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

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

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…

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

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

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,…

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Draft Document Reveals Intention to Develop Cryptocurrency by European Central Bank

Draft Document Reveals Intention to Develop Cryptocurrency by European Central Bank

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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France Leads Anti-Libra Coalition to Block Facebook’s Cryptocurrency in Europe

France Leads Anti-Libra Coalition to Block Facebook’s Cryptocurrency in Europe

France is leading a coalition of the top five economies of Europe that aims to make the launch of Facebook crypto project Libra in the region unsuccessful. Government representatives from France, Germany, Italy, Spain and the Netherlands have been gathering in backroom meetings to discuss the prospect of blocking Facebook’s launch of Libra in European markets. When asked to comment, spokeswoman of the French Finance Minister, Bruno Le Maire, referred to the minister’s earlier comments…

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Think Tank Opinion: Facebook’s Libra Could Pave the Way for New Global Digital Currency

Think Tank Opinion: Facebook’s Libra Could Pave the Way for New Global Digital Currency

The president of the European think tank, the Centre for Economic Policy Research (CEPR), told CNBC that although Facebook’s forthcoming digital currency Libra has not been approved yet, it could spark the creation of another global virtual currency. Since it was announced, Libra has faced a lot of criticism from multiple financial establishments and countries over security, privacy and other concerns such as money laundering and the financing of terrorism. Facebook proposed plans for the…

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Dorsey Has Spoken: Twitter CEO Declares “Hell No” on Joining Libra Association

Dorsey Has Spoken: Twitter CEO Declares “Hell No” on Joining Libra Association

When asked if he ever considers joining the Libra Association, Jack Dorsey, the chief executive officer of Twitter gave a resounding “hell no.” Facebook Libra has raised a ton of dust since its announcement, and somehow it keeps finding its way into major headlines across the globe. The highly criticized virtual coin is now being disassociated from Facebook (maybe a bid to save it from the standing credibility troubles of Facebook). During the last congressional…

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China’s Tech Giant Tencent: Facebook Libra Threatens Digital Payment Systems Too

China’s Tech Giant Tencent: Facebook Libra Threatens Digital Payment Systems Too

The renowned Chinese internet-based technology conglomerate, Tencent Holding, joined the queue earlier in the week when it released its blockchain whitepaper for 2019 that suggests Facebook’s cryptocurrency Libra poses as much threat to the current digital payment systems as much as it does to the traditional financial world. Before now, Facebook’s forthcoming crypto coin Libra was grossly criticized for poor regulation and governance as well as its supposed pull on the traditional financial world. There…

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Proposed Bill Introduced Before Congress Seeks Classifying Stablecoins as Securities

Proposed Bill Introduced Before Congress Seeks Classifying Stablecoins as Securities

Sylvia Garcia, a Democrat lawmaker from Texas, has recently introduced to Congress a draft bill that seeks to create more regulatory clarity on stablecoins. The draft bill was introduced to the House of Financial Services. Under the purview of the Securities Act of 1933, the House will be empowered to regulate cryptocurrencies in the form of stablecoins. Stablecoins are digital currencies that are backed by real-world financial assets. These could be national currencies or valuable…

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Lawmakers Left with More Questions as Zuckerberg Takes the Congressional Stand

Lawmakers Left with More Questions as Zuckerberg Takes the Congressional Stand

“I’m not sure that we learned too much more new, except now that they’re calling the association an independent association,” Rep. Sylvia Garcia laments. Could this be the end of the road for Facebook’s digital coin, Libra, or perhaps is it just the beginning? Similarly to congress members yesterday, we are left more confused than we were before Facebook’s CEO Mark Zuckerberg took the stand. Reactions from lawmakers present at the hearing isn’t one with…

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India’s Finance Minister Warns Other Nations Against Cryptocurrencies

India’s Finance Minister Warns Other Nations Against Cryptocurrencies

India is readying itself for a major revision of its cryptocurrency policies. In this regard, it has been approached by officials of many governments who have informed the Indian government about possible global risks associated with digital currencies. India’s finance minister, Nirmala Sitharaman, noted positively that all nations who have raised red flags over the onslaught of digital currencies are in fact following in India’s steps to tread cautiously against cryptocurrencies. When asked to comment…

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