Crypto Exchange Crypto Exchange
Ctrl+D Crypto Exchange
Home > ADA > Info

"Scale" heart is not as good as "time" Libra compliance road hidden mystery



According to the "Financial Times" report, under the premise of regulatory approval, Libra may be the first to launch a stable currency linked to the US dollar in January next year. The specific issuance time also depends on the review of the payment system license application by the Swiss Financial Market Supervisory Authority (FINMA).   At the same time, in order to obtain the approval of the regulator for issuance as soon as possible, and at the same time emphasize the independence of the project, Libra also changed its name to Diem (天时币), which means "day, day" in Latin. (Note: This article continues to use Libra-related titles) The Libra Association (Libra Association), a non-profit organization responsible for dealing with Libra-related affairs, is headquartered in Geneva, Switzerland. Stuart Levey, CEO of the association and former chief legal officer of HSBC, said that the name change is part of the project adjustment to emphasize Libra's simpler structure. In June 2019, Facebook released the Libra 1.0 white paper, stating that Libra, as a simple, borderless currency, will provide financial services to billions of people around the world. Its vision is that around the world, no matter where people are or what they do, moving money can be as easy, cheap and secure as sending a text message or photo. The white paper mentions that the financial infrastructure provided by Libra includes three systems. One is technology, that is, Libra is built on a secure and scalable blockchain. The second is value, that is, the value of Libra is backed by asset reserves, and the exchange of Libra requires corresponding asset mortgages, including sovereign currencies and government bonds. The third is governance, that is, Libra is managed by an independent association. Security Team: Detected a counterfeit 1inch claiming tokens: Jinse Finance reported that CertiK tweeted that a counterfeit 1inch was detected claiming tokens, and the tokens have been distributed to multiple addresses. CertiK reminds users that unibonus[.]org is a phishing website, please do not interact with this URL. [2022/11/28 21:07:41] In April 2020, the Libra 2.0 white paper was released. Compared with version 1.0, in this version of the white paper, many contents have changed. Among them, the core change is Libra's compromise on the idea of decentralization, and a large degree of concessions and adjustments have been made in terms of regulatory compliance for smooth issuance. In terms of compliance process, Libra will establish a financial compliance and cyber risk management framework, and at the same time form standards for anti-money laundering, anti-terrorism, compliance with sanctions, and prevention of illegal and criminal activities. In addition, the Libra network will also improve market access standards, investigate and file association members, dealers, and traders, monitor network activities, and cooperate with regulatory authorities to act as part of the financial intelligence agency. Judging from the current situation, if Libra can be launched as scheduled, it will become the world's first unofficial virtual (digital) currency that meets the highest regulatory compliance standards and is clearly centralized. The so-called "world currency" refers to the international reserve currency, that is, a currency that is generally accepted by all countries in the world and plays the role of a general equivalent in international commodity circulation. As a world currency, it not only means a measure of value for commodities, but also serves as a means of international payments, purchases, and asset transfers. U.S. Senator: Texas will continue to be the center of encryption technology innovation: According to news on August 31, according to Watcher.Guru’s tweet, U.S. Senator Ted Cruz said that Texas will continue to be the center of encryption technology innovation. It is reported that a number of encryption mining companies in the United States have settled in Texas, and the development of the encryption industry in Texas is accelerating. [2022/8/31 12:58:59] In fact, when a sovereign currency wants to become a world currency, in addition to the economic strength of the country issuing the currency must be strong enough to ensure the stability of the currency, the currency is subject to the consensus of the country that uses it. Recognition is also necessary. The pound sterling was the first to become the world currency, followed by the dollar and the euro. With the rapid development of China's economy, RMB is likely to become a new generation of world currency. In April 2020, a financial report of Facebook showed that its "family bucket" (Facebook, Instagram, WhatsApp, Messenger) business had 2.36 billion daily active-zce users and 2.99 billion monthly active-zce users. According to statistics, Facebook has the most Indian users in the world, about 300 million, while the US, Brazil and Indonesia have 190 million, 123 million and 120 million users respectively. As of December 2, 2020, the total global population is close to 7.6 billion. Among them, China ranks first with about 1.4 billion, followed by India with about 1.35 billion, while the United States, Indonesia, and Brazil occupy the third to fifth places with 320 million, 260 million, and 210 million respectively. That is to say, in addition to China, among the top five most populous countries in the world, Facebook has a user share of 22.2% in India, 59.3% in the United States, 58.5% in Brazil, and 46.1% in Indonesia. up to nearly 40%. This means that Libra, with its huge global user base and business advantages, has the conditions to set foot in the "god domain" of world currencies. OpenSea data: In the past 24 hours, the transaction volume of 13 NFT projects exceeded 1,000 ETH: On January 9, OpenSea data showed that a total of 13 NFT projects had transaction volumes exceeding 1,000 ETH in the past 24 hours, namely: PhantaBear, Bored Ape Yacht Club, Doodles, TheHeartProject, alien frens, NFT Bored Bunny, Mutant Ape Yacht Club, Little Lemon Friends, World of Women, The Sandbox, Coolman's Universe, The Indifferent Duck, CryptoMories. [2022/1/9 8:36:41] Not only that, the value network formed by the blockchain technology with decentralization as the core idea provides a just-right carrying mechanism for the convenient and low-cost circulation of world currencies. On the basis of satisfying a series of sovereign currency value exchanges, the resulting internationally unified payment and settlement system can support the realization of Libra's original vision to the greatest extent. However, dreams are wonderful, but reality is cruel after all. Regarding the Libra issuance plan, considering a series of potential high risks such as the stability of the financial order, privacy protection, taxation issues, and network security, the US legislative and regulatory departments have adopted an attitude of questioning, monitoring, and suppressing. Meanwhile, the U.S. Congress held several hearings specifically for Libra. Chia released version v1.2.10, using passwords to improve key security: On October 26, Chia released version v1.2.10, using passwords to improve key security, and solved potential node data loss in events such as power outages question. [2021/10/26 20:57:22] Mark Zuckerberg   Facebook founder and CEO revolves around Libra security and other issues, the US regulatory level is mainly concerned, first, for the blockchain For such a new technology, the relevant regulatory laws and regulations have not yet been formed, and allowing it to develop may disrupt the normal order of the existing financial system. Second, the anonymity of virtual currency, such as free trade on a global scale, is likely to be used by illegal activities, such as money laundering, terrorist financing, etc., causing serious consequences. In the face of strong opposition from regulators, Facebook has also tried its best to stick to it. Libra project leader David Marcus (David Marcus) has repeatedly stated that regardless of the regulatory results, Libra will be