Libra ecosystem

Could Facebook Be About to Buy a Cryptocurrency Company?

In June 2019, Facebook surprised many when it announced its Libra cryptocurrency. Libra, which is managed by the Libra Association, could be used for purchases and Facebook hopes that its price will not move as much as other cryptocurrencies such as bitcoin. Libra has the support of several companies, such as Uber, Coinbase and Lyft. […]

Global Blockchain IoT Market 2020 – The Upcoming 5G Deployment is Going to Accelerate IoT Growth

The Internet of Things (IoT) has been progressing on a fast track owing to emerging technologies and infrastructure developments. Most electrical devices are getting connected, whether it is a fridge at home or a printer in the office. It is helping in developing an ecosystem for blockchain IoT market. The upcoming 5G deployment is going […]

Buffett: ‘I Don’t Own Any Cryptocurrency, I Never Will’

Investment guru Warren Buffett vows to stay far away from cryptocurrencies. “Cryptocurrencies basically have no value and they don’t produce anything,” the Berkshire Hathaway CEO and chairman told CNBC. “In terms of value: zero,” the Oracle of Omaha said. “I don’t own any cryptocurrency and I never will,” he added. Buffett has been a long-time […]

Huge Win For Libra As Shopify Joins Association

Today, Libra has scored a big win. The Facebook project has proven that it is down but not out. Shopify has announced that it is joining the Libra Association. Libra is a cryptocurrency project announced by Facebook last year. The project has however suffered several regulatory stepbacks from the EU and the U.S. Libra Is […]

Why does Libra require a new programming language?

While the goal behind Libra is clear, Maurer mentioned that many people are still wondering why Facebook built an entirely new programming language to power the platform. Maurer explained that the idea was to build a language designed to fit with the paradigms used when programming with money. Unlike many other blockchains that can be […]

Libra Minus Facebook: Why Celo Is 2020’s Buzzy Token Project

Celo is the new black.  Investors from Silicon Valley to Switzerland are whispering about it. The team behind that project, cLabs, is combining the ethereum and Libra models with a $30 million war chest from the likes of Polychain Capital and Andreesen Horowitz (a16z). And with their stablecoins and reserve baskets, the shared backing of […]

What Exactly Is Facebook’s ‘Libra’ Cryptocurrency? What Are Its Challenges?

The new decade is set to launch with one of the most ambitious cryptocurrencies yet, with the social media giant Facebook’s ‘Libra’ expected to start trading in a few months. The new coin certainly has the muscle behind it: in fact, it has an entire Libra ‘Association’ that consists of companies such as Spotify, Farfetch, […]

‘Zuckerberg’s Libra Coin Won’t Work’: Advocates of privacy and decentralization claim

Advocates of privacy coins and currency decentralization have joined the rejection of Facebook Libra. As part of a widespread rejection of Mark Zuckerberg’s stablecoin Libra, supporters of decentralized digital currencies, as well as privacy advocates, join a long list of organisations and politicians, claiming that a digital currency run by the Facebook CEO totally lacks […]

Would Libra’s Payments Be Safe? Fed Member Comments On Digital Currency’s Future

In a speech, Wednesday by Lael Brainard, a member of the Board of Governors of the Federal Reserve System, at Stanford University’s Graduate School of Business, the future of digital payments in the U.S. were broadly sketched. But her comments provided more risks and concerns than a path forward.    That afternoon, Ms. Brainard addressed the audience […]

China Urged to Regulate Cryptocurrency Over Growing Libra Concerns

The powers that be in China seldom listen to advice from any outsiders. One former central banker, however, thinks that global cooperation is needed, especially in response to Facebook’s Libra. China has fast-tracked the development of its central bank digital currency (CBDC), primarily over fears that Facebook could dominate if it gets there first. The […]

Facebook Libra vs Bitcoin

Libra is created by Facebook and has the backing of numerous large corporations. In contrast, Bitcoin was created by an anonymous person or group going by the name Satoshi Nakamoto. They are both based on Blockchain technology. Facebook Libra vs Bitcoin: Trust Bitcoin is a virtual currency that does not involve any third parties. You […]

Where did Facebook’s Libra go wrong?

