebook Coin Libra Pushback by US Lawmakers, BI CEO Dismisses Cryptocurrencies

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Facebook Coin Libra called to be put on hold by US Congress. Business Insider CEO dismisses cryptocurrency. Latin America and Turkey lead cryptocurrency usage. Cloudflare launches Ethereum gateway. Bitcoin Cash trading volume reaches $1.62 billion daily, and Bancor bans US traders.

US Representative Asks Facebook Coin Libra to be Put on Hold

Facebook Coin Libra

Libra, the cryptocurrency project presented by Facebook, was only recently unveiled and it is already drawing opposition from all sides, including the US Congress. Representative Maxine Waters called for Facebook to put Libra on hold until regulators can get a clear picture of what it represents. Rep. Waters stated that “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.”

Business Insider CEO Dismisses Cryptocurrency Utility

Henry Blodget, Founder, CEO, and Editorial Director of Business Insider and Insider Inc, has dismissed the use of cryptocurrencies in a thread on his official Twitter account, calling them a “cool technology in search of an application.” Blodget recognized the use case of remittances for cryptocurrencies, but ultimately declared he did not “see a real need for cryptocurrency,” because “existing digital payment mechanisms work well.”

Latin America and Turkey Booming with Cryptocurrency Users

Facebook Coin Libra

The latest poll from Statista, their Global Consumer Survey, found out which countries lead the pack in cryptocurrency usage, and the results were not so surprising. The country having most cryptocurrency users is Turkey, where 20% answering the poll were active in crypto. Latin American countries follow, with Brazil, Colombia, and Argentina occupying second, third, and fourth spots respectively. Countries with troubled economies are more inclined to benefit from the use of crypto.

Cloudflare Launches Ethereum Gateway

Facebook Coin Libra

CloudFlare, one of the most recognized cloud network platforms, launched an Ethereum gateway solution that will be integrated into their default Cloudflare’s Distributed Web Gateway toolset, as a part of their announced 2019 Crypto Week. This tool will let users communicate directly with the Ethereum blockchain without using or installing any extra software. Developers now can build dApps using Cloudflare’s API, simplifying the process of programming and accessing critical resources, and democratizing access to the Ethereum blockchain.

Bitcoin Cash Trade Volume Reaches $1.62 Billion

Facebook Coin Libra

Bitcoin Cash, one of the most recognized cryptocurrencies in the market, reached a milestone of trading 1.62 billion dollars in just one day. With a market capitalization of $7.39 billion, trading 21.92% of its capitalization is a testament to the preference the market has for Bitcoin Cash and its focus on being sound, uncensorable peer to peer cash. The data was collected by Rivertonroll, taking numbers from more than 60 exchanges all over the world.

Bancor DEX Bans USA Customers

Facebook Coin Libra

Bancor, a decentralized exchange, decided to ban US customers from converting tokens on its platform starting July 8, 2019. The support post that announces this news points the causes as being regulatory concerns and lack of clarity. “We believe this is the most judicious decision for all the members of our ecosystem. This will enable the Bancor community and ecosystem to innovate faster and with greater clarity,” they state. Despite this, US customers will be able to access their accounts and hold tokens.

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