It Doesn’t Look Like Libra Is On Track Anymore

For the longest time, executives of Libra have stated that users can expect a release date of 2020 for the coin. However, 2020 has finally arrived, and the project doesn’t look any closer to coming to fruition than it did roughly one year ago.
Libra Could Be Delayed
The currency – first introduced in June of 2019 – has experienced its fair share of hard blows over the past seven months. For one thing, many people don’t trust the currency after all the dirt that’s gone down with Facebook, most notably Cambridge Analytica in 2018.
It was discovered that the social media conglomerate and parent company of the Libra project had been selling users’ private data to third parties for advertising purposes. The company faced a great deal of scandal following this news, with head Mark Zuckerberg having to testify before all of America on national television and the company being handed a $5 billion penalty for its actions. Trust in Facebook fell to record lows after that.
Libra is apparently an attempt to garner this trust back. The problem is that it involves everyone’s financial information, which is amongst the most private data held by everyday users. The notion that a company as potentially shady and dark as Facebook could get its hands on your private financial stats is a little scary to most people, and if it failed to protect their private data before, who’s to say it won’t have trouble in this regard again?
Either way, people seem a little slow to jump onto the Libra bandwagon. On top of that, it has also faced several regulatory hurdles from lawmakers both at home and abroad, and this has caused several delays – including additional testimonies from both Mark Zuckerberg and Libra head David Marcus – to the project. While a 2020 release was the original goal, there’s no way to know if the company will remain on track.
Nils Reimelt of Capco Digital – a company that offers financial consulting services in Switzerland – explained in an interview:
As long as the [Securities and Exchange Commission] SEC is concerned about Libra, saying it’s based on relatively new and unproven technology and could rival the U.S. dollar, other governments including the Swiss one will take a wait and see approach.
The Time Has Come, but No Progress Has Been Made
The bottom line is that many nations – including the United States – don’t quite understand how to approach Libra. Is a security or a commodity? Is a stable currency like the company says, or is it just another standard token that should be chalked up on the board with the likes of bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC)?
Nobody quite understands because there are still too many regulatory questions surrounding it, and until these questions can be answered, one can expect the financial space to remain as is.
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You Can Now Buy Crypto with Your Credit Card Using BitPay

Coinspeaker You Can Now Buy Crypto with Your Credit Card Using BitPayPopular Bitcoin payment processor BitPay has sealed a partnership with fiat-to-crypto payment processor Simplex, enabling users to purchase Bitcoin and other cryptocurrencies directly within the BitPay app using a credit card. They can also transfer funds, make purchases and send money to friends from a single dashboard.In providing BitPay with a fiat onramp to conduct and settle crypto transactions, Simplex has created a major on-ramp to the cryptoconomy. Over 30,000 merchants use BitPay, and the company processed over $1 billion in cryptocurrency transactions in 2018. Simplex has previously tied up similar agreements with Binance and Huobi, enabling users of those platforms to buy crypto with credit card directly on the exchange.Big Day for BitPayThe Simplex deal significantly enhances BitPay’s capabilities. Existing and would-be users can tap into a single portal that converts fiat to crypto for crypto payments and crypto to fiat for BitPay card transactions. In connecting its payment rails with those of the fiat world, BitPay is enhancing key infrastructure that will facilitate broader accessibility and utility of digital assets.The Atlanta, Georgia-based payment processor is not alone. The Simplex agreement is part of a broader industry trend towards constructing crypto onramps. Other examples include Plutus, a mobile application that dispenses loyalty tokens that are awarded on purchases. Plutus users can also convert fiat to crypto in-app, as can users of Skrill, Monarch and hybrid fiat and crypto-powered banking alternative Wirex.Square’s Cash App, which is headed up by Twitter founder Jack Dorsey, is another major on-ramp, helping users purchase, sell, store and deposit bitcoin, doubling as a bitcoin exchange and custodial wallet. The Cash App has become one of the main retail onramps in the U.S., accounting for $150 million of bitcoin purchases in Q3 of 2019 – or 8.6% of the total BTC mined during that period.Binance, meanwhile, recently added tabs for payment processors WeChat and AliPay, expanding its range of fiat onramps in China particularly. While the Chinese government has been famously wary of bitcoin and cryptocurrency, President Xi Jinping’s recent endorsement of blockchain technology lead to a short-lived surge in bitcoin’s price.Enhanced Fiat Options for TradersIt’s not just fiat onramps that are connecting the cryptoconomy with its fiat counterpart: new stablecoin projects have also lifted off, powered by hundreds of millions of dollars of venture capital. There are now over 200 stablecoins on the market, with these asset-backed cryptocurrencies providing an alternative bridge between the world of mainstream finance and crypto. Central banks are also developing their own digital currencies, though only China’s appears close to seeing the light of day.The BitPay-Simplex partnership is primarily targeted at cryptocurrency exchange users initially. In a statement, BitPay CEO Stephen Pair said that “cryptocurrency exchanges can be intimidating for new users. The Simplex integration, however, makes the blockchain payment experience seamless.” BitPay’s reach and reputation coupled with Simplex’s payment processing capabilities will give traders the ability to convert fiat-to-crypto and vice-versa quickly and confidently.You Can Now Buy Crypto with Your Credit Card Using BitPay

