Tag: facebook coin

Facebook-backed Diem Association Moves Operations to the United States from Switzerland

The Facebook-backed Diem association has moved its operational base to the United States from Switzerland. The crypto project, which envisages a US-dollar backed stablecoin, had earlier applied for a payment system license with FINMA, the Swiss regulator. “While our plans take the project fully within the US regulatory perimeter and no longer require a license… Read More Facebook-backed Diem Association Moves Operations to the United States from Switzerland

rakeshsharmak123Leave a comment

CoinFLEX Launches Futures to Bet on Libra Launch Date

coinflex facebook libra futures

Facebook’s proposed blockchain and cryptocurrency Libra is some time away from a formal launch but it is already generating an economy. CoinFLEX, a crypto futures exchange, has launched a futures contract that bets on whether Facebook’s futures contract will launch by December 30 next year or a settlement date. As is the case with all… Read More CoinFLEX Launches Futures to Bet on Libra Launch Date

rakeshsharmak123Leave a comment

What Does Facebook CEO Mark Zuckerberg Think of Libra?

Call it the maturing of a teenager. Facebook, a 15-year-old company known to “move fast, break things”, is adopting a “more consultative approach” to Libra – its proposed crypto and blockchain, according to Mark Zuckerberg. In transcripts of internal meetings conducted in July, Zuckerberg discussed the current state of affairs for Libra and the company’s… Read More What Does Facebook CEO Mark Zuckerberg Think of Libra?

rakeshsharmak123Leave a comment

Facebook’s Libra Partners Have Second Thoughts on Joining the Venture

Will they or won’t they? Some partners in Facebook’s cryptocurrency and blockchain Libra are having second thoughts about the venture, according to two separate reports published in the Wall Street Journal and Bloomberg yesterday. Visa Inc., Mastercard, Stripe, and Paypal Holdings have already signed nonbinding letters of intent to join the Libra Association, a 28-member… Read More Facebook’s Libra Partners Have Second Thoughts on Joining the Venture

rakeshsharmak123Leave a comment

Facebook Presses on With Libra Plans: Reveals Libra Reserves Composition and Acquires Chatbot

Facebook has revealed the exact composition of reserves for Libra, its cryptocurrency, in response to a German politician’s query. Libra will be backed by a basket of currencies and government bonds to ensure low volatility in its price, thereby making it possible to use the coin for daily transactions. German publication Der Spiegel reports that… Read More Facebook Presses on With Libra Plans: Reveals Libra Reserves Composition and Acquires Chatbot

rakeshsharmak123Leave a comment

Facebook and JP Morgan Team Meets With BIS; Libra Chief Says Coin Will Not Threaten “Monetary Sovereignty”.

Representatives from Libra, Facebook’s proposed cryptocurrency and blockchain, and investment bank JP Morgan met officials from the Bank of International Settlements (BIS) in Switzerland today to discuss policy and regulatory issues relating to stablecoins. The meeting was part of an effort by the bank to understand stablecoins, cryptocurrencies whose price is pegged to that of… Read More Facebook and JP Morgan Team Meets With BIS; Libra Chief Says Coin Will Not Threaten “Monetary Sovereignty”.

rakeshsharmak123Leave a comment

Libra Will Launch By End of Next Year, Says Managing Director of Libra Association

Unfazed by criticism about its intentions, Facebook’s Libra project plans to launch by the end of next year. Bertrand Perez, managing director of the Libra Association, told French magazine Les Echos that Libra would launch between the end of the first half next year and its end. He also offered other details about composition of… Read More Libra Will Launch By End of Next Year, Says Managing Director of Libra Association

rakeshsharmak123Leave a comment

We Cannot Authorize Development of Libra on European Soil: French Finance Minister

France’s finance minister, one of the earliest critics of Facebook’s Libra, fired another warning shot at the cryptocurrency today. “All these concerns around Libra are serious. So I want to say this with a lot of clarity: In these conditions, we cannot authorize the development of Libra on European soil,” France’s Finance Minister Bruno Le… Read More We Cannot Authorize Development of Libra on European Soil: French Finance Minister

rakeshsharmak123Leave a comment

Facebook Says Libra May Never Launch Due To Regulatory Scrutiny

This is probably not the most auspicious of debuts for Libra, possibly the most high-profile project involving cryptocurrency and blockchain, on Facebook’s SEC filings. In its latest  quarterly report, the social media behemoth admitted that the Libra project may never launch. The main reason cited by the company are various regulatory challenges, in the US… Read More Facebook Says Libra May Never Launch Due To Regulatory Scrutiny

rakeshsharmak123Leave a comment

ECB Official Says Stablecoins Are Not Cause For Concern

On Thursday Jens Weidmann, a high-ranking official at the European Central Bank said that stablecoins should not alarm anyone in the financial world. However, he emphasized the need for heightened awareness amongst users of stablecoins. Weidmann said that anyone planning to use stablecoins should ensure that all questions regarding their preferred stablecoin had been cleared… Read More ECB Official Says Stablecoins Are Not Cause For Concern

rakeshsharmak123Leave a comment

What Did The Facebook Libra Hearings Accomplish?

