Libra

There seems to be a new view in China about how it should respond to the possible issues posed by Libra, Facebook's cryptocurrency. It has been suggested that the country should turn to working with other blockchain and Bitcoin friendly nations to regulate the industry, instead of quickly establishing its individual option means of payment.

The digital asset arm of Fidelity Investments, a giant investment manager based in the U.S., has rolled out its first venture in Europe, starting a new facade in a massive move to integrate ryptocurrency into conventional investing. This is the first time it makes a push into this blockchain and cryptocurrency-friendly continent.

Because of the threat that cryptocurrencies have brought to the finance industry, some countries, including China, have come out to ban them, due to the reasons well known to their authorities.

Germany's minister of finance has embraced the idea of developing the cryptocurrency and blockchain industry by creating a digital euro, however, this plan is against and a threat to private virtual currency initiatives such as the Telegram’s Gram, Facebook’s Libra Project and others.

Bitcoin price plunged to a four month low of $7,400. The cryptocurrency price hovered about $7,800 after leaving $8,000 where it was a few days back. At the moment the cryptocurrency price settled at $7,500. It’s becoming realistic that Bitcoin is continuously failing to sustain itself above the $8,000 margin.

The Facebook Libra cryptocurrency project is constantly losing the backing of mainstream giants. The latest businesses to quit cooperation with this digital currency include Visa, Mastercard, eBay and Stripe following suit after Paypal announcement to quit cooperation as regulators move on with scrutinizing Libra.

The Bank of England (BoE) has come out to embrace Facebook’s digital currency project Libra despite the recent criticism it has been facing from various financial regulators across the globe.

During a presentation at an event on financial technology organized in Rome, the deputy general manager (DGM) of the Bank of Italy, Alessandra Perrazzelli, used words of caution and prudence, but at the same time, openness towards Facebook’s cryptocurrency Libra.

Recently, French financial authorities have shared major concerns about new cryptocurrencies being introduced onto the market. France is planning to block the development of Facebook’s cryptocurrency known as Libra claiming that the token will bring a huge risk to monetary sovereignty in the country and Europe at large.