When Will Nasdaq Roll Out Its Mysterious Bitcoin Futures?

Coinspeaker When Will Nasdaq Roll Out Its Mysterious Bitcoin Futures?During the interview given to Erik Schatzker on the World Economic Forum in Davos, Nasdaq CEO Adena Friedman was discussing her LinkedIn post concerning ”market economy”. She was also touching the cryptocurrency sphere, saying that Bitcoin futures are a viable option and that they have an unnamed partner helping to set everything up.Two Main Reasons Nasdaq Will Consider Regarding Bitcoin FuturesAfter observing the market conditions, Nasdaq wants to bring up a viable solution that will be different from the competitors. This is a wise move, which is what good business gurus (like Guy Kawasaki, Richard Branson or Barry Feldman) typically advise to do. If you’re going to conquer some marker, make sure that your offer is substantially different from the ones given by the other ventures, shops, restaurants, crypto exchanges, etc.The second major consideration is that the exchange has no certificate. They need to obtain the papers allowing them to be a futures exchange. And they want to do it via the current NFX license that is already in their possession. Friedman said that cryptocurrencies are not evil, that they could change society. She noted that cryptocurrencies have a deep impact on the global economy. Adena is unsure whether the blockchain hype will provoke something hardcore enough to facilitate large amounts of payments:“Digital currencies and cryptocurrencies will have a role in the global economy. The question is will they mature to a state that is used for the transfer of goods.”Strange that she says it in such a way. Because many of the cryptocurrencies already transfer colossal amounts of goods from country to country. The WSJ was reporting in November 2017 that Nasdaq is working with Cantor Fitzgerald. They wanted to bring up the futures product. It supposed to arrive until the second half of 2018. But later, apparently, the investors ran away from the falling price of the still so volatile BTC. At the same time, many other firms came up with similar solutions, including the Intercontinental Exchange (ICE) and Chicago Mercantile Exchange, and won.When Will Nasdaq Roll Out Its Mysterious Bitcoin Futures?

Libra Has Lost Another Association Member in Vodafone

Another major partner has left the Libra project in the dust. This time, the one making a grand exit is Vodafone, an international prepaid phone carrier.
Libra Is Still Suffering
Libra has had a very rough history. First introduced to users in June of 2019, the project has seen its fair shares of ups and downs (more downs, at this stage) and has been the subject of widespread criticism from international leaders and U.S. regulators alike.
The company has also lost several big-name supporters since it first came about like PayPal, which is particularly embarrassing considering the head of Libra – David Marcus – originally came from PayPal. Other companies to give Libra the old heave-ho include credit card enterprises Mastercard and Visa.
Many of the businesses to say “no” to Libra down the line cite regulatory concerns, and to be fair, Libra is not really helping itself. The project – which people have been aware of for more than six months – still isn’t putting any specific details out regarding its plans, and not much is really known about it. For an alleged stable coin that’s going to make global finance much easier, you’d think there would be a few more details available to us by now.
Dante Disparte – head of communications for the project – explained in a statement:
We can confirm Vodafone is no longer a member of the Libra Association… Although the makeup of the association members may change over time, the design of Libra’s governance and technology ensures the Libra system will remain resilient… The association is continuing the work to achieve a safe, transparent and consumer-friendly implementation of the Libra payment system.
The system of governance that the Libra Association wishes to invoke is democratic in the sense that several parties will be responsible for decision-making processes, though it is also quite centralized in that these and only these parties will be in control. This goes against the very notion of cryptocurrency, which is designed to help everyday users take over their own finances and remain independent from outside influencers.
Vodafone released a statement regarding its exit from the organization, explaining:
Vodafone Group has decided to withdraw from the Libra Association. We have said from the outset that Vodafone’s desire is to make a genuine contribution to extending financial inclusion. We remain fully committed to that goal and feel we can make the most contribution by focusing our efforts on [payment service] M-Pesa.
Nobody Trusts the Project
Many regulators are wary of Libra and ready to disallow it from entering the financial space given the privacy issues Facebook has dealt with in the past. Democratic Senator Sherrod Brown explained last year:
We’d be crazy to give them a chance to let them experiment with people’s bank accounts.
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Bitcoin Gold Is Under 51% Dangerous Attack, Miners Double-Spend $72K

