Blockchain 

House Financial Services Committee Will Continue Libra Review

Representative Maxine Waters, chair of the United States House of Representatives’ Financial Services Committee, says the committee will continue to review Facebook’s proposed cryptocurrency Libra and the corresponding digital wallet Calibra. A priority for autumn 2019 Waters announced the committee’s priorities for fall 2019 on Aug. 23. According to the statement, the committee plans to receive the testimony and opinions from governmental officials and regulators.  Specifically, Waters lists Treasury Secretary Mnuchin, Consumer Financial Protection Bureau Director Kraninger, Federal Housing Finance Agency Director Calabria and Federal Reserve Vice Chairman Quarles. Waters…

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Cryptocurrency 

Investors Consider Cutting Ties with Facebook’s Libra Amid Regulatory Scrutiny

At least three investors in Facebook’s Libra cryptocurrency are considering disassociating with the currency following intense regulatory pushback. According to a report published in the Financial Times on Friday, some backers are fearful that the spotlight placed on the social media giant’s proposed cryptocurrency will also bring their own separate, independent businesses into disrepute. Two founding partners have allegedly held discussions with regard to what the “right next steps” should be for their investment. “I think it’s going to be difficult for partners who want to be seen as in compliance [with their…

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Bitcoin 

Binance Venus Aims to Outshine Libra and Chinese National Crypto?

Within the past 12 months, stablecoins have transformed from a niche idea to tackle the issues of a volatile market into methods of payment championed by some of the world’s biggest and most powerful tech companies.  Facebook’s announcement that it would be supporting the launch of a reserve-backed stablecoin played a vital role in turning around the so-called “crypto winter” by boosting Bitcoin (BTC) prices above $10,000 for the first time in over two years. Since then, the world’s number one cryptocurrency exchange, Binance, has thrown its hat into the…

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Blockchain 

Bitcoin’s Youngest Millionaire Launches Crypto-Based ‘Libra Killer’

Cryptocurrency payment app Metal has launched as a full version in what creators say will dominate the market over Facebook’s Libra. In a social media post Aug. 19, Erik Finman, who co-founded Metal together with former QuickCoin co-founder, Marshall Hayner, confirmed users could now send and receive a range of cryptocurrencies.  ‘Libra killer’ will challenge Facebook with crypto Metal functions as a P2P payment app, and now supports various tokens including Bitcoin (BTC) and Ether (ETH). Previously, the only payment option supported by the app was its own in-house token,…

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Blockchain 

Bitcoin Believer Turned Facebook’s Libra Boss

David Marcus, the man spearheading Facebook’s blockchain effort, has gotten a tremendous amount of spotlight lately. The rapid emergence of Libra has dominated the coverage of other crypto-related developments, as it became apparent that the social media giant’s inroad into the realm of digital assets will have most serious consequences for both the blockchain sector and the global financial system in general. While previously the crypto industry has hardly ever had one key spokesperson — which is perhaps a natural and welcome state of affairs for a domain wherein decentralization…

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Cryptocurrency 

Facebook Libra Faces Another Setback From Global Regulators

Ever since Facebook (NASDAQ:FB) announced that it was going to come up with its own cryptocurrency last month, the company has faced a whole range of backlash from regulatory bodies not only in the United States but also in the rest of the world. The name of the cryptocurrency is Libra, and although the company is planning to launch it in 2020, the white paper has received its fair share of criticism. In a fresh development, privacy regulators in the United Kingdom, the United States, and the European Union have expressed…

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Blockchain 

Walmart Crypto Project More Agreeable to Lawmakers Than Libra

A senior policy analyst at investment banking corporation Cowen, Jaret Seiberg, said that Walmart’s proposed digital coin should not face as much regulatory pushback as Libra, Facebook’s proposed virtual currency. As Bloomberg reports on Aug. 5, Seiberg also added that Walmart’s crypto may have a demographic appeal to Democratic legislators who are keen to find an alternative financial infrastructure for people who do not regularly use banks. According to Seiberg, Libra and Walmart’s crypto proposal differ in scale. Seiberg comments that Facebook has global intentions which do not appear to…

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Bitcoin 

Facebook’s Libra Confession, US Urged to Lead Way on Crypto

Top Stories This Week Facebook warns investors that the Libra stablecoin may never launch The Libra storyline is fast becoming a never-ending soap opera — and we might be reaching the season finale. Facebook used its latest quarterly report to warn investors that its controversial cryptocurrency may never launch at all. The admission at least shows that the social network is taking the concerns of regulators and policymakers to heart. Although the company still expects Libra to be released in 2020 (for now), it looks like Facebook is laying the…

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Bitcoin 

Facebook’s Libra Moved Bitcoin and Crypto Three Years Ahead

United States-based cryptocurrency index fund provider Bitwise declared that Facebook’s Libra stablecoin accelerated Bitcoin’s (BTC) progress by three years in a letter to investors published on its website on August 1. Libra attracted attention to Bitcoin In the letter, Bitwise’s global head of research Matt Hougan said on behalf of the company: “Thanks to Facebook’s Libra and Congress, we have just fast-forwarded two or three years into crypto’s future, accelerating all the conversations, debates, and mainstream discussions into the present day.” Increasing regulatory scrutiny The firm claims that, as a…

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Blockchain 

Walmart is Trying to Patent Its Own ‘Libra’ Like Digital Currency

A new patent filing suggests that United States retail giant Walmart may be developing its own U.S. dollar-backed digital currency similar to Facebook’s Libra cryptocurrency.  Walmart filed patent for “Digital Currency via Blockchain” Patent filing number 20190236564, “System and Method for Digital Currency via Blockchain,” was published by the U.S. Patent and Trademark Office (USPTO) on Aug. 1. The document outlines a method for: “Generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a…

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