As Google and other major enterprises take part in Hedera’s 39-member governance council, a number of companies have left Facebook’s Libra Association, a project that aims to create a global cryptocurrency-based payments network. Despite backlash from regulators and government officials, companies such as PayPal, Mastercard and Visa initially joined Libra’s governance council. According to Harmon, […]

Fed Nominee: Need for a Digital Dollar is an “Extremely Important Discussion”

Treasury Secretary Steven Mnuchin wasn’t the only one to make waves at the U.S. Senate this week when it came to the future of currency. Tom Cotton, a Republican senator from Arkansas, spoke at length regarding digital currency while addressing the cameras and a nominee for the Federal Reserve Board of Governors, Judy Shelton: “We […]

Japanese Official Calls for Development of Digital Yen in ‘Two-To-Three Years

Kozo Yamamoto, a senior lawmaker from Japan’s ruling Liberal Democratic Party, has called for the development of a digital yen within “two-to-three years” to counter the digital currency initiatives of China and Facebook. According to Reuters, Yamamoto commented a draft proposal for the development of the government’s digital currency will be included in the government’s […]

Facebook’s Libra is a no-go in the majority of countries

People distrust big tech companies, the recent survey showed. Emerging markets are more loyal both to state-backed and private digital money. People are unlikely to use digital money issued by big tech companies as they do not trust them, the latest research performed by Official Monetary and Financial Institutions Forum revealed.  According to the poll, […]

Central banks weigh up response to Libra and bitcoin

Central banks are contemplating a response to alternative money systems, such as bitcoin or Libra, with new digital versions of their own currencies. They go by the name of Central Bank Digital Currencies, or CBDCs. Libra’s stablecoin project launched in Geneva last year was a “watershed” moment that “kicked everyone in the pants”, Michael Sung, […]

Hong Kong approves license for city-state’s first crypto-lending platform

Crypto-lending platform PawnHub has become the first company to receive a license from the Government of Hong Kong, a license that will allow the firm to expand its crypto-lending services in the country. Following the receipt of the license, the firm now plans to partner with a leading US-based cryptocurrency custodian in a bid to […]

China warned not to rush into creating digital currency to rival Facebook’s Libra, instead join global debate

A new theory appears to be emerging in China with regards how it should cope with the potential challenges from Facebook’s blockchain digital currency Libra, with suggestions it should shift towards working with other nations to regulate the sector rather than fast-track its own alternative medium of exchange. Debate continues over whether and how China’s […]

Details Of Recent Cryptocurrency News From Germany

There has been a lot happening in the world of cryptocurrency, and blockchain in Germany over the past week. A telecom company is looking at providing a blockchain-as-a-service marketplace, German financial authorities propose carrying out a plant inspection using blockchain, and lots more.  Below is a collection of some of the news from Germany dating […]

What is the Cryptocurrency Act 2020?

One of the main pieces of legislation I discussed was the Cryptocurrency Act 2020, a new bill being proposed in the United States. The goal of the new legislation is to provide additional clarification on digital asset regulations. The bill has some wide-ranging regulations that, if voted into law, could reshape the crypto landscape moving […]

Vodafone Becomes Latest Big Name Backer to Quit Libra

British telecom giant Vodafone is the latest firm to pull out of the Libra Association, the non-profit body overseeing the Facebook-led digital coin, bringing the total number of early backers to withdraw from the project to eight. Vodafone Walks Away Both Vodafone and Libra confirmed the news last week with the departure appearing to be […]

Yuan to Go Digital

Chinese digital currency, the first of its kind in the world, to offer both convenience and security After the remarkable success in digitalizing payments nationwide, China is ready to unveil its next financial innovation by launching its own digital currency, the central bank digital currency (CBDC). The flourishing of the world’s first cryptocurrency Bitcoin, a […]

A blockchain firm advised by Nobel laureate Myron Scholes just launched a rival to Facebook’s libra

One blockchain company thinks it has an alternative to Facebook’s digital currency proposal. With an advisory board that includes top economists like Nobel Prize-winner Myron Scholes, U.K.-based firm Saga hopes to introduce a global currency that regulators find agreeable. The company on Tuesday launched its saga (SGA) token, a virtual currency tied to a basket […]

Facebook’s ‘failed’ Libra cryptocurrency is no closer to release

Facebook Inc.’s Libra cryptocurrency starts 2020 looking no closer to release, with authorities in its base in Switzerland raising fresh questions about its suitability as a global currency. Swiss finance minister Ueli Maurer said on Dec. 27 in Bern that the country can’t approve Libra in its current form, telegraphing to Facebook that the product […]

Germany: Finance minister in favour of a national digital currency

Germany might soon be making a move towards developing their very own national digital currency. Reportedly, Olaf Scholz, Germany’s Vice-chancellor and finance minister, has shown his support towards implementing a blockchain-based monetary system for the nation As per the German financial news magazine WirtschaftsWoche, the finance minister is in complete favour of electronic currency or […]

