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 things crypto, a fancy term – Initial Futures Offering (IFO) … Continue reading CoinFLEX Launches Futures to Bet on Libra Launch Date
Tech behemoth Apple will not be creating its own cryptocurrency. In an interview with French finance daily Les Echos, the company’s CEO Tim Cook said that he was “not comfortable” with the idea of a private company creating money that competes with government-issued fiat. “A private company does not have to seek to gain power in this way,” he said, adding that money creation was … Continue reading Money Creation is at the Heart of a Government’s Mission: Apple CEO Tim Cook on Crypto
Online payments platform Paypal has withdrawn from the Libra Association, the governing body for Facebook’s cryptocurrency and blockchain Libra. “PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations,” the company said in a … Continue reading Paypal Withdraws from Facebook’s Libra Association as Congress Puts Pressure on Zuckerberg to Testify
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 strategy to launch the blockchain. Regulators and lawmakers around the … Continue reading What Does Facebook CEO Mark Zuckerberg Think of Libra?
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 nonprofit responsible for governance on the blockchain. But they may … Continue reading Facebook’s Libra Partners Have Second Thoughts on Joining the Venture
In a Congressional testimony to the House Financial Services Committee yesterday, SEC chairman Jay Clayton indicated that Facebook’s cryptocurrency Libra might be a security token. “If what you are doing is raising capital for a project with the idea that you are going to give a return as a result of investing in that (token), then Libra sounds like a security,” he said. Clayton prefaced … Continue reading Libra Sounds Like a Security: SEC Chairman Jay Clayton
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 Facebook revealed composition of the cryptocurrency in response to a … Continue reading Facebook Presses on With Libra Plans: Reveals Libra Reserves Composition and Acquires Chatbot
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 fiat currencies or basket of goods. Numbers for such coins … Continue reading Facebook and JP Morgan Team Meets With BIS; Libra Chief Says Coin Will Not Threaten “Monetary Sovereignty”.
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 the basket of currencies that comprise Libra. Specifically, he said … Continue reading Libra Will Launch By End of Next Year, Says Managing Director of Libra Association
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 Maire said at the OECD conference in Paris. The concerns … Continue reading We Cannot Authorize Development of Libra on European Soil: French Finance Minister
The contours of regulatory classification for Libra, Facebook’s cryptocurrency and blockchain, are becoming clear, at least, in Switzerland. In a guidance note for stablecoin regulation, the Swiss financial regulatory authority FINMA recommended an “indicative classification” of payment system license for Libra. The license is subject to the AML act and requires companies to account for additional risks, such as “bank-like risks.” The guidance also stated … Continue reading Facebook’s Libra Association Applies For Payment System License From Swiss Regulatory Authority FINMA
Twitter co-founder and Square CEO Jack Dorsey, already a big proponent of Bitcoin, envisions a future where cryptocurrencies will help his company evolve from being a Fintech player to an Internet powerhouse with several services in its portfolio. “In the long term [cryptocurrencies] will help us be more and more like an internet company where we can launch a product … and the whole world … Continue reading Twitter Co-founder Dorsey Wants to Transform Square Using Crypto
Facebook’s cryptocurrency and blockchain Libra continues to generate headlines and commentary from politicians and experts alike. The latest one involves the European Central Bank’s legal official Yves Mersch who described the social media network’s plans for its cryptocurrency as “beguiling but treacherous.” Mersch joins a chorus of voices and officials from Europe’s governing authority who have criticized Facebook’s plan to launch a blockchain and cryptocurrency … Continue reading Facebook’s Libra: A Beguiling but Treacherous Plan with Many Known Unknowns
Even as U.S. lawmakers remain unconvinced about the merits of its crypto-and-blockchain venture, Facebook is ramping up its lobbying efforts in the nation’s capital. The social media behemoth is reported to have added FS Vector to its growing list of lobbyists. John Collins, who previously worked as the head of policy at Coinbase, leads the company. The latest move after a Switzerland trip by U.S. … Continue reading Facebook Adds Another Lobbyist To Convince Congress About Libra
During a June earnings report, Facebook had cautioned that its blockchain and cryptocurrency Libra may not launch due to regulatory pressure from around the world. That future prospect seems to have become more real with recent developments. After governments and international organizations piled on the project, it is the turn of Facebook’s partners to ratchet up pressure. According to a Financial Times report, three members … Continue reading Tensions Rise In Facebook’s Libra Association Amidst Regulatory Pressure
Facebook’s Libra project, already under fire from regulators around the world, is being probed by the European Union. EU antitrust officials have sent questionnaires to Facebook’s partners in the project requesting details about it, according to reports. “The Commission is in particular concerned about the possible competition restrictions that may result from the Association, especially with regard to information that will be exchanged and the … Continue reading Facebook’s Libra Project Is Being Probed by EU Officials: Reports
US lawmakers are heading to Switzerland in the next few days to in-depth discussions on the Facebook Libra project. The group, which comprises six lawmakers, will meet with Adrian Lobsiger, who is the commissioner of the Swiss Federal Data Protection and Information Commission. Maxine Waters (D), chair of the House Financial Services Committee, will lead the delegation. In the past, she has been quite critical … Continue reading U.S. Lawmakers Are Traveling to Switzerland to Discuss Facebook’s Libra
Binance, arguably the world’s biggest exchange by trading volume, has launched an initiative to develop local stablecoins, or digital coins backed by local fiat currencies. The stablecoins will be designed in consultation with central banks and governments and will be available on a blockchain project called Venus. The Malta-based company is seeking partnerships with global corporations, tech firms, and governments for the project. Yi He, … Continue reading Binance Announces Plans To Launch Local Stablecoins
The pressure on Facebook’s Libra project is unremitting. Privacy and data protection regulators from five jurisdictions released a statement this morning asking for more information about the project. The Australian Information Commission and data regulation bodies in the UK, Canada, US, and the EU are leading this effort. “This is an important step in a global regulatory movement that is holding online companies to account … Continue reading International Regulators Put Pressure On Facebook To Reveal More About Libra Project
Mastercard, which has signed a letter of intent to become a founding member of Facebook-backed Libra Association, may be creating its own crypto wallet product. The electronics payments behemoth has already posted several jobs on its job board for blockchain-related senior positions. Two of the three positions advertised require applicants to have experience in developing and managing crypto wallets. Crypto advocacy is another important role … Continue reading Is Mastercard Working on its Own Crypto Wallet?
Facebook, move over. Walmart is here. The Arkansas retailing giant has filed an application with the United States Patent Office for a digital currency backed by regular currency, such as the US dollar. This is similar in concept to a stablecoin, which aims to maintain stability in a volatile crypto ecosystem by pegging its value to a fiat currency or a basket of goods. Walmart’s … Continue reading Walmart Enters Crypto With Patent Filing