Social Media Giant Launches ‘Facebook Finance’ Division to Push For Payment Opportunities

  • Facebook Inc. is determined to push its strides in the payment industry with the launch of the F2 division, Facebook Financial, to handle all its payments.
  • The division will be led by the co-founder of Libra Association, and Novi CEO, David Marcus
  • Stephane Kasriel joins from Upwork Inc.

The largest social network company in the world is launching a new payment and commerce division led by Davis Marcus. Facebook Financial will be in charge of all the payment projects currently in development under FB, including WhatsApp Pay, Novi, and any universal payment features set to be built on Messenger and Instagram in the future.

The launch of the division focuses its energy on building stable commerce systems within the Facebook-controlled apps, in a bid to increase advertisement revenue and keep users longer on the platform, the Bloomberg states.

One of the key developments F2 will work on is the launch of WhatsApp Pay in Brazil and India to boost e-commerce. However, the process of registration and tough regulations in the country are slowing the implementation process.

David Marcus, who has championed for the development of digital currencies since the launch of Libra, states the company is working with financial regulators in these two countries to integrate payments on their apps. He said,

“It’s helpful to have specific expertise in financial services regulation to build things the right way from the get-go.”

Former CEO of the freelancing marketplace, Upwork Inc., Stephane Kasriel, will join the Facebook Finance division as a payments vice president, deputizing Marcus.

Recently, Facebook CEO Mark Zuckerberg explained the benefits of Libra to Facebook shareholders during the AGM, stating the stablecoins will usher in a new wave of higher prices for advertisements on its social platforms.

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Author: Lujan Odera

G20 Wants Tougher Rules for Cryptocurrencies; Urging Members To Adopt FATF Standards

G20 central bankers and finance ministers want to push for a wider adoption when it comes to the standards compelling crypto exchanges to disclose information about users.

After a weekend summit in Riyadh, the Saudi Arabian capital, G20 members of financial institutions said countries haven’t aligned themselves with the international and intergovernmental standards imposed by the Financial Action Task Force (FATF). Here’s what a communicate released after the summit reads:

“We urge countries to implement the recently adopted Financial Action Task Force (FATF) standards on virtual assets and related providers.”

The Travel Rule Aims to Prevent Money Laundering and Terrorism

Being finalized in the summer of 2019, the FATF’s travel rule requires exchanges and wallet providers, so all virtual asset service providers (VASPs), to share information about users with each other each time funds are being transferred. This action aims to prevent money laundering and terrorism funding done in cryptocurrencies, also to identify those who want to bypass the crypto regulatory measures. In June 2019, the G20 said it will comply with the new FATF rules.

FATF Recommendations Leave Room for Interpretation

FATF rules and recommendations allow authorities to make interpretations according to the local law. Countries that will not respect these rules or refuse to adopt the recommendations are at risk to be blacklisted and eventually cut off from important global trades and from investment. For this reason, many G20 economies and FATF members have adopted the travel rule already.

For example, Singapore and South Korea have passed a VASP compelling legislation built on the new anti-money laundering legal framework. Let’s also not forget that the EU’s 5th anti-money laundering directive (AMLD5) was enforced at the beginning of this year. AMLD5 requires exchanges to be registered with local regulators and to comply with FATF’s new rules.

More Research to Be Done on Global Stablecoins

Since the need for having a global remittance solution to stablecoins is growing, G20 ministers also reiterated an October 2019 statement that calls on countries to do more research in assessing the risks of issuing global stablecoins. The communicate released after the summit furthermore asks authorities to be of assistance to the Financial Stability Board (FSB). The FSB monitors how vulnerable the global financial system is, all while coming up with recommendations on cryptocurrencies’ global regulations.

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Author: Oana Ularu

Most people will be able to afford just Satoshis not a whole Bitcoin – Nexo Founder

  • Halving will push BTC to $500k this year just like last time when BTC shot up 4,000%
  • Anything that comes close to the level of BTC gains has been the rise of US Dollar
  • Bitcoin as a payment option “failed to materialize,” the new narrative is that it is the new gold
  • CBDC will “revolutionize the way we bank” and question the supremacy of the dollar

In 2019, the first two quarters have been positive for Bitcoin, with 10.34% and 161.50% gains recorded in Q1 and Q2 respectively. The last two, however, have been red with a loss of 25.11% in Q3 and 10.30% in Q4.