China’s digital currency could threaten dollar’s dominance

Since bitcoin was launched in 2008, the first crypto asset with its own unit of account based on blockchain technology, more than 3,000 crypto assets with a diverse range of features have entered the digital currency market. Yet regulatory authorities around the world have thus far largely indicated they are not threatened by crypto asset […]

Bitcoin’s bumpy revolution may be only just beginning

Bitcoin was born out of despair. Hidden among the lines of code in the first ever batch of the cryptocurrency was a headline from the frontpage of that day’s edition of The Times: “Chancellor on brink of second bailout for banks”. It was 3 January, 2009, and the world was in the midst of the worst […]

Digital yuan nears launch as China sweats over Libra

Sovereign virtual coin lets Beijing bolster oversight and boost currency abroad. China appears on track to launch a sovereign digital currency next year, becoming the first major country to do so, as Beijing aims to track money flows more closely and combat planned cryptocurrencies such as Facebook’s Libra. With work completed on conducting research and setting standards […]

China’s Central Bank Completes Design of its Digital Currency

China’s central bank, the People’s Bank of China (PBoC), has announced it has completed the design of its digital currency, local news outlet JRJ.com has reported. According to the announcement, China’s central bank digital currency has completed its “top-level design, standard formulation, functional research and development.” Mu Changchun, head of the digital currency research institute […]

PBOC Official: Crypto Yuan Will Be Unbacked & Have No Reserves (No Gold Backed Crypto Yuan)

“China’s cryptocurrency will not need a currency basket to maintain a stable value…” The head of the People’s Bank of China’s (PBOC) digital currency research subsidiary, Changchun Mu, said China’s cryptocurrency will not need a currency basket to maintain a stable value. Speaking to reporters at The China Finance Association Academic Annual Meeting and China […]

Libra Vs Bitcoin

As and when the news of Libra coin evolved, there have been some crypto enthusiasts discussing the differences between both of them. Let us check them out: #1 The first and foremost thing that differentiates the two of them is that Libra is a Proof of Stake (PoS) coin while Bitcoin works on Proof of […]

What Makes Blockchain or Cryptocurrency “Mainstream”?

‘Mainstream’ is a term used throughout blockchain, cryptocurrency, and indeed for many technologies, but everyone has a hard time pinning down what it means. So at what point could blockchain technology and cryptocurrencies be classified as “mainstream,” or more the “norm,” rather than new or emerging? Blockchain technology seems to be permeating every industry and […]

World awaits digital currency breakthrough

Nation accelerates blockchain technology development This year, as the world eagerly awaits news of the first government-issued digital currency in a major economy, eyes are turning to China, which is accelerating development of blockchain, the underlying technology required for e-money. In the past 12 months, all announcements by the People’s Bank of China, the central bank, […]

Digital currency can help meet new financial challenges

Mu Changchun, deputy director of China’s central bank’s payments department, said recently that the People’s Bank of China is working on its own digital currency, which may be launched soon. According to Mu, a centralized management model and two-tier operation system will be used to manage the central bank’s digital currency. The central bank will […]

OpenLibra is an open alternative to Facebook’s Libra

While Facebook’s upcoming cryptocurrency Libra struggles to keep partners on board and regulators happy, an alternative called OpenLibra is here to address some of Libra’s potential shortcomings.  Announced at Ethereum Foundation’s Devcon 5 conference in Osaka, Japan, OpenLibra is described as an “open platform for financial inclusion,” with a telling tagline: “Not run by Facebook.” […]

Why China Is Banning Crypto but Is Bullish on Blockchain

Babel Finance is one of China’s largest financial service providers.  The firm works with crypto mining companies to fund the volatile industry and products including crypto-backed loans, deposit services, margin trading and derivatives. Since July 2018, Babel has issued $400 million in crypto-backed loans with a balance of more than $300 million outstanding. Before pivoting […]

Experts Share: What Are the Biggest Crypto and Blockchain Topics to Follow in 2020

What Are the Biggest Crypto and Blockchain Topics to Follow in 2020 Virginia Cram-Martos, CEO of Triangularity Central bank digital currencies and stablecoins (maybe Libra, maybe not) Government blockchain-based applications and services (although, I expect this to really come to the forefront in the first half of 2021) An increase in blockchain-based identity projects — […]

Hong Kong, rule of law and the free market

In general, Hong Kong has a reputation as a reliable and predictable non-interventionist regulator. Most rules are clearly laid out and easy to comprehend and follow for people with little legal training (like me). Rules rarely contradict each other and while government agencies do not closely coordinate with each other or share common goals, there […]

