Tagged: facebook

Facebook Appears to be Stepping Away from Libra as it Now Plans to Issue Several Separate Virtual Tokens

Menlo Park, California-based social media giant Facebook (NASDAQ:FB) appears to be stepping away from the controversial Libra cryptocurrency project that it introduced in June 2019. Facebook’s management says it will be creating several separate or independent virtual tokens, with each pegged or backed by different national… Read More

Traditional Banks Might Lose their Leading Position in Developing National ID Solutions to Big Tech Firms Like Google, Apple, Amazon: Report

Traditional banks may be at risk of losing their leading position when it comes to developing national digital identity solutions. Big tech firms and various other multinational networked companies might be able to offer better digital identity schemes and take the lead, industry association Mobey… Read More

Bucking the Tide: Shopify Joins Libra Consortium

In a release today, Shopify announced that it had joined the Libra Association, the entity in charge of launching Facebook’s proposed non-sovereign digital currency. Shopify appears to have ignored the trend where multiple members have exited the consortium as it has become more apparent that… Read More

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

Banking Challenger Market Is Growing Rapidly, with Brazil’s Nubank being the World’s Largest with 15 Million Clients

The challenger bank trend first began in Europe and has been gradually spreading to other parts of the world. Traditional banking challengers have been growing steadily and have managed to attract large investments. FT Partners’ new report, titled The Rise of Challenger Banks: Are the… 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

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

Dutch Court Orders Facebook to Control Fake Bitcoin-Endorsing Ads

A Dutch court has determined that Facebook has the means at its disposal to restrict Bitcoin and cryptocurrency ads featuring celebrities who did not consent to the use of their name or image, Dutch News reports. Judges in Amsterdam have also threatened to fine Facebook… Read More

Facebook Launches a Payment Platform that has Nothing to do with Crypto

Facebook (NASDAQ:FB) has launched a payment platform, Facebook Pay. The new payment service will be available across the entire Facebook ecosystem including Messenger, WhatsApp, and Instagram. The news was revealed in a blog post today by Deborah Liu, VP, Marketplace & Commerce. The payment service… 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

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

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: Indian Finance Minister Says Many Countries Cautious About “Rushing” into Crypto

Indian Finance Minister Nirmala Sitharaman has said that despite a sense of urgency kicked up by Facebook’s proposal to create a global currency system (Libra), many countries remain cautious about “rushing into” a cryptocurrency arms race, Business Standard reports. “On our side, the Reserve Bank Governor (Shantikanta… Read More

As Libra Increasingly Falters, 47 States Join Facebook Anti-Trust Investigation

As Facebook tries desperately to keep its proposed in-app global currency project, Libra, afloat, New York Attorney General Letitia James has announced that attorneys general from 47 American states have joined a multistate antitrust investigation now scrutinizing Facebook: “After continued bipartisan conversations with attorneys general… Read More

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