Bitcoin has had a pretty good year so far, with an upward bullish climb that saw it over triple in value in a matter of 6 months. It seems that the news may just get better for the currency as one of its major competitors may be forced to bow out before it’s even had a chance to take off.
Yes, news of Facebook’s Libra currency had a positive effect on cryptocurrency trade as a whole, but we fear that fierce rivalry that lays ahead for Bitcoin and others, in the face of the new Stablecoin would be a daunting one. This may be set to change if lawmakers get their way.
As if Facebook was not facing enough of an onslaught from the government about Libra currency, it seems that they might see their project fall on its face, if the ideas that are floating about actually materialise. As stated in our article last week – “Facebook Under Fire for Upcoming E-Currency”, the company is due to face a senate enquiry this week to answer concerns facing data protection and other regulatory issues surrounding the Libra Project. This all seems like a very rocky start to what promised to be quite a revolution in the way payments are made.
THE IDEA BEHIND THE BILL
Though, not proven to be authentic, a drafted bill entitled ‘Keep Big Tech Out of Finance’ wound its self onto the internet. It is claimed to have derived from the United States House of Representatives Financial Services Committee.
The main object of the proposal is to outlaw Giant Technology companies from becoming financial institutions and prohibiting them from establishing or operating their own digital assets that are intended to be used as a medium of exchange or similar function.
The draft will prohibit all tech corporations that turn a revenue of over $25 billion from offering online marketplaces, exchanges, or other platforms using their own trade currency. It is stated that a $1 million per day fine could be levied in contravention of the law if it is passed at all.
The implications involved in pulling off such a law are quite slim, but with enough backing could truly open the way for cryptocurrencies like Bitcoin, where the Blockchain is not owned by one conglomerate. It would, therefore, escape the law unscathed.
FACEBOOK FAIL TO PROTECT DATA
Late last week the Federal Trade Commission fined the social media giant a record-breaking $5 billion for failing to secure and protect the privacy of a huge sum of its users. Its failure to do so has left a sour taste in the mouths of regulators. It is no wonder that there are big concerns around Facebook’s handling of currency.
It seems that this bill has speedily come to light as a way to halt any chance of Libra currency from seeing the light of day, once again the perfect example of how governments will do anything to preserve their economies.
EFFECT ON BITCOIN
As said earlier, Bitcoin manages to fly under the radar of this proposed bill due to the fact that it is not owned by any one company. Even companies like Ripple, that make use of their own currency – Ripple, may escape the scathing for two reasons.
Their business concern is purely cryptocurrency and they do not manage a crowd of users for other purposes.
Cryptocurrency is very different from Stablecoin, in the fact that it is not tied to other assets. Like President Trump has said, “they are based on thin air”. How could a law punish something that consists of nothing?
When it comes to a usable cryptocurrency, Libra was a big threat to all existing coins, with the possible power to totally dominate the e-currency sector in this regard, purely because of the companies that were backing it. Should it be removed from the equation, cryptocurrency can maintain its climb to prominence. The way Libra has turned the heads of the man on the street may prove to be a big asset for Bitcoin and others, now that many members of the public have seen the advantages of digital currency.
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