Libra (LIBRA)

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 — […]

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 […]

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 […]

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 […]

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 Libra announces new name – Novi

The Libra Association, an independent member organization responsible for governance, implementation, and strategy for the Libra network, has released a document announcing that they were rebranding Calibra, the digital wallet for the Libra payment system, by renaming it Novi. Rebrand and restructure Rebranding Calibra to Novi is Facebook’s latest move in its restructuring of Libra. […]

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 […]

ECB warns Libra could amass $3 trillion in assets

If stablecoins take off but malfunction, they could pose a big risk to financial stability, says the European Central Bank. In brief The potential size of Libra’s assets and links with the wider financial system pose a risk to stability, says a new ECB report. The report estimated that Libra could amass assets of up […]

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 […]

Facebook Calibra Wallet Devs Reveal Distributed Auditing Proofs of Liabilities (DAPOL)

Facebook has recently introduced a new audit protocol on its Calibra wallet app for auditing of its assets. In a bid to improve the already existing distributed audit process, Calibra’s research team brought forward the Distributed Auditing Proofs of Liabilities (DAPOL) onto the platform. Dating back to April 2014, the cryptocurrency world witnessed one of […]

Payments Processor Joins Facebook-led Stablecoin Project Libra Association

British payments processor has become an official partner of the Libra Association, which works on developing Facebook’s Libra digital currency. This comes after Mastercard, Visa and Stripe have decided back in October to no longer support Libra. In the last few weeks, the crypto broker Tagomi together with the e-commerce behemoth Shopify and non-profit […]

Libra and CBDC’s are ‘entirely irrelevant’ and pose no threat to Bitcoin

Facebook‘s Libra is back in the news. The revamped version is going to be linked to individual national currencies and overseen by global watchdogs and with this move, Libra plans to win over the regulators. Libra 1.0 had initiated conversations around CBDC, back in 2019. Central banks came up with the concept of releasing their own […]

With Reliance Jio-Facebook deal, Libra may become a reality in India

On Wednesday, Facebook announced that it would pump in $5.7 billion (Rs 43,574 crore) in Reliance Jio Platforms Limited. With this investment social media giant, Facebook will be holding a 9.99 per cent equity stake in Reliance Jio Platforms. On this deal, Nischal Shetty, the founder of leading cryptocurrency exchange WazirX tweets that this is […]

Facebook tries to invent PayPal again with Libra II

It wasn’t enough that Facebook saw an immediate and global thrashing of its proposed Libra stablecoin; it then tried to rewrite the digital currency’s framework to make it more appealing. The idea of the social media giant with huge security issues getting into the money game isn’t finding a lot of support, but Facebook keeps […]

Is Facebook willing to do just about anything to get Libra off the ground?

Facebook’s regulatory approach to Libra could get the project off the ground by the end of 2020. The new version of the Libra whitepaper makes the project less open and less decentralized. Facebook was forced to go back to the drawing board after endless battles with regulators and lawmakers in regarding the launch of the […]

Facebook’s Libra Concedes to Regulators, No Longer Permissionless

The Libra Association has changed its proposed model to put global regulators at ease. But will the move help quell concerns? Libra Coin Out, Sovereign Stablecoins In Originally, Libra planned to create a stablecoin backed by a basket of currencies and U.S. Treasury securities. That structure has today been overturned in favor of the platform […]

Libra Stablecoin is Still a Major Threat to Bitcoin

Economist and academic John Vaz believes Bitcoin (BTC) still faces stiff competition from Facebook’s troubled Libra project. Vaz told Cointelegraph that Bitcoin has scaling challenges in terms of payments and was used disproportionately as a vehicle for speculation. By contrast he said Libra has been purpose-built to scale as a payments network and could quickly emerge […]

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