Facebook Holds GlobalCoin Cryptocurrency Talks With CFTC
By Mark Lemon – Cryptocurrency Dealer
Facebook’s enormous crypto stablecoin initiative is officially underway as the social media giant has opened talks with U.S. Commodity and Futures Trading Commission (CFTC), as discussed on Coindesk. The company could soon sell crypto and offer this token.
Financial Times reported on Sunday, Christopher Giancarlo, chairman of CFTC said that his company is in very early talks with Facebook. The main objective of these discussions is to see whether Facebook’s crypto stablecoin could potentially end up under the regulatory remit of CFTC.
Giancarlo quoted the following from the report:
“We’re very interested in understanding it better. We can only act on an application, we don’t have anything in front of us.”
Apparently, this recent development also comes during claims that Facebook has been talking with both UK and US government officials to go over opportunities as well as regulatory issues for GlobalCoin, which is Facebook’s crypto stablecoin. As users will be able to buy and sell crypto native to this chain for international transfer, it may require further regulatory measures.
The aim of this cryptocurrency, which is part of Facebook’s Project Libra, is to enable its users to not only make online purchases but also send money around the world instantly. Users may be able to buy and sell cryptocurrency native to this chain on the markets.
Despite such a powerful promise, Giancarlo says that it’s still too early to see whether GlobalCoin could come under CFTC’s remit. But he did say that if the cryptocurrency gets backed by the US dollar, they’d have to rely less on derivatives.
Giancarlo deems this design to be ‘very clever’ but the report did touch upon a major complaint made by regulators and that is determining if Facebook can bond with and implement the know-your-customer and anti-money laundering measures required.
Head over to our platform to sell Ethereum, EOS, XRP, Bitcoin Cash and to sell Bitcoin UK to cash out crypto.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards