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July 29, 2019, 12:52 p.m. EDT

CryptoCorner: Huawei CEO Says Chinese State Should Compete with Libra, Iran Officially Authorizes Crypto Mining, Ripple Writes Open Letter to U.S. Congress Urging Fair Regulation

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Jul 29, 2019 (Investorideas.com via COMTEX) -- Point Roberts, WA and Delta, BC - July 29, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID ( NASDAQ: NXTD ) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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https://www.investorideas.com/Audio/Podcasts/2019/072919-CryptoMarket.mp3

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In an interview with Italian media outlet L'economia , Ren Zhengfei, the CEO of Chinese telecommunications giant Huawei, said that the government of China should compete with Facebook's ( NasdaqGS:FB ) Libra. When asked about the status of the U.S. dollar as a global currency and its relationship with Libra, Ren asserted that the government of China should preempt Facebook:

"Even China is able to issue such currencies, why wait for Libra? The strength of a state is greater than that of an Internet company."

The government of Iran has officially authorized cryptocurrency mining, following a cabinet meeting on Sunday, according to local outlet Mehr News Agency . Those interested in mining must obtain a license from the Ministry of Industry, Mine and Trade, and the authorities caution that miners "should accept its risks and the government and banking system will not provide any guarantees for them". The piece indicates that this could be a first step toward legalization of cryptocurrencies in the country, in part as a means to mitigate the effect of U.S.-led sanctions.

CoinDesk reports that Aximetria, a "firm offering a personal finance app for both fiat and cryptocurrencies", has been awarded a license from the Swiss Financial Services Standards Association (VQF). This license signals to regulators that Aximetria is fully compliant with anti-money laundering laws in Switzerland. Alexey Ermakov, founder and CEO of Aximetria, explained the importance of this license:

"Compared to the EMI (Electronic Money Institution license), which is the most popular regulation standard for European and British companies, the Swiss license is much more desirable for a fintech company. This is because it also extends to crypto laws in Switzerland and gives us a wide range of future business development, including loans, FX, e-money accounts and salary projects."

Ripple has written an open letter to the U.S. Congress, in which the company petitions for fair regulation in the wake of recent crypto hearings in the government. An excerpt reads:

Companies like ours in the United States, and others abroad, employ these innovations in partnership with regulated financial institutions to enable the world to move money across borders like it already moves information-efficiently, reliably, inexpensively. In our view, digital currencies have the opportunity to complement existing currencies like the U.S. dollar-not replace them.

Without a doubt, blockchain and digital currencies will engender greater financial inclusion and economic growth not unlike the internet's historic impact. As it did with the internet, the U.S. has the chance to lead the way, nurturing this economic opportunity while continuing to protect privacy and stability.

We urge you to support regulation that does not disadvantage U.S. companies using these technologies to innovate responsibly, and classifies digital currencies in a way that recognizes their fundamental differences-not painting them with a broad brush.

Sam Mowers, Investorideas

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