Tagged: stablecoins

November 13, 2019 @ 10:30 am By Omar Faridi  |  

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

November 11, 2019 @ 8:21 am By JD Alois  |  

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

November 8, 2019 @ 9:58 am By JD Alois  |  

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

November 8, 2019 @ 1:02 am By Cali Haan  |  

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

November 7, 2019 @ 9:01 pm By Cali Haan  |  

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

November 7, 2019 @ 1:07 am By Cali Haan  |  

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

November 4, 2019 @ 11:15 am By JD Alois  |  

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

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 @ 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 20, 2019 @ 6:20 pm By Omar Faridi  |  

The Financial Action Task Force (FATF) stated on October 18 that stablecoins pose a money laundering and a terrorism financing threat to the world. The intergovernmental organization considers cryptocurrencies to be a “major strategic initiative.” In documents published following its latest meeting, the FATF noted… 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 @ 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 6, 2019 @ 1:52 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) held the 4th meeting of the Technology Advisory Committee (TAC) this past week, sponsored by CFTC Commissioner Brian Quintez. Several of the topics included hot areas of Fintech such as the utilization of distributed ledger technology (DLT/ Blockchain) in… 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

October 2, 2019 @ 9:08 pm By Cali Haan  |  

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

September 27, 2019 @ 11:16 am By Omar Faridi  |  

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

September 27, 2019 @ 2:36 am By Omar Faridi  |  

Sam Kazemian, an Iranian-American software engineer who is a co-founder of Everipedia, a for-profit wiki-based online encyclopedia, and founder of Frax (Decentral Bank), a new stablecoin which will be a decentralized currency pegged 1-to-1 to the US dollar.  Kazemian recently shared his views and insights… Read More

September 26, 2019 @ 6:04 pm By Omar Faridi  |  

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