**Facebook Libra

Facebook digital currency researchers publish ultra high-speed payments paper

A digital transaction settlement system being developed by researchers working on Facebook’s Novi cryptocurrency digital wallet app could support up to 160,000 transactions per second, “about 7x the peak transaction rate of the Visa payments network”, according to a paper published by the research team. The 15-page paper, ‘FastPay: High-performance Byzantine Fault Tolerant Settlement’, describes […]

Facebook’s Libra team conducts research on payment protocol 7x faster than Visa

The team behind Facebook’s Libra have done an experimental research into a payments protocol called FastPay that is seven times faster than the Visa system. Libra is a stablecoin developed by Facebook, based on a permissioned blockchain payment system, managed through the Libra Association. To carry on the transactions between different parties, the social media […]

From PayPal to Libra: Big Tech Has Forced Central Banks to Wake Up to CBDCs, Says Benoit Coeure

Libra was the final wake-up call for central banks that prompted serious consideration of digital currency issuances, according to Benoit Coeure, head of the Innovation Hub at the Bank for International Settlements (BIS). In an interview with French newspaper L’Express published on the BIS website Friday, Coeure acknowledged central banks had been resting on their […]

Building a European market for crypto-assets: Who’s afraid of Libra?

The European Commission has just proposed a new regime for regulating cryptoassets in the EU. The new ‘Digital Finance Package’ includes a number of interesting features. Its centrepiece is the proposed Regulation on Markets in Crypto-assets (MiCA), accompanied among other things by a pilot regime for DLT market infrastructures. If adopted, these instruments will revolutionise […]

Bank of Canada: CBDCs should be ready to go if Libra is blocked

A Bank of Canada executive urges all central banks to develop their central bank digital currencies (CBDCs) if Libra gets blocked by regulators. Timothy Lane, deputy governor of the Bank of Canada (BoC), is advising central banks worldwide to have their CBDCs in place should regulators block Libra coin. Facebook and its partners have been […]

G7 Bankers Oppose Launch Of Facebook’s Libra Until Properly Regulated

The financial leaders of the world’s seven biggest economies don’t think that Facebook’s Libra stablecoin is ready to launch. On Tuesday, G7 bankers will release a statement opposing the launch until Libra is properly regulated, according to Reuters. Facebook announced its ambitious plans to launch a digital global currency last year, promoting its potential advantages […]

Crypto Venture Capital Firm Blockchain Capital Becomes A Member Of Facebook’s Libra Association

Facebook-led Libra Association has added venture capital firm Blockchain Capital to its ranks. Facebook-led Libra Association has added venture capital firm Blockchain Capital to its ranks. In a blog post on September 18, the Geneva-based consortium revealed that Blockchain Capital will be using blockchain technology to create a “more equitable payment system” with the association. […]

Facebook’s Libra will be restricted, not banned, under new EU plans

Virtual currencies and other innovative payment methods could ultimately get a boost from EU regulators, despite spiky rhetoric directed toward the Facebook-backed Libra project. Finance ministers on Friday made eye-catching statements about banning the proposed new virtual asset from Europe altogether. But more privately, officials talk of regulations enabling, not banishing, financial technology innovations — […]

Fearing Chinese advantage, Japan lurches towards digital currency and electronic payments

As we’ve discussed before, Japan is largely a cash based society. Despite, at times, a healthy interest in digital cryptocurrencies like bitcoin, consumers rely heavily on physical currency while eschewing electronic payment methods. This is somewhat counter-intuitive, as the country has one of the most advanced regulatory environments in the world with regard to digital assets. Брюхо сыто, да […]

Bitcoin And Libra Can Coexist With CBDCs, Says Former Reserve Bank Of India Governor

With more central banks around the world studying the issuance of their own digital currencies, Bitcoin and Libra could still find a purpose to be part of a future when money becomes purely digital. That’s according to Raghuram Rajan, former governor of the Reserve Bank of India. Central Bank Digital Currencies or CBDCs are being […]

Facebook is hiring senior execs for its digital wallet Novi and its partnership with Jio

Facebook top advertisers have been pulling money away and the company is hoping that Jio and Novi will come to its rescue. The job openings at the social network have dipped by 50% over the last six months, but Facebook continues to hire at senior level positions within its financial services. GlobalData analysts believe this […]

Between Crypto, Libra, Stablecoins, And Digital Dollars, Congress Introduced 35 ‘Blockchain’ Bills

During the 116th Congress, a number of events have provided an enormous uptick in the attention paid to the cryptocurrency and blockchain policy area. Starting in the early part of 2019, discussion of Facebook’s profits off of personal data in the U.S. Senate Banking Committee on personal privacy triggered an interest in rumors of a […]

Fed’s Brainard: Stablecoins like Libra raise ‘fundamental questions’ about financial stability, private money

Federal Reserve governor Lael Brainard gave a speech on Thursday about the future of retail payments, during which she made mention of the implications around stablecoin projects such as Libra. Libra – which was launched to great fanfare and skepticism last summer but a consortium of firms led by social media giant Facebook — has […]

Facebook creates unit to harmonise payment systems on its platform

FACEBOOK on Monday said it has created a new unit devoted to financial services to harmonise payment systems on its platform. The new group, called Facebook Financial, will be headed by e-commerce veteran David Marcus, who was a president at PayPal before joining the leading social network six years ago. Mr Marcus is one of […]

Facebook is getting more serious about becoming your go-to for mobile payments

Haven’t tried Facebook Pay yet? Facebook wants to change that Facebook is aiming for a more cohesive strategy around digital payments with the formation of a new division, Facebook Financial, that “will run all payments projects, including Facebook Pay,” according to Bloomberg. The unit is led by seasoned Facebook exec David Marcus, who was formerly […]

