Facebook Approaches Swiis Government to Regulate Its Libra Cryptocurrency

In June, Facebook had announced its plan to unveil a new global cryptocurrency powered by the blockchain technology. The proposed currency, Libra, is set to build an ecosystem which is devoid of bank-interventions and naturally offers low-cost transfer fees anywhere in the world.

Libra has been designed to be truly borderless and is backed by less volatile assets. This will help the asset avoid constant fluctuations, which is the reason that has stopped Bitcoin and other cryptocurrencies from achieving widespread adoption.

According to the latest Reuters-report, Facebook is now seeking a payment system license from Switzerland’s financial watchdog, Financial Market Supervisory Authority (FINMA) for its planned stablecoin project. In its official statement by Switzerland-based Libra Association, a non-profit organization established for governing the Libra network, the company explained the reason behind choosing the Swiss watchdog for coordinating its core regulatory framework. Switzerland seems to be perfect for executing Libra’s operations due to the country’s openness in innovative and responsible financial services coupled with global financial norms and strong oversight. This, consequently, would allow Libra’s open-source blockchain network to transform into a regulated, low-friction, and highly-secured payment system.

While cryptocurrencies and its underlying technologies have largely been associated with criminal activities (most commonly on the dark web marketplaces), a guidance released last month by FINMA elaborates how organizations offering blockchain payments, like exchanges, trading platforms, and wallet providers can secure their offerings by adhering to certain regulatory parameters. The aforesaid guidance strongly adheres to the digital asset regulation framework issued recently by the intergovernmental Financial Action Task Force (FATF), which holds provisions for Anti Money Laundering (AML) measures, Know Your Customer compliance, risk-monitoring systems and more. FINMA has also gone a step ahead of FATF’s provisions in refusing to exempt payments that involve unregulated wallet providers from its oversight.

Facebook will have to navigate its Libra cryptocurrency through a tricky regulatory landscape if it plans a successful launch. Libra Association has requested FINMA to assess their cryptocurrency under Swiss supervisory law, and also to confirm how the Swiss government body would classify the Libra project. FINMA, on the other hand, has reportedly confirmed that Libra will not only need a payment system licence to begin operation, but the currency also has to comply with additional requirements for services.

Experts believe that there lies a long way ahead of Libra before it makes it to the hands of the mass. On the contrary, they are also of the opinion that the task might be daunting, but not impossible for Facebook that necessarily has all the resources and lobbying power to launch its cryptocurrency in 2020.

Increased Adoption of Technology by GCC Banks to Meet Customer Demands for Digital Banking

Financial institutions in the Gulf Cooperation Council (GCC) are fast upgrading themselves to become more technology-friendly. They are focusing on digitizing their services so that they can attract the tech-friendly young customer base towards their bank.

In the report, ‘Tech Disruption In Retail Banking: GCC Banks Are Catching Up As Clients Become More Demanding’ published by S&P Global Ratings firm, they have mentioned that “The conclusion we drew from our four-factor analysis of a banking system’s technology, regulation, industry, and preferences (TRIP), which we are incorporating in our ratings on banks in the region.” It clearly states the changing preferences of customers. In this report, the rating firm has also stated that “The adoption of big data, artificial intelligence analytics, as well as voice and facial recognition tools could enable a more effective and cost-efficient provision of customer (banking) services.”

According to the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf, about 40% of the GCC population is under 30 years of age, which shows the demand for digitization of the banking sector.

A decline in the number of bank branches is being seen; whereas, on the other hand, there has been a drastic increase in banking through mobile apps and online banking. The National Commercial Bank of Saudi Arabia saw 36.6% of financial transactions being performed through its mobile application or net banking service by the end of last year.

S&P also states in its report that the change in banking services can be brought about by customer preference rather than regulatory bodies. As customer’s demand for any time and anywhere banking is increasing, a surge in the collaboration of banks with FinTech firms is being seen. Authorities and regulatory bodies in the GCC are welcoming this move and also encouraging such firms by setting up ‘sandbox’ regimes, allowing FinTechs to try out technologies in a flexible environment.

Gulf Cooperation Council is a political and economic council of all the Arab states of the Persian Gulf except Iraq. The member countries of the council are as follows: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The charter was signed on May 25, 1981.

