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Telecommunications Giant Vodafone Leaves the Libra Association

Posted on January 26, 2020January 26, 2020 by Rehan Yousaf

Since the announcement of Facebook’s ambitious cryptocurrency project Libra last year, the social media company has faced a lot of scrutiny from regulators and politicians. This has caused many early backers, such as Mastercard and PayPal to exit the Libra Association, and as of recently, Vodafone has become the latest member to quit the project as well. When Facebook announced its plan to launch a digital currency in June of 2019, the news quickly gained…

Libra Professes Independence from Facebook with Own 5-Member Committee

Posted on January 20, 2020January 20, 2020 by Julie Williams

With what appears a great sense of fulfillment, Facebook’s Libra team has announced that an independent committee, tagged the Technical Steering Committee (TSC), has been formed within the organization to oversee technical activities in Libra. Speaking for the Libra Association, Micheal Engle, writes that the Libra Association is poised to reassure regulators and the genera public that the Libra cryptocurrency project is, in fact, independent of any organization. As opposed to the general belief that…

Ripple Summarizes 2019: Facebook Libra Surprise and RippleNet’s Record Growth

Posted on December 30, 2019December 30, 2019 by Rehan Yousaf

A new edition of ‘The Ripple Drop’ has been released and the Ripple team has come together to offer their insights on many of the happenings that defined the crypto calendar of 2019. To start with, the edition captured a discussion on the launch of Facebook Libra and the stunning growth of RippleNet in the year 2019. Sometime in the middle of 2019, the whitepaper of Libra was revealed for public readership around the world….

Swiss President: Central Banks Won’t Accept Libra Cryptocurrency in Current Form

Posted on December 30, 2019December 30, 2019 by Rehan Yousaf

After meeting a list of obstacles in an attempt to pass regulations for its ambitious Libra cryptocurrency project, Facebook has been set back in their goal to launch it in 2020. Switzerland’s president, Ueli’ Maurer, has expressed disappointment in the project as Facebook’s team continues its efforts to seek regulatory approval within the country. Ueli’ Maurer has called Facebook’s project a failure in the present state of the cryptocurrency and has stated that in order…

PayPal CEO Dan Schulman Rolls Over to the Pro-Crypto Side

Posted on December 1, 2019December 1, 2019 by Julie Williams

Widespread jubilation hit the global crypto community as yet another tech boss swims over to the pro-Bitcoin side. This time it’s PayPal CEO, Dan Schulman. Quoting his very words, Schulman stated, “Yes. Bitcoin” when asked if he holds any digital currency. These two magical words are more than a simple answer. Coming from Schulman, this answer is more like an endorsement and a reassurance that Bitcoin(BTC)trade still holds the spot of the world’s most celebrated…

Social Trading Platform eToro: Facebook Needs to Leave Stablecoins to Third Parties

Posted on November 28, 2019November 28, 2019 by Rehan Yousaf

eToro, the crypto-oriented social trading and brokerage provider, recently published a position paper that stated that in order to get a cryptocurrency project launched, Facebook should focus on stablecoins that are distributed by regulated third parties instead of the company’s own digital currency. Facebook’s cryptocurrency project, Libra, has faced many obstacles since the announcement of its launch in June this year. Politicians and regulators across the United States, the United Kingdom and Europe have expressed…

US Congress Introduces Bill Classifying Facebook’s Libra a Security

Posted on November 24, 2019November 24, 2019 by Rehan Yousaf

On Thursday, US congress has introduced a bill that would classify Facebook’s cryptocurrency Libra as a security. The new proposed law is likely to bring up larger issues of regulation and inspection to Facebook’s crypto project that the company introduced as an electronic payment system. Representatives Sylvia Garcia and Lance Gooden (Democrat and Republican from Texas) proposed the bipartisan bill titled ‘Managed Stablecoins and Securities Act of 2019’ during the same day of a committee…

Ex-Federal Reserve Chairman Greenspan: ‘No Point’ Issuing Central Bank Digital Currency

Posted on November 13, 2019November 13, 2019 by Ravi Rd

The former Federal Reserve chairman Alan Greenspan said at a conference that it is pointless for central banks to issue their own digital currencies. Presenting his views, Greenspan said that national (fiat) currencies are backed up by sovereign credit and therefore are far superior to digital assets proposed by tech giants like Facebook. “There’s no point for them to do it,” Alan Greenspan affirmed a financial conference in China. Describing the importance and potential of…

Facebook’s Head of Libra Crypto Project Is Optimistic about Bitcoin’s Future

Posted on November 12, 2019November 12, 2019 by Rehan Yousaf

Since Facebook’s announcement about the development of its own cryptocurrency called Libra in June, the cryptocurrency industry has struggled with many obstacles regarding its launch next year. Consumers are hesitant about the social media giant taking over a financial venture, claiming that tech companies should be utilizing the given cryptocurrencies in the crypto market like Bitcoin(BTC)trade instead of creating their own centralized substitute. Some social media companies like Twitter are already doing this. David Marcus,…

Draft Document Reveals Intention to Develop Cryptocurrency by European Central Bank

Posted on November 6, 2019November 6, 2019 by Rehan Yousaf

Facebook’s announcement in June to launch its own cryptocurrency, Libra, met a lot of obstacles as countries including France and Germany claimed that the use of Facebook’s digital currency in their territories could be a potential risk for their financial sector. In accordance with that assessment, recently a European Union draft document obtained by Reuters stated that the European Central Bank (ECB) should research and consider the development of a public digital currency as Facebook’s…

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