German Finance Minister Olaf Scholz has taken a hard-hitting stance at Libra, Facebook’s cryptocurrency project. After participating in a meeting in which the G7 countries met, in part, to discuss crypto regulation, Mr. Scholz issued a statement in which he called Libra ‘a wolf in sheep’s clothing’. Nonetheless, finance ministers and central bank bosses from...Read More
Facebook shook the world last year after announcing plans to introduce a “single global digital currency” dubbed Libra. However, the social media giant’s efforts were quickly scalded by global regulators as the project received massive blowback. Facebook didn’t give up on its idea. Instead, the company decided to rebrand its two main products. Firstly, the...Read More
After going back and forth with its digital currency, Facebook has announced the launch of its cryptocurrency, Libra by January 2021. According to reports, three unidentified people involved in the project have disclosed this information and noted that it will launch a single digital coin backed by the dollar. The Geneva-based Libra Association will issue...Read More
Although Facebook failed to launch Libra in mid-2020 as initially planned, the social media giant could do so in early 2021. Finance Times cited three people working on the project claiming that Libra’s long-awaited launch could come in January 2021 but in a scaled-down version. CryptoPotato reported before that Libra already changed its original idea...Read More
Bitcoin is censorship-resistant… The hashtag #Bitcoin is not. Over the past days, Facebook has been busy censoring all posts that include the #Bitcoin hashtag in the description. There are no distinctions: Videos, photographs, and even messages have been censored, blocking the public from accessing any information related to the cryptocurrency. Upon entering the hashtag, users...Read More
PayPal’s decision to enable its users to interact with cryptocurrencies directly on its platform continues to attract popular individuals’ attention. The latest to acknowledge the significance of this move were the Head of Facebook Financial, David Marcus, and Social Capital CEO Chamath Palihapitiya. Banks Will Follow PayPal, Says Marcus Arguably the most significant piece of...Read More
San Francisco-based venture firm, Blockchain Capital has joined Facebook’s Libra Association to make its network of experts and industry heads available to advise on the Association’s creation of a ‘global payment system,’ according to an announcement today. Libra’s head of policy and communications, Dante Disparte, said in the release that their new member, Blockchain Capital,...Read More
In a panel discussion with the Brooking Institution, Governor of the Bank of England, Andrew Bailey said that stablecoins, Bitcoin, and other cryptocurrencies are difficult and unsuitable for the public to use for traditional payments as he believed that the majority of the retail public still does not understand the usage of digital currencies. According...Read More
The Libra Association, the entity behind Facebook’s future Libra cryptocurrency, has appointed its second general counsel in three months. Previously acting as the general counsel at the Homeland Security Department, Stevan Bunnell has replaced Robert Werner as the new Chief Legal Officer. Libra Appoints A New CLO According to the Bloomberg Law report, Robert Werner,...Read More
A recent report informs that Singapore has developed a fully functional blockchain-based payment network allowing faster and cheaper international settlements. The team behind it, including investment giant Temasek and US multinational bank JP Morgan, is finalizing technical details for the prototype, and the final product should arrive soon. Singapore Taps Blockchain For A Payment Network...Read More
According to a recent report, Lithuania may be the first nation to launch a central bank-backed digital coin in the eurozone. The country’s central bank plans a pre-sale of twenty-four thousand blockchain-based digital tokens called LBCOINs. Lithuania To Sell 24k Blockchain-based Tokens A Reuters report from earlier today informed that the Baltic country has completed...Read More
Facebook continues with the reforms to its future cryptocurrency project as Libra’s wallet provider Calibra has been rebranded to Novi. Despite the name change, though, the subsidiary of Facebook will not revise any of its long-term commitments and goals. Calibra Becomes Novi Facebook introduced today the new name Novi, inspired by the Latin words “novus”...Read More
The pressure from the regulator on Facebook’s potential cryptocurrency project Libra has pushed the social media giant to alternate its plans. A recent report indicated that Facebook and its Libra partners are considering redesigning the acceptance of multiple currencies once the project is launched. New Plans For Libra When announced in June 2019, Libra attracted...Read More
Facebook’s potential upcoming global cryptocurrency project, Libra, has received positive news from Shopify. The Canadian multinational e-commerce giant announced today that it would join the Libra association to create a safe and accessible payment network. Shopify To Cooperate With Libra Almost immediately after its announcement in mid-2019, Libra became a target of regulators across the...Read More