Facebook forms new group to oversee payments and related financial efforts

Facebook Inc. today said it has formed a new product group to oversee its payments and related financial efforts. Facebook Inc. today said it has formed a new product group to oversee its payments and related financial efforts. It’s called F2 internally, short for Facebook Financial. The group, led by David Marcus (pictured), who also leads Facebook’s cryptocurrency […]

European Commission Presents New Rule for “Sound” Crypto Market in EU Including Libra

The European Commission (EC) has recognized the need to give way to the crypto asset market but in a controlled manner, hence, the executive arm of the European Union announced that it would be launching a new rule later this year to build a “sound” crypto-asset market in the EU. The serving Vice-President for the […]

Libra without Facebook: How Celo boosts financial inclusion

Thanks to Facebook-based Libra project, “stablecoins”, the latest craze in the cryptocurrency space, have attained great interest from the financial sector in recent months, spurring major central banks worldwide to offer the digital cash of tomorrow. While the Libra initiative has been struggling under mounting pressure from regulators, Celo, an open-source blockchain platform, has been […]

Facebook’s Libra appoints Credit Suisse director as compliance chief

Amid heavy regulatory pushback, the Libra Association again dips into the traditional banking world for a major hire. In brief The Libra Association has appointed Sterling Daines as its Chief Compliance Officer. Daines is currently MD and Global Head of Financial Crime Compliance at Credit Suisse. The Facebook-backed project is gearing up to battle global […]

Facebook attempts to address concerns expressed by regulators on the original proposal

In July 2019 we considered the original proposal by Facebook and others to create a new cryptocurrency (Libra 1.0). The Libra 1.0 proposal was ambitious – to create a new global cryptocurrency to be used by consumers and businesses as a means of exchange (rather than as a means of speculation, as many other cryptocurrencies […]

Libra Will Allow Facebook to Spike Ad Prices, Zuckerberg Says

Facebook’s ads business will get a bump due to Libra integration, Zuckerberg said at a shareholders meeting. The proposed Libra cryptocurrency will allow Facebook to increase ad prices, the social network’s CEO Mark Zuckerberg said at the annual shareholder meeting on Wednesday, according to a transcript provided to Cointelegraph by the Novi press team. At […]

Libra can be financially beneficial for Facebook – Mark Zuckerberg

Mark Zuckerberg recently explained how Libra, Facebook’s upcoming crypto, can help the social network financially.  He said that Libra could make advertising more effective for businesses on its platform and boost revenue for Facebook. The CEO further said that the infrastructure around payments “hasn’t been updated in a very long time.” In a recent annual […]

Chinese Communist Party’s new blockchain book casts Libra as a threat to its currency system

China’s Central Party School has published a new book, Discussing Digital Currency with Leading Officials, that according to local media reports touches on topics like central bank digital currency, stablecoins, exchanges and trading, cross-border payments and initial coin offerings According to the reports, the book describes Libra as a threat to China’s leadership in the global […]

Facebook Rebrands Its Controversial Cryptocurrency Wallet

Facebook announced today that it would be completely rebranding the wallet for its long-anticipated cryptocurrency – perhaps in an attempt to shake off its troubled reputation. “Today, we’re excited to introduce Novi – the new name and brand for the digital wallet that will help people send and hold Libra digital currencies,” said Novi’s head, David Marcus, in a […]

Singapore’s mega-investment firm Temasek joins Facebook’s Libra cryptocurrency effort

To facilitate global payments, which is surely of interest to an investor in Alibaba Singapore’s state-owned investment firm Temasek holdings has joined the Facebook-led Libra not-a-cryptocurrency project. Temasek is Singapore’s sovereign wealth fund and has over $330bn under management. The company invests in plenty of tech outfits, listing Alibaba, Tencent and Dell Technologies in its […]

Bitcoin vs Ethereum close up comparison

Since its launch in 2009, Bitcoin has become the most famous and valuable cryptocurrency on the market. But it is not the only key player in the industry. In 2015, Ethereum entered into the fray with game-changing features like smart-contracts and Dapps. Despite the fact that, Bitcoin and Ethereum are the two leading cryptocurrencies on […]

75 Companies Back Facebook Libra’s Competitor Celo

Celo, a competing project to Facebook’s Libra cryptocurrency, has added 50% more new members to its alliance, bringing the total number of supporting organizations to 75. Some Celo members are also supporters of the Libra project, such as Coinbase Ventures, Anchorage, and Andreessen Horowitz. Celo Project Adds Over 20 Members The Celo Foundation announced Tuesday […]

Facebook Libra vs. Bitcoin

There are a lot of cryptocurrencies out there, but it surprised a lot of people when Facebook made headlines by announcing its own. Libra has been available to purchase since 2019, but many people still aren’t sure whether they should take the plunge and buy a few shares.  Luckily, we’ve gone ahead and done a […]

Libra Association Appoints Stuart Levey As First CEO

The Libra Association, a consortium of major financial partners of Facebook’s Libra cryptocurrency project, has appointed Stuart Levey, a former under secretary with the U.S. government, as its first chief executive officer. He will join the Libra Association later this summer and will be based out of Washington, D.C. Levey will serve as the overall […]

HSBC Chief Legal Officer, Stuart Levey Joins Libra as CEO; Bringing Transparency to the Association

Stuart Levey’s experience within both the private and governmental sector made him a clear choice for Libra. The Libra association has appointed Stuart Levey as the organization’s first CEO according to an announcement on May 6. Mr. Levey is HSBC’s current Chief Legal Officer and is expected to take this Facebook initiative to the operational […]

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