During the Libra Senate hearing on Tuesday, Libra project lead David Marcus explained that the Swiss Federal Data Protection and Information Commissioner (FDPIC) would oversee data and privacy protections for the Libra Association. Now, the group’s head of communication has stated that Facebook has yet to contact the FDPIC regarding any Libra business.
After the country banned the settlement of transactions using foreign currency including the US dollar and the British pound, demand for bitcoin has soared as individuals look to fill the financial gaps left behind by the ban.
The surge of cryptocurrency mining operations moving to old mining towns in Switzerland with cool temperatures and cheap hydroelectric power has changed the landscape of many former gold rush villages.
US fugitive and antivirus tech sage John McAfee has expressed interest in helping Cuba develop its own national cryptocurrency to bypass US trade embargoes.
At Peking University’s Institute of Digital Finance, Wang Xin, head of the research bureau at the People’s Bank of China, noted that mass adoption of Facebook’s Libra cryptocurrency could ramp up development of China’s own national digital currency.
President Nicolas Maduro announced in a tweet that the Bank of Venezuela will now have the ability to accept Petro deposits and allow customers to purchase the nation’s own cryptocurrency at all locations.
As a result of a decline in aid from Venezuela and strict US sanctions, the Cuban government plans to research the possible use of cryptocurrency to boost the nation’s struggling economy.
The Ethereum Foundation has partnered with finance experts in the Gulf Coast to work to ensure the Ethereum blockchain is compatible with Islamic financial customs, including making sure executable distributed code contracts are compliant with Islamic banking rules.
To provide a faster alternative to the euro, Germany’s dominant political parties, the Christian Democratic Union of Germany and the Christian Social Union, are mulling over the prospects of a digital euro, or “e-euro,” that would act as a digitized version of a small part of the existing money supply.
The Iranian government is cracking down on bitcoin mining operations after claims that mining operations were destabilizing the power grid and affecting electrical access for households and businesses.