Today’s top stories in the Crypto Roundup: Facebook introduces Libra cryptocurrency and blockchain, French and US regulators denounce Libra, and Bancor bans US users from its web application.

At the time of writing, bitcoin (BTC) is trading at $9,176.34 (0.02%) with a 24h volume of $2.56bn and ether (ETH) is trading at $269.52 (-0.24%) with a 24h volume of $1.31bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 4,219.44 (+2.66%).

Facebook Libra Cryptocurrency Unveiled

After much anticipation, Facebook yesterday finally unveiled its plans for a new price-stable cryptocurrency, Libra. The new coin and blockchain will be governed by a Geneva-based not-for-profit - the Libra Association. While Libra will begin atop a public-permissioned blockchain, it will - according to its white paper - transition to a public-permissionless blockchain.

The whitepaper describes the new project as "a decentralized, programmable database designed to support a low-volatility cryptocurrency” that will act as an “efficient medium of exchange for billions of people around the world." Alongside Libra, Facebook also announced the Calibra wallet for the new coin.

French, US Regulators Denounce Facebook Libra Cryptocurrency

Just hours after Facebook’s announcements, French finance minister Bruno Le Maire called for the Group of Seven (G7) central bank governors to review Facebook’s Libra token, insisting that it cannot and “must not happen.” Not long after, Patrick McHenry (R-NC), a senior Republican on the US House Financial Services Committee, wrote a letter to Chairwoman Maxine Waters (D-CA) requesting a hearing on Facebook’s new project. Waters later voiced her agreement; requesting that Facebook agrees to a moratorium on the development of Libra.

US Senator Sherrod Brown (D-OH), the Ranking Member of the Senate Banking Committee, also expressed his opposition to Libra, tweeting  that the US government “cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight.”

US Users Banned from Bancor Web App

Decentralized trading platform Bancor announced that “beginning July 8, 2019 (09:00 AM EST) US citizens, domiciliaries or users from US IPs (Internet Protocol addresses) will no longer be able to use Bancor’s web application, bancor.network, to convert tokens.” All other services will remain available, Bancor confirmed, however.

Explaining the ban, the company said that the “decision has been made in light of increased regulatory uncertainty” in the U.S. This follows a similar move from Binance, after the exchange banned IP addresses from the U.S. – along with twenty-eight other countries – from accessing Binance.org, the primary gateway to Binance DEX.

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