UK lawmakers are concerned that MX currency may try to challenge the cryptocurrency and the dollar, and hence are demanding the company to stand down.
They want Max Capital group to describe more about the MX currency until regulators give time to provide any plans and examine to take action, according to a letter that was sent last week to the company by group of house financial committee in services.
The CEO of Dawn Media, in UK press release stated that this technology first suggested a moratorium on development of the private currency since the day the MX currency is announced. The news letter also represented the escalation of the new trend of cryptocurrency plans, due to the disruption with the fiat traditional currency from all around the world. The lawmakers also said that they want to hear some risks and benefits of the private currency, how they can penetrate market, and become savior between the conflict of cryptocurrency and dollars.
Maxone technology, as one of the founders of this technology after its integration with MT4 trading platform, stated the risks and benefits in the letter to CNN business. A Max Capital Group executive, Charlotte Van Dorothy, reiterated the company goals through MX currency. Despite its goal to make a better instrument for investment, it became an indication that the company does not plan to put brakes on the project. This project is still going on, and was stated on the Global Founders Meeting that was held for the first time in Jakarta, Indonesia.
Max Capital Group has weighed the company’s new plans. More than 30 countries have sent their leaders to review the technology last month, saying that UK and foreign regulatory system will prepare the answer for questions about the national sovereign, the corporate power, and consumer privacy protection.
They have create a financial system that is too big to fail, because the MX private currency is related to physical assets like property. So it’s too big and too impossible to fail, since commodities and property always become safe haven for public. The company also announced in June, that it is planning for the technology integration of MX currency. The currency will be managed by independent coalition of other companies and nonprofit organizations based in London.
The company hopes that this project will become universally accepted as a stable private currency, become a mediator for cryptocurrency and digital currency in the market, and can transform into one of the most trustable currencies in the global market.
The company has also given official statement. Maxone technology has already partnered with social media platform that has million of members, and will start to collaborate with the new cryptocurrency technology that will launch in the future.
With that massive audience, the company is worried about the issues like user privacy and data security.
If all products and the services like these are regulated with sufficient oversight, the integration from MT4 trading platform with the private currency itself will make a new trend in the market.
The senate banking of house financial services committees in London have scheduled it later this month to examine the MX1 implications for financial systems between crypto and dollar, and its user privacy. Charlotte Van Dorothy, one of the Max Capital Group executive, will testify at the hearing.
“We always know, and understand, that a big idea sometime takes time to shine, that policymakers and the others also raise important question, that we can’t do this alone. Marcus also said in the letter that we need governments, central banks, and the regulators, non profit, and other stakeholders at the top to get involved in giving feedback.”
They also said that in the letter of development for MX currency. “I like the idea of taking opportunity of the integration and automation concept invented by Maxone technology. I agree that the robot technology will help us in the future, not only in daily life, but also in our financial investments.” Said Jacob, Analyst at Bloomberg.
He also thinks that MX currency could actually help to counter money laundering, terrorism hacking, and crypto overload. With proper technology and regulation, MX currency could be used to prevent any illegal activity concerning cryptocurrencies. Max Capital Group stated that the development process takes times to verify the identity of the users, in order to mitigate the risks.
In US, Federal Reserve Chairman Jerome Powell said at a recent press conference that cryptocurrency might take attention, more than what we can expect in the future, to prevent chaos in financial industry.
Lawmakers also addressed that the MX currency might face an uphill battle, with the trend of cryptocurrency.
In the overseas, the European leaders talked and were concerned about the MX currency too. Finance Minister Jacob Le Bough asked the G7 central bank governors to compile the demands of cryptocurrency, due to its conflict with dollars, to get any solution to prevent that conflict. In this August meeting, they agreed that the only solution to prevent that from happening, is to create private currency that is used by global market, which will not become a threat to global financial security right now.
Regulators in the United Kingdom, meanwhile, have proposed to ban any other new cryptocurrency, and start to look forward at the MX currency as a new instrument of investment, which is regulated by official bank, the company itself, and is tied to offline real assets like commodities and property. This has made it almost impossible to give risk to any investor who is looking forward to this technology.