In contrast, other innovators are using technologies created on completely decentralized, zero authentication platforms that are available to all to observe, authenticate and update upon without a centralized intercessor.
Cryptocurrency News Today – Libra is an permissioned, centralized platform that plans to issue asset supported coins. According to the latest Libra news update, the Libra Association plans to give authorization to upwards of 100 members to manage and control Libra.
This is an exclusive system with the Libra Association acting as a centralized mediator. Similarly, the value of the Libra coins will be attached to a range of government-approved currencies, proposing that in due time it will contend openly with fiat currencies.
The XRP Ledger is one such platform that is being utilized by a variety of companies. Ripple, currently according to Ripple’s latest update, is using this technology to eliminate resistance from financial services and improve the high cost from cross-border payments. Similarly, other companies like Coil are deploying this technology to build substitute business models for online content creators.
Cryptocurrency News Today – Cryptocurrency Regulations – Libra News Today – Money Laundering, Among Many Other Concerns Hit Facebook’s Libra
Libra legislators globally are worried ever since Facebook disclosed its idea to launch a cryptocurrency. These legislators are worried about the possibility of Libra being used for money laundering, finance terrorism or subvert central bank fiat currencies. Several analysts believe that Libra should not advance to the next stage until all worries and possible threats are cleared. Firstly Legislators must stop the comparison between Libra and other cryptocurrencies, as they state how these technologies are deployed and used. Currently, the deliberation bounding Libra accentuates a greater concern with the absence of certain regulation of cryptocurrencies.
In a recent update on Libra, the committee talked about the pending need for distinct cryptocurrency regulation in the recent Senate Banking Committee trial on Libra. As the blockchain and cryptocurrency industries advance, so does the need for regulations to improve.
Cryptocurrency Regulations – Cryptocurrency News Today – US Regulators Need to do Better With Crypto Regulations
The United States has a history of being a leader in both policy and technology. Far back in the mid-1990s, the United States acknowledged that for the internet to reach its then-goals, it couldn’t be controlled by laws intended for rotary telephones and transistor radios.
For Crypto to advance, there is a necessity for regulations based on principles, not fixed and old-fashioned rules. Looking back in 1997, the Clinton administration launched The Framework for Global Electronic Commerce, which defined a set of doctrines to aid the speedy growth of global commerce across the internet. There’s also the need for regulation that distinguishes the variances between technologies.
Among much other regulation that needs to be fixed, the need for a regulation that doesn’t hinder US companies, a regulation that allows the company to contend worldwide. The US is beginning to lose companies to other countries for a lack of these regulations. American companies and their innovations are gradually moving to other countries who have more defined regulatory frameworks.
What do you think about the cryptocurrency latest update in our cryptocurrency news today? Will more precise Cryptocurrency regulations be a good thing for the industry? Share your thoughts in the comment section below.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.