Bitcoin surges past 12K while Libra get's in the regulators radar

Bitcoin rallied for a eighth-consecutive day on Wednesday as prices of the largest digital currency now trade near the $12,000 level.

Following the bull run, Bitcoin has now reversed most of its 2018 losses. The rally was fuelled by social media giant Facebook’s announcement of a potential launch of Libra, its own cryptocurrency.

However, chairwoman of the U.S. House Financial Services Committee warned that Facebook should only continue the Libra project after the lawmakers and regulators have scrutinized it.

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action,” she said.

The committee will hold a hearing on Libra on July 17 to examine its impact on consumers and the U.S. financial system.

On Tuesday, Bank of France Governor Francois Villeroy de Galhau said that Libra stablecoin must comply with anti-money laundering regulation and seek banking licenses if it offers banking services.

Meanwhile, Stephen Moore, former economic adviser to U.S. President Donald Trump, expressed support for Libra yesterday, saying that “on balance it is a good thing.”

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