Tagged: libra

October 24, 2019 @ 11:39 am By JD Alois  |  

In a presentation entitled “The Future of Money: The Impact of Digitization, including “social coins” on Currency, Payments and Markets, Tommaso Mancini-Griffoli, Deputy Division Chief in the Monetary and Capital Markets Department from the IMF pitched the concept of a “synthetic CBDC” (Central Bank Digital… Read More

October 24, 2019 @ 8:44 am By Omar Faridi  |  

Shenzhen-based Tencent, an internet service portal that provides mobile, telecom, and online advertising services, has stated that the proposed launch of the Facebook-led Libra project could pose a threat to existing digital payment platforms. Tencent’s management noted in a recently published blockchain whitepaper that the… Read More

October 23, 2019 @ 8:31 pm By JD Alois  |  

Mark Zuckerberg, CEO of Facebook, spent over 6 hours today testifying in front of the powerful House Financial Services Committee. While his prepared remarks foreshadowed his defense of Facebook’s Libra stablecoin, little can prepare you for the onslaught of questions delivered by every single Committee… Read More

October 22, 2019 @ 2:15 pm By JD Alois  |  

Mark Zuckerberg, the CEO of Facebook, will testify in front of the US House Financial Services Committee tomorrow in what will be a closely watched political event. Zuckerberg will be defending Facebook’s attempt to create a global non-sovereign cryptocurrency called Libra. The stablecoin has come… Read More

October 22, 2019 @ 10:47 am By JD Alois  |  

Draft legislation has been posted on the US House of Representatives, Financial Services Committee website that may designate “stablecoins” as securities. Sponsored by Representative Sylvia Garcia, the ‘‘Stablecoins are Securities Act of 2019″ would mandate that stablecoins are investment contracts and thus are regulated under… Read More

October 21, 2019 @ 6:24 pm By Cali Haan  |  

Jamie Dimon, CEO of JPMorgan Chase, has called Facebook’s go at issuing a cryptocurrency for in-app payments, Libra, “a neat idea that’ll never happen.” Dimon made the comments last Friday while speaking on a panel with Morgan Stanley CEO James Gorman. The two were featured at a conference… Read More

October 21, 2019 @ 7:43 am By Omar Faridi  |  

Facebook is reportedly considering the use of national currency-pegged stablecoins for its upcoming Libra project. David Marcus, head of the Libra initiative for Facebook and CEO of Calibra, a company developing a wallet service for the social media firm’s cryptocurrency, stated that Libra might use… Read More

October 18, 2019 @ 2:54 pm By Omar Faridi  |  

Nearly three-quarters, or 75%, of German consumers said they would not use Facebook’s controversial stablecoin Libra, according to a recent survey Out of 2000 Germans, aged 16 and over, that were questioned, only 27% said they might consider using Libra to conduct local or international… Read More

October 18, 2019 @ 10:29 am By Cali Haan  |  

Coindesk is reporting that Terry Gou, who founded electronics manufacturing giant Foxconn in 1976, told attendees at Taiwan’s technology association AGM in Taipei October 3rd that he thinks the country should welcome Facebook’s Libra with open arms. “I know (Facebook CEO Mark) Zuckerberg pretty well, and… Read More

October 17, 2019 @ 12:15 pm By JD Alois  |  

The Swiss Federal Council received an update yesterday regarding the topic of stablecoins and Facebook’s Libra specifically. According to a post on the Swiss government website, Switzerland will continue to actively monitor discussions on new digital technologies such as blockchain/DLT and the country is generally… Read More

October 14, 2019 @ 11:24 pm By JD Alois  |  

Earlier today, the Libra Assocation issued a release announcing that 21 members have signed the Libra Association Charter and formalized the Libra Association council, elected the Board of Directors, and appointed members of the Libra Association executive team. The news of Libra’s progress arrives while multiple… Read More

October 14, 2019 @ 10:59 pm By Cali Haan  |  

Letters from US lawmakers to members of the Libra Association asking them to, “carefully consider how your companies will manage risks before proceeding,” as backers of a Facebook cryptocurrency called “Libra” may have spurned last week’s corporate exodus from the project. On Friday, October 11th, Visa,… Read More

October 14, 2019 @ 10:26 pm By Cali Haan  |  

US Treasury Secretary Steve Mnuchin told Andrew Ross Sorkin at CNBC’s Squawk Box October 14th that initial backers of Facebook’s proposed in-app cryptocurrency project, Libra, probably realized the company was, “not ready….(and) not up to par” when they announced they were leaving the project in… Read More

October 14, 2019 @ 9:53 am By JD Alois  |  

The Group of 7 (G7), representing the 7 largest developed economies in the world, is preparing a report slamming Facebook’s Libra. The proposed stablecoin that aspires to be a non-sovereign global currency has been hammered since it was revealed earlier this year. Government officials from… Read More

October 14, 2019 @ 5:00 am By JD Alois  |  

Facebook’s attempt to launch a global non-sovereign currency was doomed from the beginning for many reasons. While Facebook will continue to put a smiley face on Libra, in its current form, it is just not happening. And this is not just about Facebook’s penchant to… Read More

October 13, 2019 @ 12:46 pm By Omar Faridi  |  

Facebook’s subsidiary Calibra is being sued for trademark infringement by Current, the developer of a mobile banking app. The complaint was submitted on October 10 in the US District Court for the Southern District of New York. It alleges that Calibra’s logo is quite similar… Read More

October 11, 2019 @ 4:21 pm By Cali Haan  |  

Following in the footsteps of PayPal, which walked away from the Libra Association last Friday, eBay and Stripe have now departed the alliance. In an update, Law360 has confirmed that Mastercard and Visa have exited the Libra Association as well. “We highly respect the vision… Read More

October 9, 2019 @ 6:17 pm By Cali Haan  |  

Simon Morris, Head of Product at Facebook’s Libra coin project, departed his position in August. According to his LinkedIn profile, Mr Morris was appointed as Head of Product at Libra in April of this year. Libra (Calibra) lead David Marcus’ LinkedIn profile says he began… Read More

October 9, 2019 @ 3:09 pm By JD Alois  |  

Mark Zuckerberg, CEO of Facebook, is scheduled to testify in front of the House Financial Services Committee later this month in what is expected to be a thorough grilling regarding Facebook’s stablecoin Libra and Facebook’s operations in general. Congresswoman Maxine Waters (D-CA), Chairwoman of the… Read More

October 4, 2019 @ 4:49 pm By Omar Faridi  |  

Paypal, one of the founding members of the Libra Association, has exited the controversial stablecoin project.  Earlier, the Financial Times reported that the digital payments giant PayPal might be pulling out of the Facebook-led cryptocurrency project due to regulatory issues. This afternoon, WSJ.com has confirmed… Read More