Yves Mersch Archives - CoinDesk

Which Currencies Will Back the Facebook-Led Libra Cryptocurrency?

Which Currencies Will Back the Facebook-Led Libra Cryptocurrency?

As expected, Facebook has been pressured to reveal more details about its controversial digital currency Libra after a series of meetings with high-ranking central bank officials and governments which deemed Facebook’s new crypto venture as ‘vague’, pointing that it lacks important documentation.
According to European officials, Facebook’s cryptocurrency project poses serious threats to the economic sovereignty of powerful countries such as France and Germany and therefore it should be examined in detail, as cited by the French minister of finance Bruno Le Maire.
In a letter to German parliament member Fabio de Masi, Facebook describes that almost half of the Libra digital currency would be backed by US dollar reserves, while national and regional currencies such as the Euro, the British pound, the Japanese yen, and Singapore’s dollar would also provide support and stability.
In addition. Facebook says that backing Libra with traditional currencies is a key element to help solve the problem of price volatility, as seen in cryptocurrencies such as Bitcoin BTC, -2.11% and Ethereum ETH, -2.12%.
An important observation is that the Chinese yuan, the currency of the world’s second-largest economy, is absent from the list.
Whether it’s a Trump’s trade war-oriented strategy or the fact that China has already developed its own digital currency that will be backed by the local yuan, expected to be launched later this year, Facebook seems to ‘target’ national currencies before it’s even deployed.

Libra has no shortage of critics

European Central Bank official Yves Mersch, who called Libra a ‘cartel-like’ operation during his speech at the ESCB Legal Conference earlier this Summer, says that Libra will be able to manipulate the pairing price with national currencies, and even shorten or pump the demand for a specific currency.
The Libra Association’s plan is to launch Libra sometime in 2020, despite the negativity received by the project from financial policy-makers and regulators all over the world.
Considering that the governing body behind Libra consists of telecom and tech giants such as Facebook, Mastercard, Visa, Paypal and others, it is not hard to imagine Libra catching on. Facebook alone reaches billions of active users across the globe.
Governments are naturally scared of a combination of forces of that magnitude, and therefore they see Libra as a threat to the current economic system.
On the other hand, Facebook keeps claiming that it welcomes feedback and discussion from global financial regulators, and are willing to address any concerns regarding the digital currency.
During a meeting that took place last week in Switzerland, Calibra head David Marcus tried to clarify the stance of the Libra project, stating that Libra it is not planning to be a new currency that will compete with existing currencies, but instead create a “better payment network and system running on top of existing currencies”.
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There are prospects: forecasts of digital currency market participants

There are prospects: forecasts of digital currency market participants
Last week was full of various events for both participants of the cryptocurrency industry as well observers. Here are some expert comments on the current development of the digital asset market.
On Monday Yves Mersch, Member of the Executive Board of the European Central Bank (ECB) criticized Facebook’s Libra.”Libra could reduce the ECB’s control over the euro, impair the monetary policy transmission mechanism by affecting the liquidity position of euro area banks, and undermine the single currency’s international role” . The official has also noted that Facebook’s cryptocoin will in fact be accountable to shareholders, raising trust issues, as it will not be backed by a central bank. Mersch called on regulators to take tight control over Facebook’s projects, and for users not to trust the tempting but questionable promises from the representatives of the American company.
Meanwhile, Jack Dorsey, the head of Square payment start-up and Twitter co-founder, continues to insist that cryprtocurrencies will continue to spread. The businessman believes in bitcoin, but he thinks that it is still too early to call it currency. In one of his latest interviews Dorsey notes, that bitcoin’s rises and falls in prices are more characteristic of a investment asset, such as gold. He hopes that as soon as the cryptocurrency becomes the currency of the Internet, his own start-up will pay more attention to services that create added value, rather than those that are engaged in money transfer
Mark Mobius, an investor in developing markets and Mobius Capital Partners founder said that gold-backed cryptocurrency can be an interesting phenomenon. The investor emphasized that there is a whole generation of people who have faith in the internet, and they have faith in cryptocurrencies.
“People believe in dollar because they have faith that with dollars in their hands they can buy something. Crypto enables people to buy something merely because they believe it has value”, Mobius said.
In the beginning of the week trader Peter Brandt tweeted that bitcoin has entered the fourth cycle of the parabolic uptrend that could lead it significantly past its all-time high price. The analyst is confident that the price of Bitcoin will reach one hundred thousand dollars in the long run. And although this bold prognosis does not yet have lots of supporters, one can’t ignore the fact that the price of the main cryptocoin is showing steady growth since Monday.
According to Coinmarketcap, by September,6, bitcoin rose in price up to $10 875, starting from the mark of $9 623 on the night of September,2.

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The Case for Investing in Ripple (XRP)

