Bitcoin Daily: SEC’s Clayton: Bitcoin Needs Stronger Regulation Before Trading; Philippines 7-Elevens To Exchange Cash For Crypto Via Abra

Bitcoin Daily

China’s cryptocurrency czar said that while no country is ready to welcome Facebook’s Libra, they might not have a choice.

“No countries welcome Libra, but it might be unstoppable anyways,” Changchuan Mu, the new director of China’s Research Institute on Digital Currency, said, according to CoinDesk . “It is very unlikely that one can totally stop people from buying Libra despite rigorous regulations.”

“Even if Facebook is blocked in China, people will use indirect ways to purchase it from abroad once Libra comes out,” he added.

Mu does believe there is one scenario where countries would be able to block Libra: If the United States decides to ban it.

“If the U.S. bans Libra legally, then Libra will certainly be stopped,” he said.

In other news, Securities and Exchange Commission (SEC) Chairman Jay Clayton has warned investors to proceed with caution when investing in bitcoin, adding that the crypto will need tougher regulation before it’s traded on a major exchange.

“If [investors] think there’s the same rigor around that price discovery as there is on the Nasdaq or New York Stock Exchange … they are sorely mistaken,” Clayton said at the Delivering Alpha conference, according to CNBC. “We have to get to a place where we can be confident that trading is better regulated.”

Investment app provider Abra announced that it is selling cryptocurrency for cash at 6,000 outlets across the Philippines, including all 7-Eleven stores in the country.

“Now Abra users in the Philippines can quickly and easily add pesos into Abra and use that to invest in cryptocurrencies or popular stocks like Google, Amazon, Facebook, etc., which opens up a world of new possibilities to build wealth,” Abra founder and CEO Bill Barhydt said, according to CoinDesk.

And the Iranian government wants new cryptocurrency mining regulations in the country.

CoinDesk reported that the proposal suggests that licensed and registered cryptocurrency miners submit information, including their list of business activities, the predicted value of their investments, current employment status, rental agreements for the space itself, the value of their mining equipment and the duration of the mining project. The license will need to be renewed every year.