Coinspeaker Bitcoin Gold Is Under 51% Dangerous Attack, Miners Double-Spend $72KThe attack on Bitcoin Gold was first spotted by James Lovejoy, a researcher from MIT Bitcoin Club.Bitcoin Gold ($BTG) was 51% attacked— James Lovejoy (@metalicjames) January 24, 2020The short review of the attack is already on GitHub. The review says that on January 23, and 24, the attackers have removed blocks from the BTG network. Then, they re-added them and added new transactions instead of their old ones. Why did they do that? Because such thing as pulling the blocks out of the blockchain allows rewriting of transactions.Bitcoin Gold’s Double-Spend Shed Suspicions towards PoW Security ModelIt is known that, on January 23, the attackers used 1,900 BTG coins to double-spend approximately $19,000:Thu, 23 Jan 2020 18:01:32 – 14 blocks removed, 13 blocks added1,900 BTG double-spent (~$19,000).1,900 BTG originally sent to GgmzUSgXrXpDxiY34bG6SxaDVi2rQ1zU8Q 3a17157994502a749a1827883a670d822f8ee95dae94064631770faeec1e8443 was redirected to GNH5cUEg5LZZP5HfLgaLvTE9ApKAf76aBf 6e05e8253b2ce7f1acf6f0684898e13141c0e9b893e1a5e44d215d8ebe4d28b4.The majority of the coins were sent from an output owned by the address GK6HuN964f3XFScY5CPGg1oZ1gFRq52nf5.”Then, on Friday 24, 15 blocks were mined and then removed by selfish miners. They have added 16 new blocks later, rewriting some of the network’s transactions, defrauding unknown parties for $53,000:“Fri, 24 Jan 2020 00:24:08 – 15 blocks removed, 16 blocks added~5,267 BTG double-spent (~$53,000).~1,947 BTG originally sent to Gg4YDMrMuqit6eJAYKaBxmK17zPFnpLt5w, 1,850 BTG to GfRdNzHJan8sfW9wxozAYhRPL9fFLD9A9m n TXID 481d608591f4d6a7013ac1b879c2caf1e2c0a2bb30b5346b2c876deb43873b2b and 1,470 BTG to GfWUNAdW3aEXfQWshApFLf2ZNtMV9MC6VQ in TXID 37c8a8d59f61879cc0da9fa197ed72dbc967c796800d4015cafd47c7be467201 was redirected to GPTH48Z3diz4zwBGchXmzW3kDnmHVxyX2V in TXID a0dc721fff0948732679638f4b4bb713686786826971c3f9a30eb15f5694a0ea.The majority of the coins were sent from outputs owned by the address Gdc4ANNdqyGBadobzUDZNydBgDHAYdMeAb.”In both cases, the attackers used this address to receive the block reward for blocks including the fraudulent transactions: GWrW5dTZf5XwGWoJuqRKdzkzZFkwtWSqaP.At the time of the attack, the Binance exchange had its security rules set to credit BTG coins after six confirmations. Also, after twelve confirmations there was a possibility to withdraw the coins. It appears that now Binance has 20 confirmations as the minimum required to be able to move the coins within the balance.The approximate estimation of the attack costs is based on Nicehash’s market stats given for Zhash. Analysts counted that it takes around 0.2 ($1,700) BTC to perform selfish mining during the 51% attack. This is the sum that the attacker obtains as the block reward. So he probably gained many profits, including the possible gains from fooling the counterparty.What the Hell Is Double-Spent, Can’t Cryptos Cope with That?Cryptocurrencies are one of the ways of eliminating the ”printing” of bills to double-spend them. However, when large businesses entered this field, they quickly found that the blockchain is not as cool as the early adopters said. It was straight out hype which made lots of people mine BTC. Then, when it got a sufficient hash rate, it became too difficult to attack it.But as for the rest of the cryptocurrencies, you can attack them easily in case you want to spend lots of cash on doubtful activity. However, what’s important here, is that during a 51% attack, a double-spend is possible in almost all the blockchains. Miners gain control over the block production and roll them back whenever they need it.As for Bitcoin, there’s one easy way to double-spend coins too. It is not selfish mining and not about control over substantial resources. No, it’s much easier and uses RBF technology and the performer must be a social engineering master. The attack first spotted in the major press by Jared Fincher of Bitsonline on April 2, 2019. He brought it on the top level but received no adequate answer from the angry maxis in the comments section.Bitcoin Gold Is Under 51% Dangerous Attack, Miners Double-Spend $72K

