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FRS Chairman sees no threats in Libra project, the tax authorities' requirements for Brazilian cryptocurrency exchanges. Zcash went up by a third after updating the network.
Jerome Powell, US Federal Reserve Chairman, reported that Facebook representatives had discussed the details of Libra project with FRS. In his statement, Powell said that Facebook held meetings with many representatives of regulators in America, Europe and Asia, and only then moved on to the project practical implementation.
FRS Chairman said that he joined the opinion of Mark Carney, the Head of the Bank of England. Both regulators expect compliance with legal requirements and a high security level. Although the new project carries certain risks, it also has significant advantages. At the same time, it was noted that Libra would not be able to have a significant impact on the monetary policy of the Central Bank. At least there is no such risk in the coming years. It was noted that FRS would not deal with the regulation of cryptocurrency by Facebook.
Published rules for Brazil's cryptocurrency exchanges make life of trading platforms much more difficult. Now they must share information about all the users who have performed operations on more than BRL 30,000 (about $ 7,800). Moreover, officials require that cryptocurrency exchanges provide data on nationality, place of residence, passport and all available assets in the account.
According to new requirements of the tax authorities, this information should be provided to them every month. This initiative may adversely affect business of local platforms. Consequently, a lot of international cryptocurrency exchanges allows to trade without identification. Although, there the question is about small amounts, but even they exceed the threshold of $ 7,800.
After a successful software update in Zcash blockchain, the coin cost increased by 33%, and the total capitalization reached $ 727 million. According to the developers, new software will help to solve the issue of network scalability, which many teams are working on now.
As a result of its solution, transaction processing is decentralized, which greatly increases network bandwidth. However, developers are faced with an acute security issue, which solution in Ethereum network is planned to be implemented no earlier than 2020. Until such time, users will feel discomfort due to inadequate processing speed.