Cryptocurrency This Week: Zuckerberg’s Libra Congressional Testimony, Cashaa Offers Bitcoin In INR And More

The Indian government may have forgotten to pursue the data breaches and other cases against Facebook, the US Congress hasn’t. As Facebook’s CEO Mark Zuckerberg testified before US Congress yet again on October 23, Zuckerberg struggled to respond to questions pertaining to Facebook’s decision to not ban political ads on the platform.

With Libra Association, board of directors and founding members announced, right before the testimony, Zuckerberg dissociated Facebook’s further role from the very cryptocurrency it has been developing. Responding to representative Anthony G Brown who questioned how would Libra, a centralised structure would adhere to different set of regulations such as US and EU, Zuckeberg said,

“I need to clarify the distinction between Facebook’s efforts and the independent Libra Association. I am speaking for Facebook and what we’re going to do. When I’m committing that we’re going to comply with US regulations and we’re not going to launch anything anywhere in the world until we have those regulations.”

In another response, Zuckerberg also argued that if the US did not allow the launch of a cryptocurrency, China would beat it to the field.

During the hearing, if North Carolina representative Theodore Paul Budd asserted that Libra is not a cryptocurrency another representative from California Brad Sherman went on to say that “Cryptocurrency either doesn’t work, in which case investors lose a lot of money, or it does achieve its objectives perhaps, and displaces the US dollar or interferes with the US dollar being the sole reserve currency or virtually the sole reserve currency in the world.”

“For the richest man in the world to come here and hide behind the poorest people in the world and say that’s who you’re really trying to help – you’re trying to help those for whom the dollar is not a good currency: drug dealers, terrorists, and tax evaders,” commented Sherman.

On Rep Lucas question on regulatory compliances, Zuckerberg yet again claimed Facebook and Libra are two independent organisations and he, as Facebook head, can only dissociate their association with Libra. He said,

“I will certainly stop Facebook’s part of it. The independent Libra Association is a separate thing that exists at this point and if I feel like Facebook can’t be a part of it and keeping with the principles that I’ve laid out, then Facebook won’t be a part of it.”

Graph Of The Week: Declining ICO Funding

The ICOs are dying down fast. Last year, if in the first nine months, ICOs registered a total $7.2 Bn worth funding, this year, it has been limited to a total worth $366.7 Mn only, according to the ICODATA.

London-Based Exchange Cashaa Gives Bitcoin, Ether In INR For Indian Market

While the South Korean crypto exchange Bithumb has decided to engage with Indian authorities over regulatory hurdles, London-based crypto exchange Cashaa which claims to have significant traction in India has launched INR support for Bitcoin, Ether and its own CAS cryptocurrency.

In an email response to Inc42, Cashaa CEO Kumar Gaurav said that so far, Bitcoin, Ethereum and their own token CAS is available to buy in INR. He added that Cashaa accounts include a fiat and a crypto wallet, from where people can buy and sell crypto with fiat. So far it was possible only for GBP and EUR, while it is now also possible to deposit INR as Cashaa has added an INR wallet. So people can deposit INR into their Cashaa wallet and buy crypto from there.

Commenting on the ban, Kumar said, “Since Cashaa’s banking services launched in May 2019, more than 750 businesses worldwide are in process to get banked through our system or leave their existing non-crypto-friendly banking system which only serves themselves and people with power.”

“Ban or not ban still a matter of discussion, either way as a company we are flexible and capable of adjusting to any changes and find a solution for our customers,” Gaurav added.

Many Countries Were Cautioning On Rushing Into Crypto: Sitharaman

Speaking on the sidelines of the annual meeting of the International Monetary Fund and the World Bank, which discussed Facebook’s Libra at large, the Indian finance minister said that the overall sense of the meeting was that “countries will have to show extreme caution much before anything is said or moved on this.”

According to a PTI report, speaking to a group of reporters, Sitharaman said, “On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this.”

“Some of them (countries) of course even suggested that they shouldn’t be using, all of us shouldn’t be using the name stable currency because that’s the expression they used. Many cautioned to the extent saying even the name should not be stable currency, it should relate to virtual currency or something of the kind,” she added.

“We take a very balanced approach. We look at the ease of use, cost savings, and most importantly, financial inclusion as very important benefits. But we are also very mindful that they can be a risk for privacy, consumer privacy,” – Kristalina Georgieva, MD, IMF

Thailand’s SEC Approves ICO Platform

In a first among Asian countries, Thailand’s Securities and Exchange Commission (SEC) has approved Bangkok-based SE Digital to operate a legally compliant Initial Coin Offering (ICO) platform.

In an official letter addressed to Thailand’s Stock Exchange, SE Digital’s parent company stated, “Please note that the Office of Securities and Exchange Commission has informed SE Digital on 7 October 2019 that the operational system to operate as an ICO Portal is ready and SE Digital would be able to initiate its business.”

According to the Reference letter Seamico Securities Public Company Limited (the “Company”) informed the Stock Exchange of Thailand that SE Digital Company Limited (“SE Digital”), a 99.99% subsidiary of the Company has obtained an approval to operate as an ICO Portal but subject to demonstrating the readiness of the ICO Portal platform.

Communists Hijacked Bitcoin: Petty

Bitcoin which is currently trading at $9.3K has been ‘hijacked by communists.’ And, that’s a fact’ alleged Josh Petty, cofounder of the Bitcoin SV-powered social media platform Twetch.

Speaking at the David Knight Show, Petty said, “It [Bitcoin] lost its way …due to communists hijackers who took over the core.”

What’s your viewpoint?