TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Ron Paul says cryptocurrency is a “great idea.” IMF Chair Christine Lagarde resigns, heading for the presidency of the European Central Bank in November. PayPal launches Xoom app to be competitive in the remittance market. Richmond Hill in Canada will allow citizens to pay taxes with bitcoin. CoinEx margin trading opens for Bitcoin Cash, and Congressman Kevin McCarthy likes bitcoin.
CoinEx Margin Trading Pairs for Bitcoin Cash
CoinEx announced they will support Bitcoin Cash margin trading. They are adding 4 new trading pairs: BSV/BCH, ETH/BCH, EOS/BCH, LTC/BCH as of July 16. This marks the opening of a new market where experienced traders can bet on Bitcoin Cash price movements. CoinEx warns about the risks inherent to margin trading. It can “saddle you with amplified losses when the market moves against you. Therefore, we strongly advise entry-level users not to use highly leveraged trading.”
Kevin McCarthy, Republican Congressman Likes Bitcoin
Kevin McCarthy, leader of the Republican minority in the US Congress, declared he likes bitcoin in an interview on CNBC. The top congressman also stated he appreciated the security associated with decentralized technologies, but bashed Libra due to its connection with Facebook. Kevin McCarthy stated, “Facebook is free because they sell your data to make money. Now they want to get into the business, and they’re not bitcoin, in this Libra. They’re not decentralized.”
Ron Paul Thinks Cryptocurrency is a “Great Idea”
Ron Paul, former congressman and two-time presidential candidate, distanced himself on CNBC from the statements President Donald Trump made on Twitter recently about cryptocurrencies. To Paul, cryptocurrencies are a “great idea,” and he is all for them and blockchain technology because he likes “competing currencies.” While Paul recognizes he does not know much about what is going to happen with crypto-related regulations, he is against the government prohibiting citizens from doing whatever they want to do just to maintain a currency monopoly.
Christine Lagarde Resigns as Head of the IMF
Christine Lagarde, current head of the International Monetary Fund, resigned from her position to focus on her nomination to be the President of the European Central Bank. Lagarde, known for her relatively positive view of cryptocurrencies, declared, “With greater clarity now on the process for my nomination as ECB president and the time it will take, I have made this decision in the best interest of the fund.”
Paypal Xoom Remittance App Launches to Take-On Crypto
It seems PayPal is starting to shift its strategy when it comes to remittances, as it is launching a new initiative called Xoom to tackle this market. Xoom will let users send money to more than 130 countries at fees comparable with existing options, like remittance-dedicated app TransferWise and MoneyGram. However, XRP-based app OnePay lets customers do same-day remittances at no cost, something other players cannot offer using their current platforms.
Richmond Hill to Let Citizens Pay Their Taxes in Crypto
Richmond Hill, a city in Canada, is entering into a partnership with Coinberry to use their services to accept cryptocurrency as payment for property taxes on homes and businesses. When asked about the reason of this action, Mayor Joe Di Paola answered they believe “the demand for a digital currency payment option is only going to grow in the coming years, especially amongst millennials.” This will be the second city in Canada to take this initiative after the Town of Innisfil.
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