Trump Criticizes Libra, BitPoint Gets Hacked: The Weekly Show

Critics of Facebook's ambitious crypto project now include the US president

There have been a lot of developments in the crypto space – President of the United States Donald Trump tweeted his opinion on cryptocurrencies – and it wasn’t good. We caught up with BloxLive TV to discuss this and more in our latest edition of The Weekly Show.

Here’s what we discussed:

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Trump criticizes Facebook’s Libra

The US government has been largely critical of Facebook’s cryptocurrency project Libra and last Friday the US president added his voice to the mixTrump’s main issues with Libra appears to be with the project’s potential to become a pseudo-bank, and with the uncertainty over how the cryptocurrency will maintain its value.

He said that Libra will have little standing or dependability, adding that if Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations.

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Trump went on, seemingly implying that the only currency anyone should be using in the United States is the dollar.

BitPoint gets hacked

This past week Japanese crypto exchange BitPoint announced that its security had been compromised and that the company has identified an unauthorized outflow of virtual currency, as Finance Magnates reported.

Bloomberg confirmed that 3.5 billion yen (around $32 million) in five cryptocurrencies – Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple – were stolen from the hot wallet of the exchange, out of which 2.5 billion yen (over $23 million) belonged to customers, while BitPoint owned the remaining sum.

Over 100 Crypto Exchanges Seek Licences from Japan’s FSA

Japan’s Financial Services Agency announced that 110 cryptocurrency exchanges are in “various stages of registration.” When considering the fact that the FSA did not approve a single cryptocurrency exchange to operate within the country throughout 2018, it’s quite a large figure. In 2017, the FSA approved only 16 exchanges.

Watch our previous edition of The Weekly Show to keep up to date with your crypto news.

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