officially launched in 2020. However, such determination did not change the original intention. On the contrary, under the pressure of strong power, Libra chose to "break the wings" to compromise. Therefore, there is Libra's 2021 launch plan for the US dollar-anchored stablecoin version, and the name is changed to Diem to speed up the new life. When it comes to the subversiveness of Libra, this kind of virtual currency that is born to cross the high walls of sovereignty is easily reminiscent of its concept of a decentralized world financial system based on a large global user group, and through multiple sovereign currencies. A novel form that supports value realization. Today, Libra is impressive and talked about, actively embracing supervision, resolutely brandishing a knife, and embarking on the road to compliance without hesitation. It has to be said that this is not only a rational choice after going through twists and turns as a non-governmental organization, but to some extent, it is more like a supplement and consolidation of the "dollar hegemony". SOL broke through $210: SOL broke through $210 and is now quoted at $210.0587, with an intraday increase of 14.98%. The market fluctuates greatly, so please do a good job in risk control. [2021/10/22 20:49:53] Obviously, Libra cannot meddle in the existing sovereign financial system in the form of "going it alone". The result of the confrontation between the two is nothing but elimination or transformation. From the perspective of Libra, which has transformed into Diem, it is not difficult to find that under the current global wave of currency digitization, Libra is likely to be incorporated as an elite force under the "digital dollar" system, and will show its talents in the competition of the global digital financial ecology in the future. . 01. Digital Dollar In May 2020, the digital dollar project (Digital Dollar Project) white paper was released, and pointed out that the plan is a cooperation between the non-profit organization Digital Dollar Foundation (Digital Dollar Foundation) and Accenture, for domestic and global economic consumption. Investors and institutions provide future-oriented dollars. At the same time, as a key and prudent measure of the Federal Reserve, the digital dollar will also be piloted in a series of application scenarios. It is worth noting that although the digital dollar project was initiated by the "orthodox", its main participants are actually "civilian" identities. In addition, the white paper shows that the most important function of the digital dollar is to support the US dollar as the world's reserve currency. That is to say, after Libra has been orthodox recognized and authorized, it is very likely to be a derivative version or even the first version of the digital dollar, and its purpose is to consolidate the US dollar's status as a world currency. Interestingly, the digital dollar white paper was released exactly one month after the release of the Libra compliant white paper. Yao Qian, Director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission, believes that it will be very simple if the digital dollar is selected to be issued on Libra. At the same time, Libra has changed from a borderless currency to providing services for various countries to issue central bank digital currencies, which shows that it can also be combined with the digital dollar. In addition, if it cooperates with Libra, the Federal Reserve does not have to consider the cost of system construction, nor does it have to worry about service pressure. 02. Solution On the surface, Libra belongs to adapting to the current situation and embracing regulation. But in fact, Libra's new measures seem to be based on the background of the de-cashization of the global settlement system and the general trend of de-dollarization in settlement, foreign exchange, and reserve assets in many countries around the world. Recently, the well-known economist Jim Rickards (Jim Rickards) said that because of various hegemonic behaviors of the US dollar, including many problems brought to oil-producing countries such as Iran and Venezuela, the global central bank will further weaken the role of the US dollar and the share of reserves . The recent dollar index fell 2.6% again, hitting a new low in two and a half years. Facing the declining trend of the status of the US dollar, especially under the catalysis of the worldwide public health crisis, the value of the US dollar is facing an unprecedented impact. With Iran listing the renminbi as the main foreign exchange currency, other sovereign currencies have begun to usher in more opportunities. At the same time, the digital renminbi is about to be officially launched, and many countries around the world have begun to develop central bank digital currencies. method of transformation. At a recent meeting, the German Finance Minister stated: "I hope the European Central Bank will accelerate the launch of the digital euro, and digital payments may become an effective solution to protect the euro from bypassing the dollar." The launch of its own central bank's digital currency may be more anxious than anyone else, and Libra has undoubtedly become the fastest and best solution for the United States to solve its urgent needs. "The digital dollar supported by the Federal Reserve is unlikely to be realized in the future, but the United States must lead the global digital currency financial innovation." No wonder Federal Reserve Chairman Powell said so. 03. Intersection and integration To achieve convenient and low-cost cross-border payment on a global scale, so as to occupy a place in the new world currency pattern, is undoubtedly the original intention of various countries to develop central bank digital currency. At a time when the US dollar is struggling, the United States is bound to take the most efficient and economical way to occupy the high ground in order to ensure its dominance in the global currency. When the urgent need of a sovereign digital payment system meets the ready-made ultra-large-scale financial infrastructure, under the catalysis of the same interests, the chemical reaction related to defending the hegemony of the US dollar is beyond imagination. However, all of this is based on the premise that Libra meets compliance, security, and centralized control. According to the white paper, digital dollars will be distributed according to the "two-tier structure" of primary distribution, secondary distribution, and P2P transactions, that is, distribution from the Federal Reserve to commercial banks to multiple payment models between individuals and enterprises. If Libra is finally approved for issuance by the regulatory authorities, no matter whether it is issued according to the above ideas or not, it will at least be a "commercial version" digital dollar produced along the compliance route. It is conceivable that Libra should be able to make breakthroughs in promoting innovative economic models without undermining the stability of the existing financial order, and maintain maximum matching with existing relevant economies and laws. In addition, regarding Libra’s market access in western countries, Li Lihui, head of the blockchain working group of China Internet Finance Association, believes that Libra still needs to solve some major problems, including ensuring the efficiency and reliability of the technology platform and the feasibility of the business operation model. The realization path and credibility of sex, transparency and financial compliance control. Since its birth, Libra has attracted worldwide attention. The huge user base, coupled with the application of decentralized innovative technology, has stirred up an unimaginable value influence. However, as the Japanese TV series "The Fraud Game" deduces, human nature yearns for blessings but also clings to greed. Therefore, there are various rules to balance the two ends of human nature and release the value of trust. "If you don't follow the rules, you can't make a circle." New things are bound to usher in constraints and norms after they have experienced brutal growth. In this era of technological innovation, various competitions and crises are unfolding.