Local Bitcoin Trading Platform Suspending User Accounts

Popular bitcoin exchange Local Bitcoin has been suspending users’ accounts.
Local Bitcoin Is Acting Up
Many have taken to social media to express their frustrations, while news outlets in the Middle East, Africa and Asia have also reported on the situation. It appears that these accounts belong to longtime users; people who have been serviced by the exchange for many years, and the closures are happening without any prior warnings.
Have these customers violated the rules somehow? What could be the motivation for Local Bitcoin to rid itself of some very loyal clients? The messages these users have received are also based on false pretenses given that they say withdrawing one’s bitcoin stash is enough to delete the account. However, many of these individuals claim that they have been unable to move their digital funds.
One user of Local Bitcoin – who wished to remain anonymous at press time – explained the circumstances of his account closure:
One of my customers was due to travel out of the country and had to sell some of his bitcoins to be able to go only to notice on his way to the airport that he cannot even access his funds.
The exchange has issued a follow up message explaining that customers of certain countries must go through an “enhanced due diligence process” in order to continue their business with Local Bitcoins, though at the time of writing, it is unclear what this process entails, and the exchange has failed to provide any additional details.
One suggestion for the account closures revolves around new European legislation that took effect in early January. The legislation requires all users to provide their private data to exchanges so that they can be clear about who’s taking part in transactions and where money is coming from.
Local Bitcoin has often boasted that users can remain relatively anonymous on the platform, and that their identities will remain secure. However, it is widely rumored that Local Bitcoin is cooperating with the government agencies that instilled the legislation and is looking to remain compliant.
As a result, the exchange has seen its trading volume drop by as much as 70 percent during the final months of 2019.
In an interview, CEO of the exchange Sebastian Sonntag explained that the exchange, at one point, was signing up anywhere between 4,000 and 5,000 new users each day, but that many changes were coming to the platform that were likely to have an “impact on overall trading volume.”
Stuff Is Happening, but We’re Not Going to Tell You
He states:
We expect the situation to become more stable in the following weeks and improvements in the verification flow should also influence positively.
Local Bitcoin is based in Helsinki, Finland, and was founded in the year 2012. The company suffered from a hack last year that saw it lose nearly $30,000 in BTC funds.
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Free Bitcoins: The Possibility to Waste Your Time and Money

