HyperLinq : Weekly Digital Asset Digest 32

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Rohan Raman
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The HyperLinq Weekly Digest is the one-stop source for the HyperLinq community to access relevant news involving digital assets, where we essentially outline key industry updates that our members may have missed. We are always open to suggestions and feedback so please do not hesitate to let us know what you think!


PayPal Withdraws From Facebook-Led Libra Crypto Project : Nikhilesh De | CoinDesk

PayPal has withdrawn from the Libra Association, the company announced Friday. A PayPal spokesperson told CoinDesk in a statement that the payments firm "made the decision to forgo further participation" in the Facebook-initiated crypto project, to instead "continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations." "We can confirm that PayPal has notified us and intends not to join," a Libra Association spokesperson told CoinDesk via email. Ministers from France and Germany promised to block the project, while U.S. Rep. Maxine Waters called on Facebook to halt all development. The social media giant explained that it would work with 27 launch partners to oversee the governance of the Libra token, using its partner Libra Investment Token as a voting tool. 14 to sign a charter formally creating this governing council. On Friday, the Libra Association’s head of policy and communications, Dante Disparte, said in a statement that "building a modern, low-friction, high-security payment network that can empower billions of financially underserved people is a journey, not a destination. This journey to build a generational payment network like the Libra project is not an easy path."

Indian Police Can’t Move Seized Crypto Due to India’s Anti-Crypto Law : Joeri Cant | CoinTelegraph

The police of Pune, a city in the western Indian state of Maharashtra, has sought a court's directive to transfer 85 million Rupees seized from a Bitcoin Ponzi scheme last year. 3 article by the Times of India, Pune cyber police explained that the value of 244 cryptocurrency units was blocked in the bank account of company Discidium Internet, which was hired by the police to convert the seized crypto units into rupees. The cyber police’s senior inspector Jairam Paygude said that the Central Bank of India was unable to transfer the money to the State Bank of India’s treasury branch in Pune as the account of Discidium Internet was frozen by the Reserve Bank of India. Discidium Internet is challenging the validity of RBI’s order, which prohibits dealings in virtual currencies and has requested that the RBI instruct the Central Bank of India to unfreeze the account. The district government pleader Ujjwala Pawar said that the police request to transfer the money is pending before the sessions court. CoinTelegraph previously reported that the Indian draft "Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019," which proposes a 10-year prison sentence for anyone who "mines, generates, holds, sells, transfers, disposes of, issues or deals in cryptocurrencies," is already prompting local crypto businesses to take preemptive measures.

New York’s Financial Watchdog Is Hiring Another Crypto Superintendent : William Foxley | CoinDesk

New York state is looking beef up its cryptocurrency-focused regulatory staff, according to a job advert posted online on Thursday. As outlined in the ad, the new Deputy Superintendent for Virtual Currency will be tasked with creating and maintaining compliance measures for virtual currencies including markets, involved businesses and other regulatory bodies for the New York Department of Financial Services. The watchdog is notably responsible for awarding the infamous "BitLicense," which requires firms operating within state boundaries to undergo a regulatory review and meet, as it’s previously said, "stringent standards." Created in 2015, only some 20 firms have received the license to date. The Division of Research and Innovation currently has four staff, with two superintendents – Matthew Siegel and Olivia Bumgardner – already hired. The NYDFS’s specialized division is flanked by a state legislative body, the Digital Currency Taskforce, created last January.

Bithumb Global to Launch Regulated Crypto Exchange in India: Report : Helen Partz | CoinTelegraph

South Korean exchange Bithumb’s international platform Bithumb Global is looking to establish a regulated cryptocurrency exchange in India. The firm is planning to expand its services to India by partnering with local crypto exchanges, funding local blockchain startups and working on new industry initiatives, local media outlet The Economic Times reports Oct. 3. While Bithumb Korea is one of the earliest crypto exchanges in South Korea that was founded in 2014, Bithumb Global’s beta launch took place in May 2019. The company officially announced its "next-generation" digital asset exchange on Oct. 1, claiming that Bithumb facilitates over 59% of the entire South Korean transaction volumes of Bitcoin. Meanwhile, India is apparently still awaiting a formal review of a proposed complete ban on cryptos. In mid-September, local media reported that India was seeing the first signs of an anticipated brain drain as the government is planning to criminalize cryptocurrency investments in the country.

Fed Official Says Digital Central Bank Currency Is ‘Inevitable’ : David Pan | CoinDesk

Philadelphia Federal Reserve bank president Patrick Harker said it is "inevitable" for the central banks, including the U.S. Federal Reserve, to start issuing digital currency. Speaking at a community banking conference in St. Louis, Harker argued that the U.S. should not be the first big country to issue a national coin, because technology is still maturing and the U.S. dollar remains the world’s reserve currency, according to a Reuters report. This week, executives from some of the biggest American banks complained to the Federal Reserve that Facebook’s cryptocurrency Libra would pose as a monetary threat in the September Federal Advisory Council meeting. "As consumers adopt Libra, more deposits could migrate onto the platform, effectively reducing liquidity, and that disintermediation may further expand into loan and investment services," the executives said. "If we allow Libra come to the market, we would open the underground economic channels," Mu explained. It will be hard for China to manage foreign currencies and the $50,000 capital outflow cap would be less effective."

US Response to Facebook’s Libra Is ‘Ridiculous,’ says Coinbase CEO : Adrian Zmudzinski | CoinTelegraph

Brian Armstrong, CEO and co-founder of major crypto exchange Coinbase, tweeted on Oct. 5 that he expects the United States government to react to China’s stablecoin project by reconsidering its "ridiculous" response to Facebook’s Libra digital currency. In his tweet, Armstrong said he believes that "the way the U.S. government reacted it's like they almost want to be left behind." He also voiced overall concerns over the United States possibly becoming obsolete due to innovation obstruction. Armstrong also explained that "innovation often looks counter-intuitive and disruptive," but "the best first step is often just to stay out of the way." He also noted that governments are often influenced by special interest groups which "will play on fears and try to block innovation here." As if echoing Armstrong’s sentiment, payment processor PayPal has recently left the Libra Association, reportedly due to concerns over potentially excessive regulatory scrutiny that could follow. At the same time, China’s Central Bank has said — contradicting previous statements — that there is no specific launch date in mind for its digital currency.

McAfee: Bitcoin’s Scarcity Will Trigger Its Price to Hit $1M in 2020 : Helen Partz | CoinTelegraph

Major Bitcoin bull, programmer and 2020 United States presidential campaigner John McAfee remains adamant that the world's largest cryptocurrency will hit $1 million in 2020. McAfee, known for his brave prediction that BTC will reach $500,000 next year, defended his recently doubled down forecast of $1 million per coin in 2020 during a Forbes interview on Sept. As Cointelegraph reported, the amount of mined BTC reached 17,850,000 on Aug. 1. This means 85% of its total supply is now in circulation — leaving just 3.15 million coins to mine over the next 120 years. Since then, BTC has added more than 100,000 coins to its supply — and according to Blockchain.com data, it has a circulation of 17,968,000 as of now. Later Bitcoin touched a new multi-month low — below $7,800. At publishing time, BTC is trading at about $8,268 — down 1.1% over the past 24 hours, according to Coin360. After seeing some notable volatility this year, Bitcoin is still up more than 27% compared with this time last year, when it was trading at $6,500. In the interview, McAfee also emphasized his stance towards the primary function of BTC, urging that it represents simply a store of value.

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Rohan Raman

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