Cardano has made a decline of 10%; Reaches $0.044

In the last 24 hours, Cardano price has been down by more than 10% following the market trend. It has fallen to $0.044 from $0.049 in just 24 hours. Cardano has been through four major price shifts as well in this period.

Cardano Price Analysis

Cardano’s first swing happened between 01:22 UTC and 05:18 UTC and this swing cut $0.001848. After a few hours of incline, the coin managed to show a moderate volatile path. And at 14:44 UTC, ADA price again started weakening. Over the next three and a half hours, the coin lost $0.0040 to reach $0.045075. It was followed by a hike of 2.68% to reach $0.046257 by 23:11 UTC. Towards the closing of the day, the Cardano again started falling, and it took a dip of 5.06% and lost $0.0023. The current price of Cardano is hovering at around $0.044.

CHART

Cardano has a long way to make for touching its 30-Day high of $0.060. The last few days have been in support of Cardano’s growth, but yesterday’s unprecedented fall has made everything go down. The next probable resistance and support levels are listed below:

R1: $0.04887, R2: $0.05191 and R3: $0.05350

S1: $0.04424, S2: $0.04265 and S3: $0.03960

Amber group welcomes Ex-Morgan Stanley Asia head of derivatives

Jeffrey Wang finally ties with Amber Group, a Shenzhen-based cryptocurrency organization reported by Bloomberg on Aug 23rd. Jeffery will function as the chief of Americas at Vancouver. Wang was working with Morgan Stanley along with four founders of Amber Group including Wayne Huo and Tony He — both reporting directly to wang.

Amber Group is a Shenzhen-based company dealing in cryptocurrency. The Amber Group works on the principle of innovation and insists on making sure that it makes an impact in the industry and its market. The officials from the company stated they would want to leverage the fancy technologies like Machine Learning in fueling the company’s impeccable growth. Application-specific embedded circuits (ASICs) to have a better comprehension of the complex equations. They implied that learning provided from the algorithms of machine learning would be comparing the older problems with new ones and hence help in solving them. The good news is that the world is going to see more trading bots to take care of the business while the traders are away.

Wang is supposed to take charge of all operations including 3 years of work before him. He mentions the notions of the importance of experience and skill in fostering the growth in a rapidly growing organization like Amber. He said,

“As the more mature traditional markets are continuing to see compressed margins and moving to automation, the crypto financial market is still in its infancy.”

Amber Group began working in the year 2015, an alternative to work for 4 officials at Morgan Stanley — Tiantian Kullander, Michael Wu, Huo and himself. The Bloomberg LP developer, Thomas Zhu accompanied them too. The team of 5 worked on a big project in 2017. Amber’s motive was to explore advanced technologies like Machine Learning (ML) for business growth.

In November last year, that technologies like machine learning and AI will aid various trading companies to evolve and grow consistently.

After almost three years of break, wang is lured back to the world of competitive markets by insisting to working in a fast-growing niche area, possibly some infrastructural company with professional expertise finance. His already nurtured skills would be a great advantage for a company like Amber.

At the end of 2017, crypto market was on brim and, the quintet started working dedicatedly with Amber, pulled onboard another Morgan Stanley colleague, Luke Li, and aimed at acquiring some profit-making digital assets.

KPMG Becomes Stronger As Sree Kunnath Joins The Firm As a Partner

Sree Kunnath has joined KPMG and it can be believed that this will benefit the firm to a great length. This is because it is well known in the industry that Kunnath has a lot of experience in the sector and it will benefit KPMG to have a person like Kunnath in the firm. The latest statement from KPMC marks a new beginning for Kunnath in Canada, and it is expected that he will play an integral role in taking the company further. Kunnath has been a part of this area for over 14 years.

He has worked in various sectors like cybersecurity as well as departments concerned with regulations in the field of cybersecurity. He has previously worked with Sargon solutions. It is a boutique consultancy that he is also a founder of and is based in Michigan. According to the sources, it is important that a person like Kunnath is present in the industrial landscape of Canada as the country is facing a lot of issues in terms of the GRC obligations and with the experience that Kunnath has in the field, it is expected that it will make the lives of those involved with GRC easier.

Before this, he had been a part of the Deloitte group, and he has a bachelor’s degree from the Sikkim Manipal University of health, medical and technological sciences in India. He has a degree in IT, in a recent interview he stated that the clients of Sargon will be transferred to KPMG and thus the business can be carried on without any interruption.

