Friday, 07 August 2020
Business and Economy

Business and Economy (1024)

Zimbabwe’s woes continue as the cash-strapped southern African nation is now so poor it cannot even issue its own passports.

President Emmerson Mnangagwa told reporters that the issuing company is refusing to do any further business with the government until it has settled its debts.

According to Reuters, however, the passport office is running short of specialized ink and paper and the necessary foreign currency reserves to purchase it with. Elsewhere, shortages for everyday items like bread and fuel continue to push more Zimbabweans to apply for international travel documents.

Inflation Rapidly Approaching 100% in Zimbabwe

Higher prices are spiraling out of control in the country, with Zimbabwe easily being the worst performing nation in the African block.

Inflation is once again spiraling out of control. | Source: TradingEconomics.

Only last week, authorities outlawed the use of other currencies as legal tender. In their place, the government installed a new Zim currency, temporarily referred to as the RTGS dollar.

Obvious Lack of Faith in the Local Currency

Zimbabwe was once lovingly referred to as the breadbasket of Africa. That label is now long gone thanks to the insane monetary policies of prior dictator Robert Mugabe. In 2008, Zimbabweans hoarded US dollars and South African rands in the aftermath of a local and global financial crisis.

The local currency became practically worthless overnight. The move to a multi-currency approach largely stabilized the country, but now citizens are fearing déjà vu as a new government takes the helm.

Ten years is not enough time to forget the effects of hyperinflation. Those days are still fresh in the memory of most citizens who became accustomed to carrying around million-dollar wads of cash.

Zimbabwean million dollar note. Zimbabwe passports
Zimbabwe’s bank notes have become the stuff of legend. | Source: Wikimedia Commons

Citizens Allegedly Offering Massive Premiums for Bitcoin

Amid the frenzy, local traders began offering massive premiums for Bitcoin on peer-to-peer exchange LocalBitcoins. Despite this massive deviation from the norm, Bitcoin still commands a premium in most southern African nations. Cross-border crypto-fiat arbitrage is difficult, even if cryptocurrency flaunts international borders.

With runaway inflation and untrustworthy authorities, wealth preservation appears to be front-and-center on the minds of many Africans. Zimbabwean finance minister Mthuli Ncube even hinted last year that cryptocurrency could play a part in solving the country’s cash shortages.

Nothing has come of that suggestion, though, and the crowding at the passport office is proof of it.

One applicant interviewed by Reuters, Bothwell Mhashu, is intent on escaping Zimbabwe’s economic troubles by joining his elder brother in Namibia. Passport or not, he’ll first have to navigate his country’s bureaucracy.

Posted On Friday, 05 July 2019 00:43 Written by

Both East African nations lost their last Africa Cup of Nations (Afcon) group games on Monday night

Senegal beat Kenya 3-0, and Algeria beat Tanzania 3-0 in Afcon action as two of Africa’s favourites turned on the style.

First we take a look at how the continent’s football fans celebrated the performance of one of their most famous players, Sadio Mane at 30 June Stadium.

The Liverpool star got social media buzzing early for the wrong reasons after his penalty was saved by Kenya’s Patrick Matasi in the first half.

Then in the second half his pace was just too much for Kenya’s players in a counter attack. Mane used his physical power to win the ball and then outran Harambee Stars backline.

Late on he got another opportunity from the spot to make amends for the earlier miss. Mane struck his shot to the right this time as it crept low into the goal past Matasi.

Algeria were just too good for Tanzania at Al-Salam Stadium. In this game Adam Ounas impressed fans after scoring a brace of his own.

Islam Slimani had earlier opened the scoring for Algeria who topped the group ahead of second placed Senegal.

Posted On Tuesday, 02 July 2019 03:41 Written by

A Utah man was taken into custody Friday for allegedly killing missing University of Utah student Mackenzie Lueck, according to the Salt Lake City police.

Ayoola Ajayi, 31, is charged with aggravated murder, aggravated kidnapping, obstruction of justice and desecration of a body, Salt Lake City Police Chief Mike Brown said at a news conference on Friday.

PHOTO: Ayoola Ajayi, 31, of Salt Lake City was arrested June 28, 2019, for the murder of Mackenzie Lueck.Salt Lake County

Charred tissue has been recovered that contains DNA consistent with samples found on Lueck's belongings, Brown said.

