Vitalik Buterin says Libra is a wakeup call for governments
Facebook’s nascent crypto project Libra has faced serious problems, with new objections being raised from regulatory bodies across the globe, right from its announcement in June. Recently, the finance minister of France, Bruno Le Maire, announced that they wouldn’t allow any development of Libra in their country as it threatens the government’s monetary sovereignty. Right after such a declaration, Germany followed suit.
Vitalik Buterin also shared his thoughts on Libra in an interview with Globes. When Buterin was asked about his thoughts on the ongoing controversies surrounding Libra, he said that the current structure of Libra did not look great for privacy as the firm has no means to protect customers’ private information. Libra’s current working model expects its customers to store their currencies in custody wallet, which is not just bad from the privacy point-of-view, but also because it is no different than existing conventional financial systems, in which companies have to conduct a process of customer recognition. Buterin said that this could be a big problem for Libra. He explained, “In a situation like this, it’s always possible that a certain company will create a wallet that does not carry out such a process, and there may be people who will use it for money laundering.”
However, Buterin made it clear that, since Libra has not been launched yet, it can still work on these aspects before the official release. Buterin also called Libra a “wakeup call for governments” as countries like China had sprung into action to speed up their national CBDC program once Facebook announced its stable coin project. He said, “In my opinion, projects like Libra are like a wakeup call for governments, which are now realizing that if they don’t revise the technology of their sovereign currency, they will have competition. We are, therefore, now seeing a lot of interest in creating a sovereign digital currency.”
Now, let’s move to the technical analysis of Bitcoin (BTC):
Bitcoin returned to the mark of $10,000. The fact of another return to an important support level confirms the interest of the market. Given the specifics of the cryptocurrency market, there is the likelihood of one or a series of repeated retests and false breakouts of the current support level. Resistance levels are $10,400, $10,700, $11,200, $11,500, $12,000. Support levels are $10,000, $9,800, $9,400.
Technical analysis of Ethereum (ETH):
Ethereum continues to show strength, maintaining a local uptrend. We expect the continuation of the positive movement. Support levels are $210, $200, $190, $181, $171, $162. Resistance levels are $222, $234, $261, $275, $293, $310.
Technical analysis of Ripple (XRP):
Price correction can be still observed. If the price fixes above the mark of $0.2839, we consider long positions. Support levels are $0.2573, $0.3436, $0.228, $0.2116. Resistance levels are $0.2839, $0.3018, $0.3214, $0.3590, $0.2863.