CyberVein (CVT) officially landed on Bithumb exchange on December 9

On December 9, 2020, in order to further promote the free flow of CVT value in the international market, CyberVein announced that CVT will officially land on the Bithumb exchange.

Credit card giant Visa will support USDC payment, and traditional institutions are competing to lay out the encryption market

Visa has partnered with blockchain services firm Circle to make transactions in the stablecoin USD Coin (USDC) compatible with certain credit cards.

Kaspersky Report: Bitcoin Fraud and Theft May Surge in 2021

According to a new report from cybersecurity and antivirus provider Kaspersky Lab, cryptocurrency-related fraud and theft are likely to increase in the aftermath of the world's experience with COVID-19.Securelist.

"Scale" heart is not as good as "time" Libra compliance road hidden mystery

According to the "Financial Times" report, under the premise of regulatory approval.

Is the digital renminbi legal tender?

Since Facebook released the Libra white paper in June 2019.

Libra is finally coming, how will it affect us?

On June 18, 2019, the ambitious Facebook released the Libra white paper, preparing to do a big job in the field of digital assets. According to the original idea.

Golden Morning Post | Members of the U.S.Congress proposed a new bill requiring stablecoin issuers to obtain a banking license

Headline ▌U.S. lawmakers propose new bill requiring stablecoin issuers to obtain banking licensesJinse Finance reported that members of the U.S.