Giving Lueck's father the news was "one of the most difficult phone calls I've ever made," Brown said.

PHOTO: Salt Lake City Police Chief Mike Brown holds a news conference on Friday, June 28, 2019 in Salt Lake City.Francisco Kjolseth/The Salt Lake Tribune via AP

Lueck, 23, was last seen in the early hours of June 17. She landed at the Salt Lake City International Airport around 2 a.m., then at 2:40 a.m. she took a Lyft from the airport to Hatch Park in north Salt Lake City, police said.

PHOTO: Salt Lake City police released photos of missing woman Mackenzie Lueck taken by security cameras at the Salt Lake City airport early on June 17, 2019.Salt Lake City Police
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The Lyft driver told police that Lueck met an individual at the park and did not appear to be in distress, police said.

The college senior was never seen again.

PHOTO: A jogger runs pass a poster of Mackenzie Lueck at Liberty Park in Salt Lake City, June 24, 2019.Rick Bowmer/AP, FILE

All communications from Lueck's cell phone stopped on at 3 a.m. that morning, Brown said.

Phone records show that Lueck and Ajayi were both at Hatch Park within less than one minute of each other, Brown said.

Lueck's last communication was with Ajayi, Brown said.

PHOTO: Mackenzie Lueck is pictured in this undated photo released by her family.Family Photo
Mackenzie Lueck is pictured in this undated photo released by her family.more +

Ajayi admitted to police that he and Lueck texted about 6 a.m. on June 16, but said that they did not text after that time, said Brown. He told police "he did not know what Mackenzie looked like and denied having seen a photo or online profile of Mackenzie, despite having several photos of her and a profile photo," Brown said.

His home was searched on Wednesday night when he was considered a person of interest, police said.

During that search, Ajayi's neighbors told police they saw him using gasoline to burn something in his backyard on June 17 and 18, police said.

PHOTO: Salt Lake City police take Ayoola A. Ajayi into custody in connection with missing University of Utah student MacKenzie Lueck in Salt Lake City on Friday, June 28, 2019.Kristin Murphy/The Deseret News via AP

Police found a "fresh dig area" there, Brown said.

"A forensic excavation of the burned area was conducted, which resulted in the finding of several charred items consistent with personal items of Mackenzie Lueck," he said.

PHOTO: A police officer walks to a building where a man was taken into custody in connection with missing University of Utah student MacKenzie Lueck Friday, June 28, 2019, in Salt Lake City.Rick Bowmer/AP
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Lueck, a kinesiology major, was planning to graduate next year, according to the university.

"The death of Mackenzie Lueck is devastating news," university President Ruth Watkins said in a statement on Friday. "On behalf of the university, I express our heartfelt sympathy to the family, friends and classmates of Mackenzie during this very difficult time."

As her family and friends mourn, Lueck's connection to the suspect and details about the alleged crime remain unclear.

Investigators said Thursday they were looking to track down a mattress and box springdiscarded from his house, police said.

Ajayi spent six months in the Utah Army National Guard, a Utah National Guard spokesperson told ABC News. He was discharged in June 2015, the spokesperson said.

Ajayi "did not attend Basic Training or Advanced Individual Training," said the spokesperson. "As a result, he did not receive any certificates or awards from the Army National Guard. He was therefore ineligible to deploy or conduct any tours of duty with the Utah Army National Guard."

Posted On Sunday, 30 June 2019 21:51 Written by

The Federal Aviation Administration discovered another potential risk in Boeing’s 737 Max 8 jets, which were grounded in the U.S. and abroad in March after 346 people died in two separate crashes involving the plane.

Reuters first reported the potential risk, which Boeing will now need to address, on Wednesday. The issue was found during a simulator test performed last week, according to the news agency, and is believed to be different from the flaws that investigators linked to the crashes earlier this year.

Details of the specific risk were not made clear in Reuters’ report, though CNN said a risk had been discovered in the computer system that could push the plane’s nose down, citing sources familiar with the testing.

The FAA confirmed later Wednesday that it had found another potential risk in the 737 Max 8 jets.

The FAA said that an independent review panel, the Technical Advisory Board, was reviewing the agency’s ongoing work on restoring the 737 Max 8’s service.

“On the most recent issue, the FAA’s process is designed to discover and highlight risks,” the FAA said.

The agency said Boeing would have to “mitigate” the new risk.

