Weekly News Roundup (10/29/19)
Welcome to our Snowball cryptocurrency media digest. Here we will provide you with regular updates on trending news from the blockchain and crypto space.
This week in crypto:
Bitcoin Price Hits Five-Week High: We’ve seen a major spike in the price of bitcoin on the 25th of October, the digital currency surged by over 35% in a matter of days topping off at $10,000 mark. Read more.
China’s Congress Passes Cryptography Law, Effective Jan. 1, 2020: The Standing Committee of the 13th National People’s Congress in China passed a cryptography law on Saturday that will be effective on January 1, 2020. The announcement came one day after Chinese President Xi Jinping called on the country to seize opportunities in blockchain technology. While China still bans cryptocurrency trading and its national digital currency is not yet hatched, cryptography, as an integral underpinning of blockchain technology, could be key to the country’s push to be more competitive in the blockchain space. Read more.
Facebook CEO: China Will Debut Digital Renminbi in Coming Months: Facebook CEO Mark Zuckerberg told lawmakers on Wednesday that China will launch a digital currency in the “next few months” as part of the country’s “Belt and Road” strategy, a program designed to exert Chinese economic influence worldwide. In his testimony, Zuckerberg repeatedly tried to frame Facebook’s cryptocurrency plans in the context of global financial innovation, and the risk of China taking the lead in the field. His message to politicians was that they should let Project Libra move forward — even if they have misgivings about it — or risk giving China the upper hand. Read more.
Analysis: Facebook’s Crypto Dreams Hang By a Thread After Zuckerberg Hearing: On Wednesday, CEO Mark Zuckerberg attended a grueling six-hour hearing before the House Financial Services Committee to make the case for the crypto initiative, called Project Libra. It did not go smoothly. Many committee members did not even bother to get into the details of Project Libra, but instead used the occasion to tee off on Zuckerberg about their political hobby horses. Read more.
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