Tagged: facebook

G7: Cryptocurrencies Such as Libra Pose a Risk to the Global Financial System

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

Terrifying: “The idea that global centralized monopolies like Facebook would also control money”

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

Facebook’s Subsidiary Calibra Is Being Sued for Trademark Infringement By Mobile Banking Developer Current

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

Abandoning Ship: eBay, Visa, Mastercard and Stripe Exit Facebook’s Libra Association [u]

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

Head of Product at Facebook’s Libra Currency Venture Has Departed

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

Facebook’s Libra On Deck: Mark Zuckerberg to Testify Before House Financial Services Committee

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

Apple CEO Tim Cook Says No Interest in Creating Cryptocurrency Similar to Facebook, No Plans on Becoming a Bank

Tim Cook, CEO of Apple, told French business newspaper Les Echos that Apple (NASDAQ:AAPL) has no interest in creating a cryptocurrency similar to Facebook. Cook blessed the front page of Les Echos October 4th print version with the headline “Apple est le premier contribuable mondial.”… Read More

Libra Association Reveals New Roadmap and Developer Updates for Facebook’s Stablecoin Project

The developers of Facebook’s Libra stablecoin have unveiled a new roadmap that outlines the main steps leading to the project’s mainnet launch. The announcement, published on October 2, reveals several important updates for the crypto project’s developers and for those who are running the Libra… Read More

Report: Prominent Libra Association Members Now Hesitant About Officially Endorsing Facebook’s Currency Project

Officials at Visa, Mastercard, PayPal, and Stripe are reportedly hesitating now about officially signing on as members of the Libra Association, a governance consortium assembled by Facebook to advise on its proposed private, in-app currency system, Libra. The 28 current members of the Libra Association are reportedly being asked… Read More

Banking Advisors to US Federal Reserve Say Private Currencies Like Libra Pose Risks

Banking advisors to the US Federal Reserve have warned that Facebook’s proposed private currency network, Libra, will disrupt conventional banking and could function as a “shadow banking” system if not properly regulated. They also warned that, “In extremis, alternative currencies could usurp the prudential authority… Read More

Libra Association Schedules Meeting in Switzerland. So What is on the Agenda?

It has been widely reported that the founding members of the Libra Association, Facebook’s stablecoin initiative, have scheduled a meeting to take place in Geneva, Switzerland on October 14th. As the crypto advocates gather, one has to wonder what is on the agenda. First reported… Read More

Facebook’s Stablecoin Project Could Be a Boon to the United Nations Says Libra Association’s Managing Director

Libra Association managing director and COO Bertrand Perez has said that the Facebook-backed stablecoin project could be a boon to the United Nations. Perez, whose comments came during a recent blockchain event held at the UN headquarters in Geneva (where the non-profit Libra Association is… Read More

Libra Has “Undoubtedly Been a Wakeup Call for Central Banks” Says ECB Board Member Benoit Coeure

Facebook’s stablecoin project Libra might solve some of the problems in the global payments industry, however, it could also create other types of issues that would have to be addressed by regulators, according to Benoit Coeure, a member of the executive board at the European… Read More

Facebook CEO Mark Zuckerberg Refuses to Commit to Libra’s Planned 2020 Launch

Facebook CEO Mark Zuckerberg has not committed to Libra’s planned launch next year. In an interview with Nikkei Asian Review on September 26, Zuckerberg was asked about the expected launch date of Facebook’s controversial Libra cryptocurrency. “Obviously we want to move forward at some point… Read More

Report Sees Strengthening Support for Libra

While the political chatter in the US is clearly anti-Libra and both France and Germany have expressed their disfavor for Facebook’s stablecoin, Heath Behncke, a founder of the Australian consortium’s bid for Libra Association membership, claims there is strengthening support for Libra. Behncke has recently… Read More

Facebook Acquires Messaging Bot Developer Servicefriend, Prepares for Libra and Calibra Wallet Launch

Facebook has acquired Servicefriend, a Tel Aviv-based company that provides artificial intelligence (AI)-enabled customer service bots for messaging. The acquisition has been made as the social media giant prepares to launch its stablecoin project Libra next year. According to Techcrunch, the news was initially reported… Read More

Singapore’s Monetary Authority Head Ravi Menon Says Libra Raises Global Financial Risks

Ravi Menon, head of the Monetary Authority of Singapore (MAS), the nation’s central bank, has warned that Facebook’s controversial stablecoin project Libra raises significant global financial risks, which must be addressed by regulatory authorities.  Menon joins a growing list of regulators throughout the world who’ve… Read More

US House Financial Services Committee to Hold Hearing with ALL SEC Commissioners. Topics Include Cryptocurrency & Facebook’s Libra; Private Markets vs. Public Markets

The US House Financial Services Committee is planning to ask the Securities and Exchange Commission (SEC) to provide additional information about a litany of topics including cryptocurrencies and Facebook’s stablecoin project Libra. Other topics include the discussion on private markets vs. public markets as well… Read More

Libra Head: Facebook Cryptocurrency Won’t Threaten National Sovereignty

David Marcus, a former PayPal executive now leading Facebook’s cryptocurrency project, Libra, has claimed on Twitter that the company’s proposed in-app global payments network will not threaten the monetary sovereignty of nations. The tweet was met with some skepticism, however. Regulators around the world have… Read More

French Minister of Economy Says No to Libra. Libra Association’s MD is Unfazed

On September 12, the French Minister of Economy and Finance Bruno Le Maire did not mince words. Libra should not be allowed in Europe, he said. Later, on the same day, Bertrand Perez, the newly appointed managing director and COO of the Libra Association was… Read More

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