Boeing is under severe scrutiny after one of its 737 Max 8 aircraft crashed in Indonesia and another crashed in Ethiopia five months later, both times killing everyone on board. A malfunctioning anti-stall system and a design flaw in the aircraft’s flight simulator software is believed to be linked to both of the crashes.

In May, The New York Times reported that Boeing had discovered that its flight simulators could not replicate the conditions that occur when the anti-stall system malfunctions, giving pilots a false impression of how much force they would need to employ to regain control of the jet once the anti-stall system was activated.

The pilots who died in the 737 Max 8 crashes struggled to disengage the planes’ automated anti-stall software and failed to regain control of the aircraft as the anti-stall system repeatedly pushed the aircraft’s nose downward.

Following the lead of countries around the world, President Donald Trump issued an emergency order grounding all 737 Max 8 planes in the U.S. in response to the deadly crashes.

Boeing officials acknowledged there were design flaws in the simulation software in May. Last week, the company’s CEO Dennis Muilenburg also admitted that Boeing made a “mistake” by failing to tell regulators that a safety indicator in the cockpit of the Max jet didn’t work properly.

When speaking to reporters in Paris last week, Muilenburg expressed confidence that the jets would be cleared to fly later this year, according to The Associated Press.

But the FAA on Wednesday said it was not following a “prescribed timeline” to bring the jets into service.

“The [FAA] is following a thorough process, not a prescribed timeline, for returning the Boeing 737 MAX to passenger service,” the agency said. “The FAA will lift the aircraft’s prohibition order when we deem it is safe to do so.”

Posted On Thursday, 27 June 2019 01:19 Written by

Bitcoin (BTC) has resumed the upside and touched $11,340 during Asian hours on Tuesday. The first digital currency has gained over 4% since this time on Monday and grew by 3% since the beginning of the day.

Bitcoin confluence levels

The path to the South is riddled with strong technical levels, while the upside movement promises to be nice and easy once the critical resistance $11,500 is out of the way. Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.

The coin has recovered from Monday’s low of $294 to trade at $313.30 by the time of writing. The second largest cryptocurrency with the current market capitalization of $33.2 billion and an average daily trading volume of $7.9 billion has gained nearly 3% in recent 24 hours and stayed unchanged since the beginning of Tuesday.

Ethereum’s technical picture

Looking technically, a sustainable move above $315.00 (the upper line of 4-hour Bollinger Band) will help to unleash Ethereum’s bullish potential and push the price towards the next upside target $320. Basically, we are entering uncharted territory for the ETH with the next strong barrier created by SMA100 weekly at $381. Once it is cleared, $400.00 will come into view.

Ripple’s formidable gains saw it trade above $0.5 level for the first time this year. Although the correction followed in the footsteps of Bitcoin, Ripple gains greatly lagged behind the largest asset which is currently trading closer to its 15-months high.

On the other hand, XRP/USD has been forming a higher low pattern from June’s low marginally above $0.3800. Initially, the struggle at $0.4600 capped gains while the downside was supported at $0.4200. The correction above the 50 Simple Moving Average (SMA) and the 100 SMA as well as the 100 Exponential Moving Average (EMA) ignited the momentum as Ripple broke past $0.48 hurdle and eventually climbed above $0.50.

Posted On Wednesday, 26 June 2019 00:58 Written by

The largest American cryptocurrency company, Coinbase, was one of Libra’s 27 initial partners. But when the partnership was announced internally, several Coinbase employees expressed concern about their company joining forces with a giant company like Facebook with a spotty record on issues that matter to cryptocurrency fans, like privacy, according to two company employees.

A spokeswoman for Coinbase declined to comment.

Joe Lallouz, the chief executive of Bison Trails, another cryptocurrency company that joined Libra as a partner, said he was also skeptical when Facebook approached him.

“My initial reaction was: ‘You don’t have the best track record from a data privacy perspective,’” Mr. Lallouz said in an interview after the announcement. “Facebook’s reputation around data privacy and being trustworthy is against the crypto ethos.”

But Mr. Lallouz said Facebook had shown that it was serious about protecting the privacy of its users, in part by ensuring that it does not have too much control over the project.

Facebook executives said the design of Libra was inspired by the decentralized structure of Bitcoin, with governance given over to the association, in which Facebook will only have one vote out of a potential 100 partners.