One of the most interesting moments during the two days of hearing to understand and evaluate Facebook’s Libra project occurred when Congresswoman Katharine Porter (D-CA) asked panelists which regulators were appropriate for the cryptocurrency. “I am not sure if this (Libra) is a problem for my investor protection subcommittee or my consumer protection subcommittee,” she… Read More What Did The Facebook Libra Hearings Accomplish?

rakeshsharmak123Leave a comment

Libra Faces Congressional Ire In Second Hearing

There was no love lost for Facebook’s Libra on the second day it was presented before lawmakers. David Marcus, head of Libra, was again the main witness at the House Banking and Finance Committee’s hearing to evaluate the impact of Facebook’s proposed cryptocurrency on consumers and the financial system. A Different And Similar Hearing But… Read More Libra Faces Congressional Ire In Second Hearing

rakeshsharmak123Leave a comment

Libra Chief David Marcus Fails To Gain Senate Trust

“Trust is primordial,” David Marcus, head of Libra at Facebook, told senators at a hearing about the company’s plans for a cryptocurrency on its platform. But Marcus had a tough time gaining the supposedly – primeval emotion from the group facing him. The hearing was remarkable for two reasons. First it was held approximately a… Read More Libra Chief David Marcus Fails To Gain Senate Trust

rakeshsharmak123Leave a comment

Treasury Secretary Steven Mnuchin Joins Critics Chorus for Facebook’s Libra

Facebook’s Libra coin has dominated cryptocurrency headlines since its announcement last month. Today was no exception. This afternoon Treasury Secretary Steven Mnuchin said it was a “national security issue” because it could be misused by money launderers and terrorist financiers. “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity… Read More Treasury Secretary Steven Mnuchin Joins Critics Chorus for Facebook’s Libra

rakeshsharmak123Leave a comment

Libra Will Incur Sales Tax: Techcrunch

Facebook’s Libra cryptocurrency will “benefit” tax authorities at the household level and consumption level, according to Libra’s policy and communication chief Dante Disparte. This means that a sales tax will be applicable to purchases made using the Libra token. But investors may escape the IRS’ dragnet by avoiding capital gains tax, according to Christian Catalini,… Read More Libra Will Incur Sales Tax: Techcrunch

rakeshsharmak123Leave a comment

Facebook’s Libra Raises “Serious Concerns” – Fed Chief Jerome Powell

Facebook’s Libra project continues to generate heat among legislators and policymakers. Testifying before the House Financial Services Committee this morning, Federal Reserve Chairman Jerome Powell said the project raised “serious concerns regarding privacy, money laundering, consumer protection and financial stability.” He said the project cannot be allowed to go forward until further details about it… Read More Facebook’s Libra Raises “Serious Concerns” – Fed Chief Jerome Powell

rakeshsharmak123Leave a comment

Facebook’s Libra Chief Addresses Criticism

Since its launch two weeks ago, Facebook’s cryptocurrency and blockchain has generated a maelstrom of reactions from regulators, commentators, and developers. Yesterday David Marcus, president of the initiative at Facebook, took to the social media platform to address criticism aimed at it. Of Decentralization and Financial Inclusion Chief among them is that Libra is not… Read More Facebook’s Libra Chief Addresses Criticism

rakeshsharmak123Leave a comment

How Did Libra Affect Bitcoin Price and Facebook Stock Price?

Call it the Libra effect. Bitcoin price rallied and broke past the $9,000 mark in the breathless run up to Facebook’s announcement of Libra, its cryptocurrency and blockchain, to provide banking services in emerging markets. There was an impressive 23% increase in its price within a week. (For those keeping count, the cryptocurrency is up… Read More How Did Libra Affect Bitcoin Price and Facebook Stock Price?

rakeshsharmak123Leave a comment

Senate Banking Committee To Hold July Hearing On Facebook’s Libra

Facebook’s Libra cryptocurrency has dominated news cycles ever since it was announced. Now it has caught the attention of senators as well. The Senate Banking Committee intends to hold a public hearing about Facebook’s cryptocurrency on July 16. The hearing will be titled “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations”. No witnesses have… Read More Senate Banking Committee To Hold July Hearing On Facebook’s Libra

rakeshsharmak123Leave a comment