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

Posted on November 3, 2019November 3, 2019 by Rehan Yousaf

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…

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

Posted on October 29, 2019October 29, 2019 by Rehan Yousaf

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…

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

Posted on October 28, 2019October 28, 2019 by Julie Williams

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…

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

Posted on October 26, 2019October 26, 2019 by Julie Williams

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…

Proposed Bill Introduced Before Congress Seeks Classifying Stablecoins as Securities

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

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…

Lawmakers Left with More Questions as Zuckerberg Takes the Congressional Stand

Posted on October 24, 2019October 24, 2019 by Julie Williams

“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…

India’s Finance Minister Warns Other Nations Against Cryptocurrencies

Posted on October 22, 2019October 22, 2019 by Rehan Yousaf

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…

US Senator Mike Rounds Expresses Unusual Political Support for Facebook Libra

Posted on October 22, 2019October 22, 2019 by Julie Williams

Good news for Facebook’s crypto project for once. Libra got one of its first notable political pats on the back on Thursday from the Republican Senator from South Dakota Mike Rounds. This was first divulged to the public in a tweet by the popular digital assets custodian Anchorage. Anchorage, which has been – and still is – a strong supporter of the Libra cryptocurrency announced that the Republican senator wrote them an open supportive letter,…

G20 Discussion Turns Against Facebook Libra and Stablecoins

Posted on October 22, 2019October 22, 2019 by Rehan Yousaf

Finance ministers of the G20 nations met on Friday to discuss cryptocurrencies and agreed on a strict framework that curbs the powers of cryptocurrencies such as Facebook Libra. In unity, all members agreed that no stablecoin will be allowed to operate unless the financial risks that these entities pose have been fully addressed. In a charged assault intended to hurt Facebook’s forthcoming cryptocurrency Libra, the finance ministers of France, Germany and Italy adopted a resolution…

Facebook Libra’s Five-Member Council Elected as More Members Withdraw

Posted on October 16, 2019October 16, 2019 by Rehan Yousaf

Facebook’s cryptocurrency project, Libra, has announced the selection of a five-member board on Monday. The company has dismissed the recent turmoil over several prominent members leaving, the latest one being an online travel company called Booking Holdings. The head of policy and communications representing the Libra Association, Dante Disparte, says that the recent developments are nothing more than corrections and not setbacks. The inaugural meeting for the remaining 21 members of the Libra Association has…

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