Tagged: libra

Mastercard CEO Ajay Banga Explains Why Company Withdrew from Facebook-led Stablecoin and Payments Project Libra

Ajay Banga, CEO at payments giant Mastercard, recently talked about why his company decided to leave the controversial Facebook-led Libra global payments and stablecoin project. Banga claims his firm doesn’t quite understand Libra’s business model. He told the Financial Times: “When you don’t understand how… Read More

Libra Association Establishes Five-Member “Technical Steering Committee” to Oversee Libra Payment System’s Development

The Libra Association has reportedly established a five-member “Technical Steering Committee” in order to manage the ongoing development of the controversial Facebook-led stablecoin and digital payments project. The five members include Diogo Monica, co-founder at Anchorage, George Cabrera III, core product lead at Calibra (the… Read More

Bundesbank President and ECB Councillor Jens Weidmann: Facebook’s Libra Compels Governments to Ensure Competition, Not Create State Cryptocurrency

Jens Weidmann, President of Germany’s central bank (Bundesbank) and a governing councilor at the European Central Bank (ECB), told Handelsblatt this week that much needs to be understood before central banks should get into issuing a digital currency like Facebook’s Libra or Bitcoin, commonly referred… Read More

Swiss President and Finance Minister: Facebook’s Libra, “In This Form, Has Thus Failed”

Switzerland’s finance minister and outgoing president, Ueli Maurer, says he doesn’t think Facebook’s proposed Libra cryptocurrency project can proceed in its current form, Reuters reports. This is mainly, “because central banks will not accept the basket of currencies underpinning it,” Maurer claimed. “The project, in… Read More

Top China Cryptocurrency and Blockchain Headlines of 2019

For many reasons, China is regarded as one of the world’s make-or-break regions when it comes to the fate of “blockchain” technology and cryptocurrencies. Before Bitcoin trading was officially banned in China in late 2016, yuan-to-Bitcoin conversions (and vice versa) seemed to account for more… Read More

Federal Reserve Governor Lael Brainard: Any Global Payments Network Must Meet High Legal Threshold, No Particular Need for a CBDC 

As she welcomed Benoît Coeuré to his new position as Head of the Bank for International Settlements’ (BIS’) Innovation Hub, U.S. Federal Reserve governor Lael Brainard told regulators in Frankfurt Wednesday that private (crypto) currency networks pose risks that must be addressed. She also said… Read More

Blockchain, A Four-Time Waltz: Bitcoin, Ethereum, Libra & the CBDCs – The Need for a New Balance

We have deliberately chosen to limit our presentation, for pedagogical reasons, to the four fundamental periods represented by the emergence of Bitcoin, Ethereum, Libra and CBDCs (Central Bank Digital Currency) because no other event (derived or similar project) has had such an impact on the… Read More

EU: No “Stablecoin” Cryptocurrency Should Operate in Europe Until Risks Addressed

The Council of the European Union, which implements laws for the EU region, has issued a statement on “stablecoin” cryptocurrencies indicating that, “no global ‘stablecoin’…should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and… Read More

Christian Catalini: Co-Creator of Libra Explains How the Facebook-led Project Aims to Enable Financial Inclusion

Christian Catalini, co-creator of the Facebook-led Libra payment system and head economist at Calibra, a subsidiary of the social media giant that’s focused on developing a digital wallet for Libra, says he’d been doing research in the cryptocurrency and blockchain space for many years before… Read More

Report: Stripe CEO “Very Skeptical of Anyone…Adamant That Crypto’s Gonna Work”

CEO Patrick Collison of Stripe told Wired magazine last Friday that he’s, “very skeptical of anyone who’s adamant that crypto’s gonna work,” but said he thinks companies should experiment even if the chance of success seems slight. Collison reportedly made the comments while doing on… Read More

Bank for International Settlement Opens Innovation Hub and Selects Benoît Cœuré to Lead the Charge, Expect a Deep Probe into Digital Currencies

Benoît Cœuré, the outgoing European Central Bank Executive Board Member and an individual some thought best equipped to become the President of the ECB, has been appointed to lead the newly created Bank for International Settlements (BIS) Innovation Hub. According to BIS, Cœuré will commence… Read More

Report: Head of Russia’s Central Bank Joins Chorus of Regulators Critical of Private Currencies Like Facebook’s Libra

Elvira Nabiullina, governor at the Bank of Russia since 2013, told the Russian parliament this week that she supports Fintech innovations but opposes private currencies like Facebook’s Libra because they pose a threat to financial stability. She also said she and the bank are monitoring… Read More

EU: “No global stablecoin arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed”

The Council of the European Union has posted a memo, or “draft joint statement,” regarding stablecoins – a hot policy topic these days due to Facebook’s attempt to launch a global, non-sovereign, cryptocurrency. When Facebook revealed the creation of Libra, and the executive body the… Read More

Hong Kong Securities Regulator: Stablecoin Cryptocurrencies Beg Global Rule Framework

Ashley Alder, CEO of the Hong Kong Securities and Futures Commission told attendees at Hong Kong Fintech Week on Wednesday that Facebook’s Libra has forced, “the international regulatory community…to get its act together very rapidly,” regarding the financial stability risks of stablecoin cryptocurrencies. He also said… Read More

VP Product, Calibra Wallet: Facebook Cryptocurrency Will Take Decades to Implement

In comments likely designed to assuage regulator concerns, Kevin Weil, VP Product for Facebook’s Calibra cryptocurrency wallet program, told people attending the Web Summit technology conference in Lisbon November 5th that Facebok’s proposed cryptocurrency network will take decades to implement: “This is not going to… Read More

Romanian Fiscal Council President: Facebook’s Libra Cryptocurrency “Very Dangerous”

Daniel Daianu, president of Romania’s Fiscal Council, told members of the Romanian Academy Tuesday that Facebook’s Libra cryptocurrency could destroy the current global monetary balance and so disrupt the work of central banks that they become ineffective at managing money supplies, Agerpres reports. Facebook hopes… Read More

IOSCO Board: Stablecoins Like Libra Can Include Features that are Typical of Regulated Securities

The International Organization of Securities Commissions (IOSCO) has issued a statement on stablecoins. The concept of stablecoins has endured increasing regulatory scrutiny following the announcement by Facebook that it intends to issue Libra – a stablecoin expected to be backed by fiat currency and other… Read More

Five European Countries Uniting to Stall Libra, Facebook’s Proposed Global Cryptocurrency

Deputy finance ministers from France, Germany, Italy, Spain and the Netherlands have been meeting behind closed doors throughout October to devise a strategy to prevent Facebook from launching its proposed Libra cryptocurrency network among its 2.5 billion users next year. According to four sources to Politico EU,… Read More

Libra Lead in Las Vegas: Facebook Currency System Will Outperform Other Anti-Money Laundering Systems

Libra lead David Marcus told an audience at Money 20/20 USA in Las Vegas this week that, due to the system’s use of a transparent “blockchain” ledger, Facebook’s proposed in-app (crypto)currency system will manage anti-money laundering (AML) more effectively than current payment systems, Finextra reports. “If… Read More

Report: Chinese Foreign Exchange Official Says Digital Currencies Must Be Regulated to Prevent Illegal Capital Flows

Reuters is reporting that Sun Tianqi, chief accountant at China’s State Administration of Foreign Exchange (SAFE), told financiers assembled at the Bund Summit in Shanghai this week that governments in emerging markets must regulate cryptocurrencies because they can be used to transmit capital illegally and could… Read More

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