“Already, they are relinquishing control and ownership over this, which is huge,” said Mr. Lallouz.

The partners are expected to meet in the coming months to write a charter that will govern the association.

Facebook’s history with partners has added to their caution. The game-maker Zynga, for example, faced a dramatic loss of revenue after Facebook backed away from a close relationship with the company. Facebook also strained relationships with many publisherslast year when it changed the algorithms behind its news feed to de-emphasize news stories.

“This is a huge opportunity, but there are a lot of details that still need to be worked out,” Mr. Lallouz said.

Posted On Wednesday, 26 June 2019 00:38 Written by

Australian Dollar Talking Points

AUDUSD continues to retrace the decline following the Reserve Bank of Australia (RBA) rate cut from earlier this month, and recent price action brings the monthly-high (0.7022) on the radar as the exchange rate extends the series of higher highs and lows from the previous week.

AUDUSD Rate Approaches Monthly High with US & China to Meet at G20

AUDUSD extends the rebound from the monthly-low (0.6832) even though RBA Minutesfrom this month’s rate decision highlight a dovish forward guidance for monetary policy, and it seems as though the central bank will attempt to buy time at the next meeting on July 2 as Governor Philip Lowe insists that “it’s a legitimate question to ask how effective further monetary easing would be.”

The RBA may revert back to a wait-and-see approach as US President Donald Trump is scheduled to meet with China President Xi Jinping at the Group of 20 (G20) summit scheduled for later this week, and the efforts to nail out a trade agreement may keep the Australian Dollar afloat as it mitigates the downside risk surrounding the Asia/Pacific region.

At the same time, the Federal Open Market Committee (FOMC) appears to be on track to switch gears over the coming months as eight Fed officials project a lower trajectory for the benchmark interest rate, and Chairman Jerome Powell and Co. may come under increased pressure to reverse the four rate hikes from 2018 as President Trump tweets “we need rates cuts, & easing.”

In turn, Fed Fund futures continue to reflect a 100% probability for at least a 25bp reduction at the next interest rate decision on 31, and a growing number of Fed officials may change their tune as the “apparent progress on trade turned to greater uncertainty.”

With that said, speculation for an imminent Fed rate cut may fuel the recent rebound in AUDUSD, but the pickup in volatility appears to be influencing market participation as retail sentiment falls back from an extreme reading.

Image of IG client sentiment for audusd rate

The IG Client Sentiment Report shows65.3% of traders are net-long AUDUSD compared to 75.9% last week, with the ratio of traders long to short at 1.88 to 1. Keep in mind, traders have been net-long since April 18 when AUDUSD traded near 0.7160 even though price has moved 2.2% lower since then.

The number of traders net-long is 8.4% lower than yesterday and 23.0% lower from last week, while the number of traders net-short is 21.7% higher than yesterday and 24.6% higher from last week. The drop in net-long position points to profit-taking behavior as AUDUSD extends the rebound from the monthly-low (0.6832), but the persistent tilt in retail sentiment offers a contrarian view as both price and the Relative Strength Index (RSI) continue to track the bearish trends carried over from late-2018.

Keep in mind, the AUDUSD rebound following the currency market flash-crash has been capped by the 200-Day SMA (0.7107), with the exchange rate marking another failed attempt to break/close above the moving average in April.

Sign up and join DailyFX Currency Strategist David Song LIVE for an opportunity to discuss potential trade setups.

AUD/USD Rate Daily Chart

Image of audusd daily chart

  • The broader outlook for AUDUSD remains tilted to the downside, with the exchange rate still at risk of giving back the rebound from the 2019-low (0.6745) as the wedge/triangle formation in both price and the Relative Strength Index (RSI) unravels.
  • However, the rebound from the monthly-low (0.6832) may continue to gather pace over the coming days as AUDUSD carves a series of higher highs and lows following the failed attempt to close below the Fibonacci overlap around 0.6850 (78.6% expansion) to 0.6880 (23.6% retracement) opens up the 0.6730 (100% expansion).
  • The move back above the 0.6950 (61.8% expansion) to 0.6960 (38.2% retracement) region brings the 0.7020 (50% retracement) pivot on the radar, which largely lines up with the monthly-high (0.7022), with the next area of interest coming in around 0.7080 (61.8% retracement) to 0.7110 (78.6% retracement).
  • Will keep a close eye on the RSI as it comes up against trendline resistance, with a break of the bearish formation raising the risk for a larger correction in the exchange rate.