I wrote this article in December when XRP was still below 30 cents USD... in you alls opinion has anything changed?
I'll go first:
1) I no longer see XRP as a simple "hedge" trade against regulation but a great investment in its own right 2) My only concerns lie with what regulators would classify XRP as (I.e. Bitcoin Cash is a currency... XRP more of a source of liquidity... so IF regulators disguise the difference would that be good or bad for us? would the difference create more uncertainty and thus less institutional investment?
The Case for Investing in Ripple (XRP)
December 1st, 2017
Hedging Bitcoin with Ripple (XRP) Bitcoin (BTC) has been on a monster run. Hopefully you caught the ride up when Bitcoin broke out of the ascending channel in early November (see Bitcoin Breakout). In life great success has both its benefits and its draw backs, the same is true for Bitcoin. The Bitcoin run is not over in the long-term (although the “blow off top” recently at $11,400 is a short term top), but the volatility is increasingly attracting the attention of regulators. Uncertainty and unease, among skeptics, over the use and stability of Bitcoin will continue to grow as price appreciates. At a certain point Bitcoin may come under pressure if banks and regulators make a concerted effort to reign in the coming disruption. This is why we must identify hedges to our Bitcoin (BTC) exposure. The case for investing in Ripple (XRP) has several attributes, but the best way to conceptualize the investment is the old saying, “if you can’t beat them, then join them.”
Why Invest in Ripple (XRP)? The Ripple (XRP) use case is described on their website:
Today the world sends more than $155 trillion* across borders. Yet, the underlying infrastructure is dated and flawed. Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally.
XRP is the cryptocurrency that gives RippleNet the functionality described above.
Ripple is a partner to the banks, not a disruptor like Bitcoin. Banks will need to develop an offering that can compete with Bitcoin. Several banks and venture capital firms have already invested in Ripple. Ripple has also been hiring prominent former regulators. I know that seems like crony capitalism, but if you used morality as an investment guide then you’d be righteous but also penniless.
Even current regulators are urging banks to develop better offerings to compete with Bitcoin (see ECB’s Yves Mersch: Banks Need Faster Payments to Counter Bitcoin).
Is Ripple (XRP) Currently a Buy? Yes. The chart below shows the asset is currently breaking out of a “bull flag” formation. It is time to diversify and invest in Ripple (XRP).
If you need a better understanding of where to purchase Ripple (XRP) or other crypto assets, refer to How to Invest in Cryptocurrencies.
As always CoinSavage is here to help, see the Token Report section for a report with price target. Members receive chart analysis with weekly updates.
Invest Savagely.
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Cryptocurrency trading remains embryonic

Banks should separate their balance sheet trading activities with cryptocurrencies such as bitcoin and cover them with sufficient equity, said Monday a member of the Executive Board of the European Central Bank.
"Due to the high volatility of virtual currencies, it would seem appropriate to require (banks) that operations with this type of currencies be supported by adequate levels of capital and separate from other trading and investment activities", said Yves Mersch Monday at a conference in Turkey.
The custodian institution of the euro is issuing this warning while some institutions do not hide their intention to offer new services involving bitcoin, giving legitimacy to this cryptocurrency opaque and which divides the financial circles.
Taking the opposite of the big American financial institutions, Goldman Sachs announced in March to engage in the brokerage of financial products related to Bitcoin.
In Switzerland, the giants UBS and Credit Suisse have kept away from virtual currencies, but a smaller player, Vontobel, has issued the first bitcoin structured product, a publicly traded participation certificate (tracker) that allows for the participation of to movements on the virtual currency without having to buy it directly.
A very risky game, while from December to February, "the price of bitcoin rose from nearly $ 20,000 to less than $ 7,000," said Mersch.
Cryptocurrency trading remains embryonic, with 200,000 bitcoin transactions in the world per day, compared with 330 million payments in current currency in the euro zone.
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DiaspoRDC Officiel - YouTube La BCE demande d'accélérer la mise en place des virements instantanés face au Bitcoin ECB tells Banks to embrace instant payments to beat Bitcoin at Conference - Ripple in Attendance! Vidéos SEO Abondance - YouTube

European Central Bank (ECB) executive board member Yves Mersch has said bitcoin poses a threat to economic stability if financial infrastructure institutions get involved with the cryptocurrency. In an interview with a German daily Börsen-Zeitung, Mersch said that bitcoin’s trading volume is currently “comparatively low” and is therefore not an issue for monetary policy at present. Yves Mersch: Money and private currencies - reflections on Libra Speech by Mr Yves Mersch , Member of the Executive Board of the European Central Bank, at the ESCB Legal Conference, Frankfurt am Main, 2 September 2019. Yves Mersch, European Central Bank’s key legal official, said that Facebook’s Libra stablecoin is “beguiling but treacherous” during a speech at the ECB’s legal conference in Frankfurt on Monday. Bloomberg reported on Mersch’s remarks in an article published on Sept. 2. Per the report, he said that private currencies have little or no prospect of Bitcoin, Blockchain & Cryptocurrency News. Advertisement; BTCm News; Contact us; Bitcoin % Ripple % Ethereum % Show details. Hide details. Market Cap. Volume (24h) Market Cap. Volume (24h) Market Cap. Volume (24h) Bitcoin. Bitcoin News; Bitcoin Price; Price Analysis; Bitcoin Widgets; Blockchain. What is a Blockchain? Blockchain News; Ethereum. Ethereum News ; Ethereum Price; Price Analysis ... Yves Mersch, member of the Executive Board of the European Central Bank, has said adoption of blockchain technology could disrupt payments. ECB European Central Bank: Bitcoin a Risky Alternative ...

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DiaspoRDC Officiel - YouTube

“Digital transformation of the retail payments ecosystem” Yves Mersch, a member of the ECB’s executive board, was dismissive of these digital tokens but he urged commercial banks to provide ... Edible Planet is a non-profit cooperative that facilitates access to a broader, more diverse selection of fresh fruits, vegetables, berries, herbs and flower... La Banque centrale européenne s'inquiète une nouvelle fois de la popularité du Bitcoin. Un membre du directoire de la BCE , Yves Mersch, a pressé ce jeudi 30 novembre les banques commerciales ... Informer tous les congolais de la République Démocratique du Congo (RDC) dispersés à travers le monde Les vidéos du site Abondance : moteurs de recherche, référencement naturel, et SEO !