BITCOIN FAILED? Bitcoin and other early cryptocurrencies have failed as an “attractive means of payment or store of value,” says a new report from the G7 and Bank of International Settlements (BIS). However, the report argues, widely adopted stablecoins such as Libra are a growing threat to monetary policy, financial stability and competition. Responding to the G7, the Libra Association said the project is “not intended to change the role and influence of central bankers,” Full story
LEVERAGE HIKE: Binance’s futures exchange is raising leverage to 125x with the launch of BTC/USDT contracts today. The exchange first announced its futures platform in early July, at the time hinting it would allow 20x leverage. Now, futures traders can now choose leveraged positions between 1x and 125x, it said Friday. Some have argued that such high leverage exposes traders to too much risk. Binance said its BTC futures contract provides a built-in hedging tool to help manage that risk, as well as an “insurance fund” that “helps to limit the chances of auto-deleverage.” Full story
TURKISH DELIGHT? Global crypto exchange Huobi plans to roll out a fiat gateway in Turkey that could increase access to more than 250 cryptocurrencies for local investors. The move comes as Turkey puts forward a clearer legal framework for the crypto market in a country where many people already hold cryptocurrencies, Mohit Davar, Huobi’s EMEA regional president, told CoinDesk. Full story
TOR THEFTS: Hackers have been distributing a compromised version of the official Tor Browser that’s packed with malicious tools used to both spy on users and steal their bitcoin. Discovered by researchers at IT security firm ESET, the trojanized Tor targets Russian users and steals their bitcoin wallet addresses as they try to pay on dark net markets. Full story
FAN FOUND: Amid a sea of scorn, one U.S. lawmaker is praising the Libra project. Senator Mike Rounds (R-S.D.) wrote a letter to Libra Association member Anchorage, a South Dakota-based trust company, endorsing the Facebook-led project. “Technologies like Libra … have the potential to help unbanked and underbanked consumers right here at home,” Rounds wrote. “It would be unfortunate to shun a new solution that could connect more of the most vulnerable Americans to our financial services system.” Full story | 