Facebook’s Blockchain Lead on ‘Misunderstandings’; Cardano in Cryptocurrency Regulatory Push

Facebook’s Blockchain Lead on ‘Misunderstandings’; Cardano in Cryptocurrency Regulatory Push

Sunday, July 7, 2019, 5:38 PM

The top daily news from the cryptocurrency and blockchain space:

  • Facebook’s David Marcus tackles “misunderstandings” surrounding Libra cryptocurrency.
  • Cardano Foundation joins push to establish cryptocurrency regulatory guidelines.
  • Liquid cryptoasset exchange to sell Telegram Open Network’s native Gram token.

Facebook’s David Marcus Tackles ‘Misunderstandings’ on Libra

Facebook’s head of Calibra and Libra, David Marcus, published a Facebook postaddressing “a number of questions and a few misunderstandings” surrounding the under-construction cryptocurrency project.

The post – largely prompted by recent concerns expressed by various regulators from across the globe – sought to push back against those claiming Libra is not at all independent from Facebook itself. “Bottom line: You won’t have to trust Facebook to get the benefit of Libra,” he emphasised.

Also in his comprehensive post, Marcus confirmed he will, as had been rumoured, testify before both the Senate Banking Committee and the House Financial Services Committee in relation to Libra – as well as Calibra – in the coming weeks.

Cardano Foundation to Help Establish Cryptocurrency Regulatory Guidelines

The Cardano Foundation, one of three entities stewarding the development of Cardano (ADA), recently joined a London-based industry trade group – Global Digital Finance – in an attempt to help establish regulatory guidelines for the cryptocurrency space.

Per an announcement published on the Cardano Foundation’s website, it decided to become a “member of a number of GDF working groups – Custody, KYC/AML/CTF, Stablecoin, Security Token, Market Integrity and Tax Treatments – thus, contributing to the improvement of market and conduct standards for crypto asset and digital finance participants.”

Liquid Crypto Exchange to Sell Telegram’s Unreleased GRAM

South Korea-based Gram Asia is selling a portion of its not-yet-released Gram (GRAM) tokens on the Liquid cryptoasset exchange at a price of $4 per GRAM.

According to Liquid’s website, users “will be able to buy Gram tokens starting from July 10th 2019, 8am UTC, until an end date to be announced at a later time.” GRAM will be able to be purchased using either U.S. dollars or the USD Coin (USDC) stablecoin.

GRAM is the native utility token of Telegram’s blockchain network project, Telegram Open Network (TON). It is designed to be “fast, secure, scalable and capable of handling millions of transactions per second,” and is touted as a competitor of the Ethereum smart contract platform, according to Liquid’s web page detailing the July 10 token sale.

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