Coinspeaker Free Bitcoins: The Possibility to Waste Your Time and MoneyMany of the people who are not related to cryptocurrencies are lurking on the web in a search for free Bitcoins. Numerous casinos, betting clubs, cryptocurrency hedge funds, and other websites lure people in. How do you know that the casino is working well? Where will you gather precise information about a faucet or a lottery website that promises to send you a ton of coins?Do Not Waste Your TimeDo you know one precious asset that is not gold, not fiat money, not cryptocurrency, and not a bond, obligation, or a stock? This asset is very rare, and if you lose a piece of it, you’ll never regain. Correct – we are talking about time. Be extremely aware that even respectful corporations can advertise scammers.Many of the industry participants will try to use you to enrich themselves. If you look for a job in the crypto company, make sure that you spent at least 1 month reading the news pieces and reports about the CEO and the company itself. Check the Glassdoor and Trustpilot reviews. See their forums pages and what the others are writing about the company. Find as much information as you can, and if something looks fishy, consider what you can do with it and act accordingly. And don’t waste your time on faucets, ad platforms, different retweet services. They promise free Bitcoins, pay you satoshis for doing absolute nonsense and sometimes drop malware, miners or viruses onto your PC.Danger! Crypto Payments Are IrreversibleThe main component of cryptocurrency fraud is that all the payments in such systems are irreversible. You won’t be able to ”chargeback the scumbag” in two months after the credit card payment. My colleague bought a knife over the Internet and the knife wasn’t as good as he expected. So he made a chargeback.In cryptocurrencies, you won’t be able to call the bank to charge it back. The money you send will vanish forever. You will only have one chance to spend your crypto coins, and it’s better to be a good chance. Some people who use Bitcoin like usual money, lose some benefits. It’s cool to pay for VPN services or mobile subscriptions with Bitcoin or Ethereum. But also, it is crucial to remember that those coins will never get back to you like the paper fiat bills could do.So if your VPN subscription plan costs 0.03 BTC, consider saving the coins to a separate wallet. If you still want the VPN subscription, simply pay with a bank card. Fiat money is worthless and it’s not bad if you spend them across the Web instead of spending precious coins.Search Engines Advertise ICO Idiots and Other FreaksPhoto: QuoteInspectorJust look at what the American Google puts in the ads section for the ‘bitcoin’ or ‘cryptocurrency’ keywords. The search giant who knows everything about the tricky field puts out advertisements for obvious scams. The inexperienced users are getting lured into shady projects like OneCoin or Karatbars. They think that they are participating in the crypto revolution. That they are cyberpunks and ‘hodlers’. And that banks are ‘in the stove’. While in reality, they are just sitting all day near PC and stare at the shitcoin prices. At the same time, someone else is spending their bitcoins (given in exchange for shitcoins during an ICO round).Google can post the advertising for a company that says: If you send us 0.1 BTC, we would double the coins in 24 hours! Or, they can write something claiming that’s advice from a famous Hollywood star. Then, this company is stealing your coins and not giving any returns, and the cops cannot help.The company that is called ”The Russian Google” – Yandex – is posting the advertising of scam companies in Russia. Unbelievable, the search engines earn billions on personal data, the e-mail users, their actions. However, if you read Telegram channels such as Vklader, it appears that Rusian Google gives as many scammer ads as the original Google. So, it is not some kind of virus that sits in one company. No, this is a very old disease called avidity which we see here eating the ‘successful collectives’ across the globe.People Get Scammed over Telegram ChatsSometimes, you are sitting in the crypto-related Telegram chat, and someone pretending to be the Admin of the chat offers you free bitcoins. The offer may be different, but the essence of it is always the same – you can gain lots of cash in no time. But you need to send out some Bitcoin or Ethereum first. They always need some trusted deposit or starting payment, with the cheaters using social engineering to target your naivety.The main strategy is to seduce you to send out the payment by playing on the greed. The fraudulent offer often looks too legit and too shiny. They have an official website, and there are over 15K Twitter followers. Their YouTube channel is full of vids of beautiful, smart people in offices. Everybody in the office keeps an active and happy mood… as if they’re working on a drug baron.How could this be a scam? However, the experienced cryptocurrency journalists are falling victims to fraudsters and crooks of different sizes. The authors of pieces like this one, despite writing many articles describing shady financial schemes, are getting into different shitty stories in their life too. Even the man who can spot ICO shitcoiner with his eyes closed could fail in a simple talk with bazaar’s gypsy merchant.Never Enter Your Addresses, Public Keys, Private Keys on Websites and ForumsThe issue here is that many people have to spend years studying cryptography before they start understanding why posting your keys and even the addresses on the public is a bad idea. So, the main part of any cryptocurrency wallet is the private keys storage. The wallet must encrypt the wallet file with the user’s password or by using some math technique. Private keys are living within the wallet file and generate the public addresses. The private key allows you to spend Bitcoins (or altcoins) from a corresponding address.A crypto wallet is a key-chain. You have multiple keys from multiple crypto addresses. Each time the user receives coins on one of the addresses, he can spend them using the private key. The special SEED mnemonic phrase of 12 or 24 English words is generating all the keys.Some of the online experts advise using online resources to check the private keys from addresses. People check the privkeys and facilitate online derivation tools to obtain freshly backed fork coins. Sometimes, after a hardfork of a coin, the new coins are born. If the coin within your portfolio gives birth to a fork coin, then you can get richer by doing nothing. Never use online websites to check anything related to your coins.If you post the private key online, there’s a chance that some hackers gain access to it. Furthermore, when you post your public key somewhere, if the hackers will find several of your addresses, they will be able to mathematically generate some of the private keys based on your addresses and public keys.If you don’t understand what the hell this all means, just remember that you should not post any address related keys or other information online. The only thing you can post safely is the Transaction hash or the ID. It is useful for proving that the transaction takes place. Folks use ID to identify the TX in online blockchain explorers.Free Bitcoins: The Possibility to Waste Your Time and Money