The Australian Prudential Regulation Authority (APRA) has reportedly submitted a framework to oversee digital wallets holding large amounts of value. If approved, it would also include Facebook’s controversial stablecoin, Libra, and its digital wallet – Calibra. APRA To Oversee Calibra? Upon its announcement, Facebook’s Libra quickly attracted the attention of watchdogs. The social media mogul...Read More
Last year was pretty dismal for the bitcoin and crypto industry in India. Regulatory procrastination and a negative outlook from politicians have stifled the ecosystem and innovation, will 2020 be any better? BITCOIN BATTLING IN INDIA The Reserve Bank of India (RBI) has been relentless with its disapproval towards bitcoin and the crypto industry over...Read More
Commercial banks should work out their own transfer systems as an alternative to Facebook’s Libra, urged Jens Weidmann, President of Bundesbank and member of the Governing Council of the European Central Bank (ECB). Euro Area Banks Should Not Rely on Facebook’s Libra Banks in the Euro area should explore tools for faster, cheaper transfers, but...Read More
The slightly negative attention from institutions towards Facebook’s Libra continues with the German Central Bank’s President Jens Weidmann, saying that they have to slow it down with further regulations. He also notes that banks must improve their payment systems and the E.U. should be more considerate regarding launching e-euro. Weidmann On Digital Euro Ever since...Read More
With the ongoing conversation surrounding central bank digital currencies (CBDCs), the International Monetary Fund (IMF) is examining its potential role in future sovereign digital currency issuances. IMF Weighs Pros and Cons of CBDC In an analysis posted on the IMFBlog earlier in December, the IMF discussed its potential role within the emerging CBDC discussion as...Read More
According to recent statements by People’s Bank of China (PBOC) official Mu Changchun, the country’s digital yuan is ready for trials. The central bank digital currency (CBDC) will decidedly not be a speculative asset like bitcoin or stablecoins, and will not need a currency basket for backing, Changchun affirmed. Reactions to the announcement are varied,...Read More
There were apparently more than 30 projects and 51,000 transactions which the Libra network logged over the past two months of testing. As the Libra Associaiton (which stands behind the upcoming stablecoin by Facebook) noted, despite the controversial stance towards the coin the project managed to fulfil its goals and record many projects and transactions.It...Read More
Despite regulatory uncertainty, the developers of Facebook’s Libra project continue forward. Recently, the Libra team released its second Roadmap, with points preparing for mainnet launch. Facebook’s Libra, which still has no hard and fast dates for an actual launch, continues to build up its community. A recent blog post by its developers suggest the project...Read More
Billionaire Tim Draper recently spoke about emerging technologies, especially blockchain and crypto, revealing what he expects will come in years to come. The year 2019 is at its end, and the next decade is ready to begin. However, while the new decade means a new beginning for a lot of people, it also means a...Read More
During the crypto hype bubble and Bitcoin’s meteoric rise, speculation ran wild due to the incredible potential the emerging technology could bring to the world, if only the technology could find its “killer app” – something that makes the technology a must-have addition to daily life.The post appeared first on NewsBTCRead More
At her first press conference as head of the European Central Bank (ECB), Christine Lagarde outlined her plans to lead the ECB “ahead of the curve” in the field of digital currency. “There is clearly a demand out there that we have to respond to,” she said, referring to stablecoins. Also read: Regulatory Roundup –...Read More
London-based blockchain firm Saga announced the launch of its Saga token (SGA). The digital unit represents a global currency that complies with regulators’ requirements. Saga Advised by Nobel Prize Winner, Former Bank of Israel Governor The currency is backed by a basket of fiat currency to avoid high volatility. Thus, it acts like a stablecoin...Read More
The Financial Stability Board (FSB) says government and regulators should closely monitor the emerging trend of BigTech companies entering the crypto payments and digital money transmission markets. BigTech Crypto Payments Pivot Could Disintermediate Banks In a report published on Sunday (December 8, 2019), the FSB called for greater monitoring of BigTech’s involvement in financial services....Read More
In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins....Read More
Going by recent headlines, it appears as though central banks around the world are planning to or in the process of creating their own digital currencies.The post appeared first on NewsBTCRead More
The likelihood of a Facebook crypto currency actually launching next year is so questionable that a trading firm is now offering bets on whether the social media giant can meet its deadlines. Facebook Crypto Failure? According to a Bloomberg report crypto derivatives exchange CoinFLEX is launching physically settled futures contracts for Libra, or whether it...Read More