Additional Trading Resources

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Want to know what other currency pairs the DailyFX team is watching? Download and review the Top Trading Opportunities for 2019

— Written by David Song, Currency Strategist

Follow me on Twitter at @DavidJSong.

Posted On Tuesday, 25 June 2019 01:57 Written by

By CCN Markets: One day Bitcoin will occupy the same corner of internet nostalgia occupied by Nikola Tesla. So it goes: were it not for Thomas Edison’s superior resources, influence and propaganda, we could all be running our laptops on Mr. Tesla’s free energy right now.

Surveying the thunderous hype surrounding Facebook’s foray into the cryptocurrency game, one can’t quite shake the feeling that Mark Zuckerberg is in the process of pulling an Edison.

First Facebook, Now Bitcoin

The analogies between the story of Facebook’s foundation and that of the upcoming Libra/Facebucks are striking. Call it inspiration, theft, or skilled reselling, but when Mark Zuckerberg launched Facebook in 2004, he was working with live clay. The groundwork of Facebook already existed in the Winklevii’s HarvardConnection/ConnectU. Zuckerberg reshaped it and sent it out to become the global juggernaut it is today – with lawsuits and settlements in between.

Here, Zuckerberg resembles McDonalds tycoon Ray Kroc – a man with better salesmanship than his colleagues, and no moral scruples about taking their ideas and running with them. Like Kroc, Zuckerberg did not yet have any of that wealth, power and influence which would soon come his way.

Fifteen years later, and Facebook has become a world-wide global mega-corporation, with Zuckerberg atop its throne. Here the Thomas Edison analogy really shines. Like Edison, Zuckerberg has used his power and influence to control the narrative, crush competitors; and even threaten his own workers.

And just as Thomas Edison often stole (and in the process, often f***ed up) Nikola Tesla’s ideas and inventions, Mark Zuckerberg is now stealing Bitcoin.

Remember Crypto Before It Got Facebookified?

Here I use Bitcoin in the broadest possible sense – as the concept of cryptocurrency as a whole. If you wanted to crush the revolutionary power of the printing press, what better way than to flood the market with nice, entertaining, harmless literature, with no substance or contemplative threat whatsoever?

If you wanted to crush the knowledge-inducing power of the internet, what better way than to flood it with infinite swathes of facts, data, and information – none of which add up to any knowledgeable whole.

If you wanted to kill the revolutionary power of Bitcoin, what better way than to release an Edison-esque, Zuckerberg-approved, Facebookified version of cryptocurrency that already has the world’s existing financial elite on board?

Facebook’s immediate priority is increasing revenue streams by connecting all of its social media platforms under one digital currency. Under Zuckerberg’s new plans, Facebook, Messenger, WhatsApp and Instagram will become Amazon marketplaces unto themselves – all connected by Facebucks.

Is Facebook’s immediate aim the destruction of the Bitcoin and cryptocurrency experiment? Probably not. But entities that large rarely care, or even see, those who they step on as they amble clumsily and uninvited into our lives.

Empowering People? Or Empowering Facebook?

The newly revealed Libra whitepaper claims its aim is the empowerment of billions of people: “Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.”

If Facebook’s past history with Cambridge Analytica is anything to go by, any promises of privacy safeguards in its new blockchain venture should not be taken at face value. Data is worth more than oil in today’s economy, and Mark Zuckerberg owns one of the biggest wells in town.

And if the latest claims by blockchain company Hedera are anything to go by, then not only is Zuckerberg in the process of stealing the concept of cryptocurrency – but also its technical infrastruture. Hedera claims to have held meetings with Facebook last year, only for their ideas to suddenly appear in the form of Libra.

The only ray of hope is in the oft-repeated maxim that those who walk bigger fall harder. But in light of Facebook’s pervasive, monopolous spread through just about every aspect of society, that might just be a load of crock.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN Markets.

Posted On Sunday, 23 June 2019 15:29 Written by
  • Bitcoin has settled at an important barrier of $9,300.
  • Tezos and ZCash are the biggest losers of the day.

The cryptocurrency market is in recovery mode as Bitcoin and all major altcoins have gained some ground in recent 24 hours. The total market capitalization increased slightly to $289 billion; an average daily trading volume reduced to $50 billion. Notably, the trading volumes have been sliding since the beginning of the week, signaling that the market is in prone to range-bound trading.