Alexander Vinnik Has Been Extradited to France

Alexander Vinnik has been charged with money laundering and extortion by French authorities.
Vinnik Will Spend More Time Behind Bars
Vinnik is believed to have laundered as much as $4 billion worth of bitcoin through a now defunct cryptocurrency exchange known as e-BTC. He was later arrested in 2017 while vacationing in Greece with his family per the requests of legislators in the United States. At that time, Vinnik was facing charges in both the U.S. and Russia.
At 39 years of age, Vinnik has established quite a criminal reputation. Aside from facing charges in France, he is also potentially set to face trial in both the U.S. and Russia, meaning his crimes could see him being sentenced in three separate countries. Vinnik has consistently stuck to claims the he is innocent; that he merely served as a technical consultant for e-BTC, and that he was not involved in – nor did he possess any knowledge of – illicit activity.
Vinnik spent roughly two years locked away in a jail cell in Greece, awaiting extradition which was finally granted last Thursday. He is currently being quested by judges in France and was handed the preliminary charges previously mentioned. Preliminary charges allow the judges time to investigate further while keeping the client locked away, and Vinnik will spend the investigation period in a French prison.
While waiting in Greece, Vinnik went on a hunger strike that lasted 35 days as a means of protesting his being sent to face justice in France. He instead wished to face charges in Russia, where the consequences would likely be less severe.
Upon arrival to France, Vinnik was quickly transferred to a hospital due to the hunger strike, where he was worked on by doctors. Additional details are not known at this time.
Greece has ultimately decided that Vinnik will spend time first in France, then be sent to the U.S. and Russia where he will face additional charges.
Crypto Crime Is Too Common
It’s a sad fact that cryptocurrencies, while promising, give rise to numerous crimes and malicious activity given that they are largely unregulated. Digital currency legislation has come about in the last year or two, but only in small spurts. If cryptocurrency is to become mainstream and reach legitimate territory, worldwide legislation will be needed to ensure the right safety measures are in place for all traders in the present and the future.
The circumstances surrounding e-BTC are strangely similar with those of Mt. Gox, another ill-fated cryptocurrency exchange that was situated in Japan. In 2014, the exchange lost more than $400 million in bitcoin funds, and very few have ever been recovered. While CEO Mark Karpeles eventually faced prison time, the situation is no closer to being resolved today than it was six years ago.
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World Economic Forum Looks to Regulate Cryptocurrency

