French regulators are getting closer to approving the first group of cryptocurrency companies in accordance with new rules slated to go into effect in late July, Reuters reported on Tuesday. Those new rules will provide regulatory approval for digital asset companies that voluntarily comply with the country’s standards for consumer protections, capital requirements, and payment of French taxes.
Facebook executive David Marcus faced questioning from Senate lawmakers on Tuesday, during a Banking Committee hearing on the company’s Project Libra cryptocurrency. The hearing highlighted the skepticism many public officials have expressed about the company, its trustworthiness, and the potential risk Libra could pose to the world’s financial system.
Reuters: House Dems Circulate Draft Bill That Would Prevent Tech Giants from Issuing Cryptocurrencies
Even as Facebook officials testify before Congress this week, House Democrats have apparently been circulating a draft legislative proposal that would bar big technology firms from creating their own digital currencies or offering financial services without a bank license. Reuters reportedly reviewed a copy of the bill and notes that it proposes a $1 million per day fine for companies that violate the prohibitions.
A group of seven South Korean companies are partnering in an effort to create a blockchain-based mobile identification system, the Korea Times reports. According to the Times’ industry sources, the plan is to launch the new mobile ID next year.
The Senate Commerce, Science and Transportation Committee approved the Blockchain Promotion Act this week. If it becomes law, the Act would direct the U.S. Department of Commerce to create a working group to establish a consensus definition for the technology and make recommendations to study its potential for improving government efficiency.