Now in 2020, although we made a good start we are down 0.22% to date while trading at $7,320 at the time of writing.

But according to Antoni Trenchev, co-founder of Nexo, a platform that allows users to borrow fiat currency against their crypt holdings, Bitcoin could go as high as $50,000 this year, based on the numbers they have crunched.

“I think that, very easily, we could see Bitcoin going up to $50,000 by the end of this year,” Trenchev told Bloomberg on Friday morning.

Bitcoin halving will push BTC to the skywards

The catalyst for this bull rally will be Bitcoin reward halving to occur on 13 May 2020.

“It is just a hell of a ride, it’s the halving coming up, the rewards for miners are dropping,” said Trenchev.

This would be the third such event that would cut down the miner reward from 12.5 BTC to 6.25 coins. Bitcoin’s inflation rate will also fall from the current 3.69% to 1.80%.

“The last time this happened, Bitcoin rallied 4,000%,” pointed out Trenchev.

Bitcoin is also an incredible asset that is mostly uncorrelated to the overall market. And anything that has come close to anything like the flagship cryptocurrency, Trenchev says has been the rise of the US dollar against the German papermark in the 1920s.

Bitcoin narrative has evolved to be a new gold

As for the fact that Bitcoin hasn’t grown as a payment option, Trenchev says this isn’t the main selling of Bitcoin anymore. It has evolved over the year, he said.

The initial idea he explained was to pay for coffees with BTC but that “failed to materialize.” But now, the narrative that is “much more productive is that Bitcoin is the new gold.”

He also pointed towards the 8% spike in BTC price in the aftermath of the US airstrike that killed Iranian general Qaseem Soleimani. The geopolitical tension in the Middle East drove the demand for safe-haven assets that propelled gold prices upwards as well.

Trenchev added that the BTC price would climb to $50k if the digital asset takes over 10% of the gold market. And then eventually, people will be able to buy only satoshis than a whole BTC, as there are only 21 million BTC.

Nexo CEO also touched upon the central bank digital currency where China he said is “full steam ahead” which will “revolutionize the way we bank and it will question the supremacy of the almighty dollar.”

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Author: AnTy

CRYPTO.COM CHAIN Price Prediction Today: Daily (CRO) Value Forecast – June 25

  • CRO/BTC market has now been making attempts to push northwards.
  • The sudden spike may be a signal to expect more bulls’ potentials as long as the B0.000005 price point isn’t broken southwards.

CRO/BTC Medium-term Trend: Ranging

  • Supply levels: B0.000009, B0.00001, B0.000011
  • Demand levels: B0.000004, B0.000003, B0.000002

Between June 22 and until about formation of two 4-hour candlesticks of early trading sessions today, the CRO/USD market moved notably in a range. The third emergence of the 4-hour candlestick has come up with a violent spike that broke out of the range spot to average B0.000009 mark.

Not too long, the pair made a quick correction to now hover around upper range spots depicted at B0.000007 and B0.000006 price levels. The Bollinger Bands are located underneath the 50-day SMA. But, the Bollinger Upper Band has touched the SMA indicator from below. The Stochastic Oscillators have crossed to point north within ranges 40 and 20.

The crypto-market has now had a selling wall between the B0.000009 and B0.000007 points. Therefore, the bulls are not expected to push the market line beyond the B0.00009 mark in a near trading time of the CRO/BTC market.

CRO/USD Short-term Trend: Ranging

A spike that occurred earlier in the CRO/BTC market in the short run has led it into entering upper range zones afterward. Yesterday’s trading sessions witnessed its series of ranging market movements around lower zones as compared with the present.

The crypto-market has now been fluctuating around B0.000007 and B0.000006 price lines. The Bollinger Bands have opened wider around the B0.000007 and B0.000005 marks with the 50-day SMA located a bit under the Bollinger Middle Band’s trend-line. The Stochastic Oscillators have conjoined hairs to move along range 40.

There are indications that the bulls in the market of CRO/BTC are likely to gain the market’s advantage in the short-term run. Therefore, the bears may not have the possibility of pressing down the market retest a low point at B0.000005 mark.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha