Germany has also joined the ranks of the country that strongly opposes Facebook's new digital coin Libra. German Finance Minister Olaf Scholz expressed concerns about consumer privacy issues and potential damage to coins.
Reuters issued a report quoting him that "issuing currency is not a private company because it is a core element of national sovereignty. The euro is, and still is, the only legal means of payment in the euro zone."
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This passage was taken a few days before the German G7 summit. Several countries in the summit will openly question Facebook's new developments. In fact, France is forming a special working group on cryptocurrencies composed of G7 member states. The working group will work to ensure proper regulation of the digital currency.
It is no coincidence that France formed this special working group during the heyday of the Libra circus. Just a few hours after Facebook released a new coin, French Finance Minister Bruno Le Maire said in a wave that Libra’s sovereign currency “can’t happen”
In June of this year, French Central Bank Governor Francois Villeroy de Galhau stressed that he hopes to regulate emerging digital currencies. He says
"We want to combine openness to innovation and a firm stance on regulation. This is in everyone's interest."
The UK also has similar interests. Bank of England Governor Mark Carney called for "highest standards of regulation."
Since Bitcoin has taken center stage in the United States, Gemini co-founders Cameron and Tyler Winklevoss are doing their part to accelerate the acceptance of mainstream society. Taylor posted his latest challenge on Twitter, the reward is 1 BTC.
At the current exchange rate, this is roughly equivalent to $9,700. However, when the competition ends, the price of Bitcoin may be much more than that.
According to the tweet, you only need to upload a picture of Ben Metzridge's "Bitcoin Billionaire", "The coolest picture wins 1 bitcoin (BTC)".
Due to doubts about the feasibility of cryptocurrency by US lawmakers, Bitcoin soared to more than $10,000 for the first time in more than a year, but fell below $10,000 in just three weeks.
The largest digital coin fell by as much as 12%, falling by 25% for three consecutive weeks. At 3 pm New York time, the stock traded at $9,591, a 25% drop from the June high of $12,733. Both Ethereum and Litecoin fell 13% on Tuesday.
At the US Senate Banking Committee hearing, the cryptocurrency was attacked because Facebook plans to create its own digital token, Libra. Legislators likened this social media giant to a toddler who burned the house's matches, slammed it for repeated violations of consumer privacy, and accused the company of disparaged social discourse and polarized the United States.
These criticisms highlight how uneasy financial regulators still believe in the idea of coexistence of digital coins and fiat currencies. Although it is believed that Facebook's initial disclosure of libra has contributed to Bitcoin's recent gains, the social media giant's plan has reignited a debate about how encryption should be regulated.
Bitcoin prices are still more than double the amount at the beginning of the year, and have been hovering around $4,000 from January to March. The company received a quote in April and began parabolic growth, which was close to $14,000 by the end of June. Since then, it has been trying to maintain this momentum. It fell below $10,000 on Monday, but the case of a break below the integer on Tuesday lasted longer. (block man)