German Finance Minister: We Must Reject Stablecoins Such As Facebook Libra

German Finance Minister: We Must Reject Stablecoins Such As Facebook Libra

European officials are beating their heads, trying to figure out the challenges and risks of letting cryptocurrencies be operational in the region. It is part of a wider debate that seeks to establish the pros and cons of digital transformation of European economies as major nations across the globe embrace digital currencies. However, the crypto world has now been hit by another storm when the Finance Minister of Germany, Olaf Scholz, categorically rejected the idea…

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PayPal Is Worried about Facebook Libra’s Future as Regulatory Pressure Increases

PayPal Is Worried about Facebook Libra’s Future as Regulatory Pressure Increases

PayPal seems to be worried about the future of Facebook’s cryptocurrency Libra as the development of the forthcoming digital currency has several hurdles on its way before it goes live. PayPal is one of the partners of the Swiss nonprofit Libra Association, which looks after the stability of the stablecoin. Facebook announced its plan to launch a stablecoin, which will officially roll out in 2020, and will be backed by a basket of financial assets…

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The European Central Bank Might Issue Digital Currency to Counter Facebook Libra

The European Central Bank Might Issue Digital Currency to Counter Facebook Libra

The European Central Bank (ECB) plans to develop an alternative public cryptocurrency, according to a new report on Forbes. French and German government officials back the supposed ECB’s plans for a development of a digital currency, which could become a potential rival to Facebook’s Libra and Bitcoin(BTC)trade like other popular cryptocurrencies. These news can certainly make global crypto investors think about their investment decision which may affect the crypto market in an unknown manner. Margrethe…

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Germany Against Facebook Libra Entering the European Market

Germany Against Facebook Libra Entering the European Market

Recently, a report by Der Speigel magazine in Germany indicates that the German government is against giving approval to private stablecoin issuers such as Facebook and its digital currency Libra. The report cites a member of the current government, Thomas Heilman, who called for caution against these stablecoin issuers. He said that so far the economy of the region was in a great shape in monitoring inflation measures and countering any fiscal crises. But once…

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France’s Finance Minister: Facebook Libra Will Not Be Authorized in Europe

France’s Finance Minister: Facebook Libra Will Not Be Authorized in Europe

Facebook’s Libra is already suffering from several political issues within the United States as several Congress members wrote an open letter to Mark Zuckerberg in which they called to halt the development of Libra, Facebook’s native cryptocurrency. Now, in Europe, France has announced that it will block the development of Facebook’s Libra as it could become a potential threat to “monetary sovereignty.” During the opening of Organization for Economic Co-operation and Development (OECD) conference on…

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US Treasury Under Secretary: Facebook Libra Must Uphold Strict Regulations

US Treasury Under Secretary: Facebook Libra Must Uphold Strict Regulations

If Facebook’s crypto project Libra wants to survive in the US, it must ensure building a system that does not let criminals hide, and that is capable of tackling problems associated with terrorism funding and money laundering, said the US Under Secretary of Terrorism and Financial Intelligence, Sigal Mandelker, on September 10. Mandelker talked to the press after attending a meeting about the crypto industry and the Geneva-based Libra project, at the US embassy in…

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Facebook Considers Dollar, Euro, Pound, Yen as Libra Backings; Yuan Excluded

Facebook Considers Dollar, Euro, Pound, Yen as Libra Backings; Yuan Excluded

Facebook is in new rounds of talks focused on discussing potential backings for its digital currency Libra. It was recently reported that Facebook has informed U.S. senators that it might not consider the Chinese Yuan as a potential contender for a backing of the cryptocurrency Libra. Facebook has submitted details of its discussions to a list of U.S. senators who were concerned about the possibility of Facebook adding the Chinese Yuan to its traditional currency…

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US Cryptocurrency Lobby Counters Brutal Regulatory Fallout of Facebook Libra

US Cryptocurrency Lobby Counters Brutal Regulatory Fallout of Facebook Libra

Ever since Facebook announced its cryptocurrency Libra, the social media giant has had to face wave after wave of backlash from regulators across the spectrum from countries all over the world. With that, Libra has essentially managed to put all cryptocurrencies in the crosshairs of these regulators. Now, lobbyists and supporters of other cryptocurrencies are actively making efforts to ensure that this crusade against Libra doesn’t hurt their favorite digital assets. Lobbyists are trying to…

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Crypto Exchange Binance Hopes to Address Regulatory Concerns about Venus

Crypto Exchange Binance Hopes to Address Regulatory Concerns about Venus

The Malta-based crypto exchange Binance has expressed that enough lessons were learned from Facebook’s Libra and now it is looking forward to forge partnerships with regulators to ensure its new digital currency, Venus, does not suffer the same regulatory backlash as Libra did. Binance plans on working with regulators to ensure that its upcoming digital currency complies with the appropriate cryptocurrency regulations of a country before it is launched there. Last week, in a press…

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Facebook Offers $10K for Finding Bugs in the Libra Crypto Project

Facebook Offers $10K for Finding Bugs in the Libra Crypto Project

The release date for Facebook’s upcoming cryptocurrency Libra has not been disclosed yet but the company is planning on an early 2020 release. To avoid any post-launch bugs, Facebook is now offering up to $10,000 per bug (depending on the severity) to people who can find a flaw in Libra’s infrastructure which can cause a security risk. The winner can choose to get paid in either fiat currency or cryptocurrency as the payout options include…

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