China’s sovereign digital currency – still no launch date

People’s Bank of China says research and development work will continue in 2020. Beijing is keen to create a digital currency to offset perceived risks posed by bitcoin and Facebook’s Libra China’s central bank said on Sunday it will continue with its research and development into the creation of a sovereign digital currency in 2020, […]

Unlike Libra, Digital Yuan Will Not Need Currency Reserves to Support Value: PBOC Official

The head of the People’s Bank of China’s (PBOC) digital currency research subsidiary, Changchun Mu, said China’s cryptocurrency will not need a currency basket to maintain a stable value. Speaking to reporters at The China Finance Association Academic Annual Meeting and China Finance Forum Annual Meeting in Beijing Saturday, Mu said the digital yuan would […]

India: Cryptocurrency won’t survive, claims former FinSec Subhash Garg

India’s former Finance Secretary, Subhash Chandra Garg, has been very vocal about cryptocurrencies for a long time now, having also played a significant role in shaping the country’s draft policy on cryptocurrencies. Garg has now released a new blog post on crypto and digital currencies titled, “Currencies will be digital; cryptocurrencies will not survive,” a […]

Forget bitcoin, China’s crypto-yuan is set to transform banking

Digital currencies could become substitutes not just for physical cash but also for bank reserves. So is China readying its own bitcoin? Banish the thought. It’s far bigger than that. Yes, just like any other crypto-currency — or for that matter, cigarettes in POW camps — the upcoming digital yuan will be “tokenised” money. But […]

Facebook re-brands in all caps, failing to defuse internet ire over monopoly status, fake news, and privacy predation

Facebook has rebranded as all-caps FACEBOOK in order to remind people “which company makes the products they use,” inviting mockery from social media as it dodges the problems plaguing the billion-user mega-platform. Facebook will slap the new all-caps logo in a thin-lettered typeface on its subsidiaries, while its old logo will remain the identifier for […]

Facebook’s Digital Currency ‘Libra’ Coming In 2020

As the chorus grows to break up Facebook and regulators scramble to fix it over privacy violations, the social networking giant on Tuesday announced a digital wallet subsidiary called ‘Calibra’ that would launch Blockchain-powered cryptocurrency ‘Libra’ next year to help nearly one billion people globally who don’t have a bank account but do have a […]

U.S. Senator Introduces 2020 Cryptocurrency Bill

US congresspersons have proposed a new cryptocurrency bill to provide more clarity on digital asset regulations by stipulating which government agency is responsible for each asset class. Labeled the Cryptocurrency Act 2020, the bill will impose regulations on the entire crypto industry if voted into law. It classifies digital assets into three types and determines […]

Cryptocurrencies backed by private firms face tough fight

China’s central bank is still in the process of developing its own digital currency, and competition among government-backed digitalized currencies can be expected in the “digital era”, said a central bank official on Tuesday. Some digital currencies issued by the private sector, such as Facebook’s Libra, will find it hard to compete with the State-issued […]

India’s central bank mulls digital currency issuance

Last week, the Reserve Bank of India (RBI) said it is exploring the issuance of a central bank digital currency (CBDC), but will pursue the idea in due course, local news outlet Livemint reported. The central bank governor Shaktikanta Das said it is ‘too early’ to talk about a CBDC owing to technological handicaps. However, […]

What is China’s digital currency plan?

The central bank has been quietly working on the project for five years. What do we know? Since 2014, China’s central bank has been working on a project called “DC/EP”: Digital Currency/Electronic Payments. Yi Gang, the governor of the People’s Bank of China, said the plan was not to create a new currency, such as […]

Unlike Libra, Digital Yuan Will Not Need Currency Reserves to Support Value: PBOC Official

The head of the People’s Bank of China’s (PBOC) digital currency research subsidiary, Changchun Mu, said China’s cryptocurrency will not need a currency basket to maintain a stable value. Speaking to reporters at The China Finance Association Academic Annual Meeting and China Finance Forum Annual Meeting in Beijing Saturday, Mu said the digital yuan would […]

Facebook’s digital currency Libra ‘has failed’

Facebook’s digital currency Libra ‘has failed’ and can’t work in its current form, says Switzerland’s finance minister. Facebook’s Libra project has failed in its current form and needs reworking to be approved, said the president of Switzerland where the cryptocurrency is seeking regulatory consent. “I don’t think (Libra has a chance in its current form), […]

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