Members of Congress love to drag the CEOs of large companies into hearings to show off in front of their constituents. The best recent example is the grilling of Facebook's Mark Zuckerberg over the company's Libra cryptocurrency project. Now, this over-the-top political production is threatening to spoil a good opportunity to provide the regulatory clarity so desperately needed by the cryptocurrency industry...
China has spent five years preparing to launch the digital yuan, which might happen in a matter of months. But bankers and financial industry professionals surveyed at an industry conference in October still believe the United States will be the first to create a global digital currency.
It’s been a pretty intense month for the Libra Association, whose stablecoin has come under intense scrutiny from the U.S. Congress and the G7 over fears of destabilizing the global financial system when it launches next year.
Chinese officials and investors have been making a full court press on blockchain and cryptocurrency development ever since President Xi Jinping’s comments on October 25 that China must “take the leading position in the emerging field of blockchain.”