Facebook is lobbying Libra, generation Y approves digital currencies, and crypto enthusiast declared the failure of the banking system
Facebook requested a Swiss regulator for a license of a payment system for Libra
Facebook representatives intend to receive a license of a payment system for their crypto project Libra from the Swiss Financial Market Supervisory Authority (FINMA). This decision is connected with the fact that the European country has “friendly” legislation for digital currencies, and it also has grounds for developing innovative technologies.
However, according to FINMA stated, separate stablecoins can have significant differences in legal, technical, functional and financial context. The authority believes that the Libra project apparently goes beyond the limits of just a payment system, that is why it requires special regulation.
American millennial investors choose cryptocurrencies
Millennial investors in the USA are worried about the coming recession. According to the research of the investment platform eToro, they are ready to transfer their savings to a more secure form, including digital currencies. The investors-respondents think that the conflict between the USA and China, as well as difficulties with Mexico will influence their portfolio within the next 6 months. 40% of millennials (those born between 1980 and 1994) prefer cryptocurrencies as an alternative to usual assets.
Generation X investors (between 1965 and 1979) are eager to spend their money on goods. Every second generation Z respondent (born in 1995 and later) chooses investment in real estate.
Crypto enthusiast provides evidence of failure of modern banks
Binance cryptocurrency exchange CEO Changpeng Zhao said a recent $ 1 billion cryptocurrency transaction shows bank failure. It was an operation on September, 6 for the amount of 94 504 BTC with participation of unknown wallets. The transaction fee was about $700.
In Zhao’s opinion, the transaction turned out to be quite cheap. “Imagine walking into a bank and saying ‘I need to transfer $1 billion, I want it processed in the next 10 minutes, and I am willing to pay $700 in fees’”, the expert tweeted, meaning that a similar transaction via a financial institution would have taken several days, and the fees would have been much higher.