Top-3 coins price overview

  • BTC/USD is hovering at $9,300. The first digital coin has gained nearly 1.5% in recent 24 hours and stayed mostly unchanged since the beginning of Thursday trading. We need to see a sustainable move above $9,350 for the upside to gain traction.
  • Ethereum, the second largest digital asset with the current market capitalization of $28.7 billion, stays under $270 handle despite the recovery from the intraday low. At the time of writing, ETH/USD is changing hands at $269, having gained about 1% in recent 24 hours.
  • Ripple’s XRP has settled well above $0.43, though the upside momentum is losing traction. The third largest coin with the current market capitalization of $18.4, has grown by 1% from this time on Wednesday and stayed mostly unchanged since the beginning of Thursday trading.

The biggest market-movers

  • Tezos (XTZ) is one of the worst-performing cryptocurrency on Wednesday. The coin slipped from the 19th place in the global cryptocurrency rating. Now it takes the 20th position and has a market value of $790 million. XTZ/USD is changing hands at $1.20, down 3% on a day-on-day basis.
  • ZCash (ZEC) is also a big loser today. The coin is down over 4% on a day-on-day basis, trading at $110.10 at the time of writing. This is the 22nd coin in CoinMarketCap’s rating with the current market capitalization of $747 million.
Posted On Thursday, 20 June 2019 03:24 Written by

By CCN Markets: Facebook is already under fire from regulators less than a day after officially revealing its cryptocurrency whitepaper. Based on three separate talks, it’s clear top government and bank officials from around the world are preparing to regulate Facebook Libra.

Cryptocurrencies like bitcoin transcend national borders, and project Libra is looking to cash in on this edge that no other central bank can lay claim to. Regulators are on high alert as Facebook ambitiously aims to be the first global central bank.

Bank of England Governor Demands High Standards

In Portugal at the ECB’s annual symposium, Bank of England Governor Mark Carney earlier today called on G7 countries to heavily scrutinize the Libra launch. He is cited in Bloombergas saying:

“Anything that works in this world will become instantly systemic and will have to be subject to the highest standards of regulation. We will look at it very closely and in a coordinated fashion at the level of the G-7, the BIS, the FSB and the IMF. So open mind, but not open door.”

Last year, the governor openly dismissed cryptocurrency but appears to be coming round now as project Libra finally moves forward.

Former FDIC Chair Punts the Idea of a ‘FedCoin’

In an interview with CNBC, Sheila Bair, former chair for the Federal Deposit Insurance Corporation (FDIC), raised some concerns about the Libra launch, saying:

“What are they doing with the money, if I give them some dollars to buy the Libra, they’re kinda being fuzzy about that in their whitepaper…The strength of the collateral is a question I would have about it.”

Facebook has 2.6 billion users worldwide. Those users exchange value in over 100 different currencies. Despite Libra’s claim as a future stablecoin, it’s unclear yet how Facebook will manage investment with its foreign reserves.

Bair later reiterated her idea of a Fed-backed cryptocurrency, however, nothing has come of it. Governments are usually slow with the uptake of new technology, but Libra may change all of that if it succeeds.

French Finance Minister Calls for Urgent Report

French Finance Minister Bruno Le Maire voiced his concerns over Libra’s potential for currency status on Europe 1 radio, saying:

“It is out of the question that Libra becomes a sovereign currency. It can’t and it must not happen.”

Le Maire echoed Carney’s call for the Group of Seven governors – or “guardians of the global monetary system” as he put it – to report on Libra for their next meeting in July.

Can Officials Actually Regulate Facebook Libra?

Bair’s call for a federally backed coin has one major problem. As she humorously notes further in her interview:

“[FedCoin] would give people a very safe way to make payments. I mean you don’t have to worry about the Fed defaulting right, they can print their own money.”

While the Fed can indeed print their own money, the comment highlights the conundrum that modern-day central banks face. Their jurisdiction ends at the border. Facebook’s doesn’t. At least not yet. The G7 will have to massively expand to regulate in the new digital world.

Facebook’s stock is up over the past five-day stretch. | Source: Yahoo Finance

Despite the positive news, Facebook shares closed lower on the day, down 0.29%.

Posted On Wednesday, 19 June 2019 03:25 Written by
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