European Central Bank Says Digital Euro Would Protect Privacy

 

The European Central Bank, in a recent announcement, has stated that the digital version of the euro would protect the privacy of consumers as well as shield member states in the monetary union from the loss of economic sovereignty that occurs due to the growing use of cryptocurrencies or digital currencies created by governments. If the central bank steps into the digital payments sector, privacy is going to be better protected.

Privacy is one of the major concerns that emerge from gauging public interest in European Central Bank digital currency and cryptocurrency. Still, developers of a potential ECB digital currency have tested ways to separate the identity of participants in a transaction. The payment will go through, but nobody in the payment chain would have access to all the information.

Addressing a key political issue around digital currencies, ECB said that there is the potential threat from others issuing a digital means of payment. If people do want to pay digitally and the banks do not offer them a digital means of payment, somebody else would do that. This will result in data breaches. To stop this, ECB is stepping into the digital currency sector.

 

Meme-Inspired Cryptocurrency Dogecoin Reaches Great Peak

Dogecoin has become the center of attraction for quite some time now. The currency which came to the limelight through memes is now seeing more remarkable improvement in its price. Remarkably, Dogecoin is overtaking Bitcoin in its popularity on social media and among crypto enthusiasts. The digital currency's price has surged to an all-time high of US$0.4, recently pumping up enthusiasm. But like other digital currencies, the value of Dogecoin is volatile.

The digital currency hit a record high value last week. Since then, it is trading in the fourth position. Unlike many cryptocurrencies, Dogecoin functions on blockchain technology, making it the most secure digital currency. It is stated that Dogecoin will create 100 billion supply and 5 billion new coins every year.

As of today, its price is at US$0.435 falling around 45 percent from its recent high. Dogecoin has become the center of attraction for cryptocurrency investors. To this day, it has cult status on most of the online business investment sites. Since the beginning of this year, Dogecoin's price has gone up by around 5000 percent. Also, Elon Musk has called it the 'People's crypto.'

 

Facebook on Monday officially announced that it will create a new digital currency called Libra

Facebook on Monday officially announced that it will create a new digital currency called Libra, after facing intense criticism from US regulators and despite having several high-profile defects in the project. The Libra Association will govern the currency and it was officially signed on 21 charter members on Monday at the organization’s inaugural meeting which was held in Geneva.

The members of the Libra Association consist of various firms which include, venture capital firms, which are eyeing to be the topmost emerging technology firm, Uber, Lyft, Spotify, and European telecommunications company Vodafone. The association recently stated that an unnamed additional 180 entities have also expressed interest to join them and also have met the initial requirements to join.

Facebook CEO Mark Zuckerberg is scheduled to appear later this month to discuss Libra in front of the House Financial Services Committee. The Chairpersons of the committee are Rep. Maxine Waters, D-Calif., who has been an ardent critic of Libra from its onset.The other three directors elected to the association’s board were Matthew Davie of Kiva Microfunds, Patrick Ellis with PayU, and WencesCasares of Xapo Holdings Ltd.

Facebook has also hired several Washington lobbyists to help regulator and political concerns over Libra. Facebook and the Libra Association have said they would not start trading or accepting deposits for Libra until they satisfy the U.S. regulator’s concerns.