Key Highlights

Libra Association Signs Charter, Announces Board of Directors Stablecoins Pose More Issues Than Benefits – G7 Task Force Report Miami International Airport Welcomes Its First Bitcoin ATM Kucoin Announces Launch of Monthly Bitcoin Futures Contracts On Its Derivative Exchange KuMEX The Marshall Islands To Build Own Digital Currency Media Lab Acquires Kik, Sees Long Term in Kik’s Native Token

Libra’s To Have 21 Founding Members

Facebook, in its meet at Geneva, has announced its 21 founding members. The association further announced its board of directors. After the exit of top payments companies, Facebook has finally announced its team of founding members. Some of the members include Uber, Lyft, and Spotify. The team met in Geneva to sign the Libra Association charter which will govern Libra. Also, the board of directors will consist of David Marcus, Facebook’s leader for the project, and representatives from Andreessen Horowitz, PayU, Kiva Micro funds, and Xapo Holdings.


G7 Report Lists Down Demerits of Stablecoins

The G7 task force has finally released its report. The latter highlights the shortcomings in the prevailing cross- border payment systems. However, the force is still wary if stablecoins will be able to resolve the same owing to their operational challenges. The report alleges that the adoption of global stablecoins is uncertain and the same will challenge the financial stability and the international monetary system. Also, regardless of their size, they will pose risks to anti-money laundering efforts across states and will hinder tax compliance and consumer data protection.

Furthermore, the task force alleges that the G7 nations will not allow any launch of a stablecoin without first ensuring the challenges and risks. The report first despised the cryptocurrencies and said that they have failed to provide an attractive means of payment or store of value. While the task force did consider stablecoins as a means of payment or store of value, the former considers that the cons outweigh the pros. Per the report, that the launch of the same will be a threat to the global financial stability and monetary system.

Now Do Bitcoin Transactions At Miami International Airport

Miami International Airport (MIA) this week welcomed its first Bitcoin Automated Teller Machine (ATM). The announcement was made by Bitstop, which is a Miami-based bitcoin technology software company. The installation of a bitcoin ATM at the Miami International Airport will aid in easier exchange of cash into bitcoin for travelers. The airport has the Bitcoin ATM installed at the central hall G next to Gate 16. As per statistics on Coin ATM Radar, the United States presently houses more than 3700 bitcoin ATMs of the total 5,756 located in 75 countries across 5 continents.

KuCoin Announces Bitcoin Monthly Futures Contracts

The futures platform, KuMEX of popular cryptocurrency exchange, Kucoin has announced its intention to begin operating bitcoin monthly contracts in a few weeks’ time. According to an update that has gone up on their official twitter account, the futures platform revealed that their founder, Michael Gan, speaking at the blockchain life 2019 event in Moscow, unveiled the information that KuMEX will be launching monthly bitcoin contracts soon. The news comes following an official announcement by Kucoin that the exchange has revised its exchange center. The revision, according to the announcement made major changes to the platform along basic lines like markets, platform display, and trading functionalities like orders and order books.


Marshall Island To Roll Out Its Own Digital Currency

The Marshall Islands in an effort to move away from traditional payment channels and gain autonomy is reportedly working on its own digital currency. The latest to join the initiative is Wales. The latter has a belief that having its own digital currency will be of great help and will be of huge benefit to local businesses. Moreover, the digital currency could provide it with a more separated identity, especially in view of the impending Brexit.

Media Lab Acquires Kik, Will Continue Working on Kin Token

MediaLab, a Santa Monica-based holding company, has finalized an agreement with Kik Interactive to acquire the Kik messaging platform. Furthermore, the former stated that it sees long- term potential in the token project and will continue work on Kin with Kik founder and CEO Ted Livingston. MediaLabs also highlighted its plans to eradicate spambots and unwanted messages. This, in turn, will make the app faster and more reliable and reduce the number of bugs.

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