Tagged: libra

July 15, 2019 @ 7:26 pm By Cali Haan  |  

US Treasury Secretary Steven Mnuchin called a surprise press conference this afternoon in Washington DC to state that Facebook and all other providers of “digital financial services” must observe the same financial integrity regimes as banks. Mnuchin called illicit use of cryptocurrencies “a national security issue”… Read More

July 12, 2019 @ 7:58 am By Cali Haan  |  

Law professors from the University of Luxembourg, the University of New South Wales and the University of Hong Kong have produced a 29-page paper designed to assist lawmakers in what should continue to be their swift and serious response to Libra, the global payment system now… Read More

July 12, 2019 @ 7:45 am By JD Alois  |  

President Trump has shared his perspective on crypto, and, more specifically, Bitcoin and Facebook’s stablecoin Libra. In a series of tweets yesterday, Trump professed his commitment to a strong US dollar and his disdain for the virtual currencies. Trump said we only have one real… Read More

July 11, 2019 @ 11:18 pm By Samantha Hurst  |  

President Donald Trump declared on Twitter this evening that he is not a fan of cryptocurrency. Following the Social Media Summit, which took place at the White House earlier in the day, the U.S. leader revealed his true thoughts on digital currency, including what he… Read More

July 11, 2019 @ 10:49 am By Cali Haan  |  

Tyler and Cameron Winklevoss, who once famously sued Mark Zuckerberg alleging he stole the idea for Facebook from them, want to bury the hatchet once and for all and friend up with Libra, Facebook’s venture into crypto. There’s money to be made after all. The… Read More

July 11, 2019 @ 7:33 am By Cali Haan  |  

New York University marketing professor Scott Galloway has spoken out strongly on CNN against Facebook’s plans to create a cryptocurrency, saying the project poses extraordinary risks given Facebook’s slipshod history. “We are rightfully concerned,” said Galloway. “This is an organization that has shown gross negligence around… Read More

July 10, 2019 @ 3:19 pm By JD Alois  |  

The House Financial Services Committee welcomed Fed Chair Jerome Powell today to share his perspective on the state of the US economy and his opinion on the effectiveness of monetary policy. While Powell’s prepared remarks kicked off a bit of a rally on Wall Street… Read More

July 9, 2019 @ 10:59 pm By JD Alois  |  

Tomorrow, the Federal Reserve Chair Jerome Powell will spend a good amount of time in front of the House Financial Services Committee. The following day, Powell will experience a similar round of questions at the Senate Banking Committee. Powell is certain to endure a standard… Read More

July 9, 2019 @ 5:18 pm By Cali Haan  |  

The CEO of Facebook’s cryptocurrency project, David Marcus, has written to assure the powerful US House Financial Services Committee that Facebook is proceeding with caution as it works to launch Libra. Five members of the Committee, including its Chair, Maxine Waters, sent a letter to… Read More

July 9, 2019 @ 3:26 am By Cali Haan  |  

Influential bankers convening at an academic conference at Peking University’s Institute of Digital Finance this week have expressed serious concerns about Libra, Facebook’s forthcoming cryptocurrency payments network, South China Morning Post (SCMP) reports. Wang Xin, director of the People’s Bank of China (PBOC)’s research bureau warned… Read More

July 8, 2019 @ 9:57 pm By Cali Haan  |  

India’s Economic Affairs Secretary, Subhash Garg, has confirmed rumours that India is less than keen on Facebook’s current effort to create a private, global currency network aimed particularly at citizens in the developing world, Bloomberg reports. “(The) Design of the Facebook currency has not been… Read More

July 7, 2019 @ 6:01 pm By Cali Haan  |  

African technology journalist Andile Masuku has written that corruption around remittances in Africa is so bad, “I have become numb to the daylight robbery that ensues whenever I receive money from abroad or send cash to my family back home.” Masuku cites figures from the World… Read More

July 6, 2019 @ 5:05 pm By Xu Gao  |  

Min Zhu: Libra is not Alipay. Its core concept is currency. On July 1st, the 13th Annual Meeting of the New Champions (also known as the Summer Davos Forum) in Dalian, China. Min Zhu, Chair of Tsinghua National Institute of Finance Research and former vice… Read More

July 6, 2019 @ 4:29 pm By Barry James  |  

As Fintech Challenges the World Order. We know how fundamentally the internet and the web have changed not just the world of work, business and commerce but all our lives and the way we live, around the world. It’s touched and changed just about everything… Read More

July 5, 2019 @ 3:11 pm By Cali Haan  |  

David Marcus, the CEO presiding over Facebook’s recently announced Libra cryptocurrency project, has issued a blog post on Facebook to address controversy roiling since the project was announced two weeks ago. Regulators around the world have been issuing stern warnings about how Facebook’s Libra payment… Read More

July 4, 2019 @ 6:59 am By JD Alois  |  

Facebook’s public announcement regarding the forthcoming launch of the Libra cryptocurrency along with a smart contract ecosystem has engendered a good amount of commentary both positive and negative. Public officials are still trying to get their arms around what Libra means for fiat currencies and… Read More

July 4, 2019 @ 1:13 am By Cali Haan  |  

Officials at the Bank of Japan, Japan’s central bank, are reportedly concerned that Facebook’s new “difficult to regulate” cryptocurrency could have a calamitous effect on global financial systems, all while exploiting those very systems without paying the costs, Nikkei Asian Review (NAR) reports. Legislators in… Read More

July 3, 2019 @ 9:04 pm By Cali Haan  |  

Five US House Representatives have submitted a letter to Facebook asking the company to, “immediately agree to a moratorium on any movement forward on Libra- its proposed cryptocurrency and Calibra- its proposed digital wallet.” The letter was forwarded by the powerful House Financial Services Committee… Read More

July 3, 2019 @ 4:29 am By Cali Haan  |  

Bitcoin’s recent diagonal tear to $13K USD has now relented as the currency’s price has settled back down to around $10k, and as the froth clears, information from two polls shows that the general public may be feeling tepid about Facebook’s proposed new cryptocurrency. Some… Read More

July 2, 2019 @ 2:52 pm By JD Alois  |  

In a speech presented today by Christopher Woolard, Executive Director of Strategy and Competition at the UK Financial Conduct Authority (FCA), the regulator addressed the hot topic of “stablecoins.” The speech was delivered at the annual Cambridge Centre for Alternative Finance conference which saw regulators… Read More