Having Kunnath on the team will be of great advantage to KPMG, in terms of the experience, goodwill and also an increase in the customer base.

VeChain (VET) Price Prediction: Besides the Stability in Crypto, Short Term is Still Bearish

Meta Data: Movement in VeChain is sluggish but a stable one. The short term is bearish as of now.

Recently, the VeChain Foundation launched Thor Wallet SDK which provides a selection of functional interfaces for users. The wallet SDK is now available at play store and on the iOS app store as well. Another piece of good news for users is that they can develop their own wallet with the SDK.

Current Statistics:

  • On July 30, at UTC 11:27, VeChain (VET) vs USD was trading around $0.00550191.
  • Against Bitcoin, the crypto was valued around 0.00000058 BTC per chip.
  • At present, the market rank of VeChain (VET) is 32nd in the cryptocurrency chart.
  • Additionally, the market capitalisation of the cryptocurrency was around 307,636,754 USD.
  • At the same time, the 24-hour trading volume in the altcoin was 25,358,117 USD.
  • With an ROI of -63.12%, the number of VeChain chips circulating in the market, at the above mentioned time, was 55,454,734,800 VET.

Comparison:

Let’s analyse the variation in the value of the crypto over a period of 25-days. In that context, on July 05, VeChain (VET) was trading around 0.00748025 USD. But, today it is trading with a decline of 26.45%. In a similar way, in the weekly trading, the digital coin has made a dip of 2.63%, from the level of 0.00566167 USD on July 24.

Prediction:

According to our analysis, VeChain (VET) might trade around 0.01 USD by the end of 2019. As of now, the immediate resistance for the coin is at 0.00571067 USD and the support level is at 0.005490 USD.

Conclusion:

The new initiative of sharing the SDK of Thor wallet is a smart move of the foundation. As it will give flexibility to users and can also be seen as a firm step to uphold transparency and decentralization. As far as trends are concerned, the short term is no-doubt a bearish one. However, the stability in the crypto is a good sign and might be a prequel for the long due bull run.

NEO rises to $11.57; Will it reach $12 by this week?

NEO price reached as low as $10.73 on 18-July-19 at about 14:10 UTC. There was a very sharp rise on the said date and post which the coin has witnessed minor rises and falls. On 20-July-19, it managed to touch $13.78. NEO could not maintain its performance levels and started falling again from the latter part of the day.

NEO Price Analysis:

If we compare the price of NEO coin since its lowest value of $10.73 on 18-July-19 and today, the present trend indicates that the coin is reflecting an upward movement of 7%. We believe that NEO has provided good growth in the past. NEO will continue this trend to rise higher and reach its immediate resistance level of $12.87 by next 2-3 days. After about six months it can be traded around $20.

Over the past 5 days, the coin has been overbought as well as oversold several times. Now the number of coins being traded are on the neutral side. Over the past 5 days, NEO has managed to reach as high as $13.78 and has good potential and capacity to outsmart these figures and provide good returns to investors in the long run.

Cardano (ADA) Price Is Again Trading

Downwards

Meta description

ADA is declining downwards with a negative indication that it will further lose its value to BTC in the upcoming days and will be in a high liquidity condition.

Main Article –

The volatility of the crypto market has been ravaging the price trends of the altcoin like Cardano. Holding the value upwards is a tough challenge for ADA coin, and this is the reason why a positive turnaround of the coin will not be easy in this intense unfavorable market conditions.

Cardano Price Analysis & Future Forecast

From the 5-day Cardano chart, it is cleared that the coin is hardly able to withstand the intense volatile condition of the market and this is the reason why its value is getting deterred miserably. Its momentum towards an upward trend is negligible. On 14th July, ADA got traded at 0.062219 USD. From 16th July till yesterday noon, it was under complete downtrend. Yesterday, its value fell to as low as 0.0534 USD. Within 5-days, Cardano price has been deterred by 6.91%. Based on the above conditions, we assume that in the upcoming days, ADA price may trade around its immediate support level of $0.055048, and if the coin trade higher than it may reach around its immediate resistance level of $0.061.

From the above analysis, we may conclude that at present, ADA is not at all suitable for investment as it is in a highly unstable condition. It is more prone to decline downwards than to rise above. Until the market condition is getting improved, Cardano should not be considered as a good option for investment.