Cryptocurrency 

Mark Zuckerberg to Testify Before Congress Over Libra

Facebook CEO Mark Zuckerberg will defend the proposed Libra cryptocurrency in a testimony before the House Financial Services Committee on October 23. The highly scrutinized proposed cryptocurrency, which is being led by Facebook (NASDAQ:FB), has come under fire from regulators on both sides of the Atlantic due to its potential threat to monetary sovereignty. Now, Zuckerberg must defend the plans before US lawmakers for a third time when he speaks at a hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” Previously, Libra had…

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Cryptocurrency 

Libra to Be at the Center of the EU’s New Crypto Regulations

Libra will be the focus of the cryptocurrency regulatory framework planned by the European Union’s finance commissioner Valdis Dombrovskis. “Common Approach” Needed, Says Commission VP The former Latvian Prime Minister has been the Vice President of the European Commission since 2014 and said in his bid to be reappointed that the EU needs to take a unified approach to regulating cryptocurrencies. “[…] we must address risks such as unfair competition, cybersecurity, and threats to financial stability. For instance, Europe needs a common approach on crypto-assets, such as Libra. I intend to propose…

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Cryptocurrency 

PayPal Might Quit Facebook’s Libra Project

When it comes to the payments space, there is no other company that has a reputation as big as that of PayPal (NASDAQ:PYPL). Hence, when it emerged that the payments giant was going to be a part of the Libra Association, there was a lot of anticipation about the sort of product Libra was going to be. Key Details However, according to the latest reports, it has emerged that PayPal is now considering pulling out of the Libra Association. The reason behind the decision is tied to the regulatory issues…

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Cryptocurrency 

Libra Labeled a ‘Monetary Threat’ By Senior US Bank Executives

Libra, the underfire planned cryptocurrency from Facebook (NASDAQ:FB), has been described as a monetary threat by senior US bank executives in a meeting with the Federal Reserve.  Senior Bank Execs Opposed to Libra Libra has been heavily scrutinized by regulatory bodies and financial institutions across the globe since it was first announced back in June and has been dealt a further blow following a meeting of the Federal Advisory Council this month. Members of the council include M&T Bank CEO Rene Jones, KeyCorp’s Beth Mooney, and Brian Moynihan, CEO of Bank…

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Blockchain 

Swiss Regulator Fears Crypto’s Dark Corners, Libra Not So Much

Mark Branson, head of Swiss financial supervisor FINMA, said that he is more concerned with the dark corners of cryptocurrency than he is with Facebook’s stablecoin Libra. Switzerland will not make Libra impossible On Oct. 1, Reuters reported that Bronson is more wary of crypto projects that develop outside of official scrutiny than he is of Facebook’s Libra project, which he says “is being done transparently.” Branson added: “I am much more nervous about projects which develop in a dark corner in the financial system somewhere, spread themselves out through…

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Cryptocurrency 

Libra Launch Date in Doubt Following Comments From Mark Zuckerberg

Libra’s proposed 2020 launch date has been thrown into doubt after Facebook CEO Mark Zuckerberg refused to put a definitive timeframe on the project. Contradicting Reports on Libra Launch Speaking to Nikkei, Zuckerberg was asked about the expected launch date of Libra, to which he replied: “Obviously we want to move forward at some point soon [and] not have this take many years to roll out, but right now I’m really focused on making sure that we do this well.” Despite coming in for heavy criticism since being announced in June, Libra…

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Blockchain 

ECB Exec Says Libra Could Address Failings of Global Payments System

Facebook’s Libra has pushed central banks to consider two major issues in global payment systems, an exec at the European Central Bank (ECB) said. Benoit Coeure provided his remarks at a hearing at the Committee on the Digital Agenda of the German parliament on Sept. 25. According Coeure, an ECB board member and chair of the Committee on Payments and Market Infrastructure, global payment systems still lack access and efficiency of cross-border retail payments. As such, 1.7 billion adults globally have no access to basic payment services despite 1.1 billion of…

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Cryptocurrency 

Facebook’s Libra Wants to Hit the Market in Early 2020

It has been a hugely eventful year in the crypto sphere, and perhaps one of the most important developments has been the announcement of Facebook’s Libra. However, as soon as it was announced that it was going to be launched next year, plenty of influential regulators expressed their doubts about the cryptocurrency straightaway. Important Progress They are still doing so, and in a new development, it has emerged that Facebook (NASDAQ:FB) is going to go ahead with the launch of Libra next year as planned notwithstanding any misgivings from regulators. Regulators have…

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Cryptocurrency 

IBM is Interested in Working on Facebook’s Libra Crypto

The cryptocurrency space has been on an impressive run this year and one of the biggest developments this year was the announcement of Facebook’s Libra, the social media company’s very own crypto token. It goes without saying that it was a huge announcement and caused a lot of noise in the crypto sphere. As is well known, Facebook (NASDAQ:FB) is heading the Libra project, but the company is going to be helped by many other firms. Key Development Today, it has emerged that tech giant IBM (NYSE:IBM) is apparently open…

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Cryptocurrency 

Libra Should Not Scare Central Banks, Says Facebook

Libra, the cryptocurrency that is expected to be launched by Facebook (NASDAQ:FB) in 2020, has proven to be the biggest disruptor in the crypto sphere since June. Policymakers, central bankers, and even politicians have expressed their skepticism with regards to the project. Relief for Crypto Traders? The announcement in July created massive disruption in the crypto market, and it was around that time that Bitcoin lost its momentum. That being said, the troubles for Libra are not over yet as fresh fears have been raised whether the Facebook-backed stablecoin is…

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