The World Economic Forum has announced it’s assembling a firm of experts from both the public and the private sectors to assist in developing cryptocurrency guidance and regulation.
Cryptocurrency Is Getting Global Support
The organization will be made up of central bankers, entrepreneurs, blockchain analysts and others who will seek to utilize their knowledge of cryptocurrency trading to establish lasting legislation.
Interestingly, reactions to the news have been divided, with some claiming that the move is a powerful first step towards bringing crypto closer to mainstream territory. Others say it’s likely to present even more problems down the line.
One fan of the initiative is Mark Williams, a professor who teaches fintech at Boston University. He explained:
This announcement is a further indication that the economic elites are no longer ignoring the innovation behind cryptocurrencies and blockchain technology.
However, some have stated that the firm could potentially bring even more confusion to the already convoluted world of crypto regulation. Digital currencies are regulated differently depending on where they are used. Each country has its own rules, and it’s up to the trader to understand those rules and how they apply before they engage with any crypto trading platform.
The firm, however, claims it’s looking to ease up this confusion and potentially put an end to the labyrinth that is the world of crypto legislation.
Klaus Schwab – founder and executive chairman of the World Economic Forum – states:
Digital currency, a cross-cutting topic that requires input across sectors, functions and geographies, is a key area of interest for the Forum. Building on our long history of public-private cooperation, we hope that hosting this consortium will [work towards] conversations necessary to inform a robust framework of governance for global digital currencies.
Lesetja Kganyago, governor of the South African Reserve Bank, echoed this sentiment, explaining:
Any evaluation of digital currencies should consider both policy and business objectives, as well as the unique circumstances that face different economies around the world in order to fully evaluate their risks and benefits. Bringing together diverse perspectives through this consortium will allow for this holistic review. In order to achieve this, we need the public and private sector to collaborate.
The news of the Forum resulted in a small bitcoin bounce. Prior, the asset was trading for as low as $8,200 though it later spiked by $200 and rose to $8,400. The currency has not jumped back up to where it was earlier this week ($8,600), but it’s a start in regaining its previous bullish momentum.
A Few More Words of Wisdom
Patrick Ngugi Njoroge, governor of the Central Bank of Kenya, stated:
While digital currencies offer wide possibilities, these have to be asserted against the fundamental objectives of economic advancement and shared prosperity. Global governance of the diverse initiatives provides greater assurance of this outcome.
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Does the Lunar New Year Spell Doom for Bitcoin?

Analysts are warning bitcoin traders that volatility may strike this coming week.
Is Bitcoin About to Drop Further?
The weekend marks the Lunar New Year in China, and celebrations are likely to occur amongst the nation’s people. Typically, this marks a period of heavy bitcoin and cryptocurrency use amongst people returning home for the holiday, but this year is a little different.
China has been marred by a coronavirus outbreak for the past several days. Allegedly passed on from snakes, the virus has taken the lives of more than 20 people and has caused several cities to fall under quarantine. Many believe that this virus will lessen the number of celebrations allegedly poised for this weekend, and if that occurs, bitcoin will not get the reception it usually does this time of year.
If usage falters amongst Chinese residents, many believe the coin’s price is set to fall. On Twitter, Arthur Hayes – chief executive of popular cryptocurrency Bitmex based in Seychelles – wrote:
The year of the rat starts this weekend. Time for bitcoin volatility and volumes to nosedive.
One could easily argue that the volatility has already started. Bitcoin has shed nearly $300 from its price at the time of writing. The currency was trading near the $8,700 line during the first half of this week, only to come crashing down to a measly $8,400 about 48 hours ago.
While this number isn’t particularly low, it marks a negative point in what could have easily been labeled the heaviest bull run the cryptocurrency has seen since last November. During that time, the asset had crossed the $9,000 line following a drop of nearly $2,500.
Some analysts, however, don’t think the weekend will have any serious repercussions for bitcoin, and that things are likely to remain the same.
Writing on social media, bitcoin commentator and economist Alex Kruger doesn’t think the celebrations are likely to fall because of health concerns, and thus bitcoin will probably enjoy the same reception it always receives this time of year. He states:
Some think the Chinese New Year may impact bitcoin negatively, as people sell bitcoin to purchase presents. Data indicates bitcoin does not underperform preceding the Chinese New Year.
If that’s true, though, then how does one explain the sudden drop in the cryptocurrency’s price? Is it just coincidence, or is something not being accounted for in Kruger’s analysis?
Trouble Brewing Ahead
A separate report also discusses that bitcoin has what’s known as a “death cross” in its sights, and that the currency should shed as much as 83 percent off its price in the coming weeks. This would potentially bring one unit of BTC down to about $2,300.
Either way, the world’s number one cryptocurrency by market cap has entered a period of seemly instability, which has traders worried about the immediate future.
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