Blockchain 

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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Blockchain 

International Central Banks to Question Libra Over Security Concerns

Libra, the planned cryptocurrency led by Facebook, is to be questioned by officials from 26 central banks in Switzerland today. Representatives from the heavily scrutinized project will face a grilling by officials from central banks, including the US Federal Reserve and the Bank of England, over the cryptocurrency’s “scope and design.” Since being announced in June, Libra has come in for significant perusal from government officials and regulators around the world due to concerns regarding the security of the Facebook-led coin. Libra to Be Blocked in Europe? Today’s meeting of the…

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Blockchain 

France Pushes to Block Development of Libra in Europe

France’s Minister of the Economy and Finance has said the country will block the development of Libra in Europe as it threatens “monetary sovereignty.” Bruno Le Maire stated that he had serious concerns about the disruption the planned Facebook-led cryptocurrency could have on governments’ economic power at a meeting of the Organisation for Economic Co-operation and Development in Paris. “This eventual privatization of money contains risks of abuse of dominant position, risks to sovereignty and risks for consumers and for companies,” said Le Maire on the subject of Libra. Libra would be decentralized like…

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Blockchain 

Facebook Libra Must Follow US Rules, Says Treasury Official

It was back in July that Facebook’s Libra was announced and ever since the announcement, it has become the subject of intense scrutiny from lawmakers. It has not only led to the scrutiny of the entire cryptocurrency project announced by Facebook (NASDAQ:FB) but that of the wider cryptocurrency market as well and consequently, it has proven to be a massive disruption. It also coincided with the point at which Bitcoin price started giving up the momentum that it had gained in the first half of the year. Key Details In a…

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Blockchain 

Facebook Libra to Be Pegged to Multiple Currencies as Stablecoin

One of the biggest disruptions to the crypto space this year has been the announcement of Libra from the tech giant Facebook (NASDAQ:FB) back in July. The white paper published by the company about its cryptocurrency resulted in a lot of chaos and eventually led to turmoil in the crypto market as lawmakers expressed their doubts about Libra quite vehemently. Key Updates The company was asked to clarify several aspects of the Libra project to United States senators. In a report by one of the leading business publications, the company…

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Blockchain 

Facebook’s Libra | Coinbase’s Ex-Policy Head Will Lead Lobbying

In July, tech giant Facebook (NASDAQ:FB) announced that it was going to launch its own cryptocurrency named Libra, and since then, it has lurched from one problem to the next. Policymakers from all across the world, including the head of the US Federal Reserve and US President Donald Trump, expressed their skepticism about Libra soon after. Hence, it is quite clear that Facebook is currently at a loss as to how to tackle the myriad of policy issues that are going to arise with the launch of Libra. However, it seems…

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Blockchain 

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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Blockchain 

Bitcoin Slumps as Facebook’s Libra Continues to Get Heavy Criticism

Bitcoin is taking a hit this morning and fell over 8% to below $9,800. Here is the key driver. Tech giant Facebook (NASDAQ:FB) announced in June that it was going to launch its own cryptocurrency named Libra and ever since the announcement, the crypto market has been in a bit of turmoil. It attracted attention from top regulators in the United States and even the United States President Donald Trump criticized the project in one of his tweets. The uncertainty resulted in fluctuations in the price of Bitcoin and affected the…

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Blockchain 

Binance Launching Venus Blockchain Project: Challenging Facebook’s Libra?

One of the largest cryptocurrency exchanges in the world is taking on social media behemoth Facebook (NASDAQ:FB). Well, sort of. On Monday, August 19, Binance announced it will be launching the Venus blockchain project. Here’s what we know and why Binance is challenging Mark Zuckerberg’s billion-dollar company by doing so. Binance Launching Venus Blockchain Project This morning, news broke that Binance is launching the Venus blockchain project; the initiative is an attempt to create localized stablecoins as well as digital assets. According to the announcement, the Venus blockchain project will…

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Blockchain 

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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