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G7 Report: Facebook’s Libra Cryptocurrency Continues to Pose a Threat

Posted on October 15, 2019October 15, 2019 by Rehan Yousaf

A pending report issued by the G7 committee moves to warn stakeholder’s about the serious security flaws exhibited by Facebook’s Libra which is pegged to real world assets such as government holdings and national fiat currencies. The BBC reports a draft of the report that reprimands digital currencies’ issuers in harsh terms. The report warns that despite Facebook’s constant efforts to find a middle ground between the regulators, long lasting concerns regarding the operation of…

After PayPal’s Departure, Visa, MasterCard, eBay, Stripe left the Libra Association

Posted on October 15, 2019December 1, 2019 by Ravi Rd

After PayPal, several Other members of the Libra Association including MasterCard, Visa, eBay, Stripe, and Mercado Pago, have also abandoned Facebook’s plans for creating the distributed, global cryptocurrency Libra. This serious blow from these payment processor giants came as the Libra crypto project attracted fierce criticism from global regulators and lawmakers, and made industry experts raise the question regarding the existence of the project. These withdrawals leave Libra with no major US payment processor which…

The OpenLibra Initiative: Creating Permissionless Version of Facebook Libra

Posted on October 10, 2019October 10, 2019 by Rehan Yousaf

Lucas Geiger, the co-founder of blockchain startup called Wireline, announced that companies and organizations can create their own versions of crypto projects based on Facebook’s cryptocurrency Libra, called OpenLibra. The announcement was made at the Ethereum developer conference Devcon where Geiger claimed that OpenLibra would work as a stablecoin to the original Libra cryptocurrency. Currently, thirty different blockchain and cryptocurrency companies and nonprofit organizations have planned to develop their versions off of Facebook’s digital currency…

PayPal Becomes the First Member to Leave Facebook’s Libra Association

Posted on October 7, 2019December 1, 2019 by Ravi Rd

Pioneering digital payments firm PayPal will no longer be a part of the Geneva-based non-profit Libra association, an alliance that oversees Facebook’s digital currency program Libra. This move come after reports that PayPal is worried about Libra. The payments giant has not stated any precise reason behind its withdrawal from the Libra association, only saying that the company will focus on advancing its existing services. The Libra Association was formed in June 2019 in Geneva,…

US Lawmakers Request Facebook’s Zuckerberg and Sandberg to Testify about Libra

Posted on October 7, 2019October 7, 2019 by Julie Williams

Just when you think Libra may finally get some blessings of regulators to hit the market, the U.S. House turns up the heat. This time, lawmakers demand that Facebook’s top executive, Mark Zuckerberg and Sheryl Sandberg, will testify by the beginning of 2020. Ever since announcing the proposed launch of Facebook’s global virtual currency, Libra, the upcoming virtual coin has gone through a lot of scrutiny. Financial regulators – both in the United States and…

Apple’s CEO Tim Cook Doesn’t Want Native Cryptocurrency (For Now)

Posted on October 6, 2019October 6, 2019 by Ravi Rd

Apple’s chief executive officer Tim Cook was recently interviewed by Les Echos daily newspaper, on of France’s leading news outlets, where he made several remarks regarding whether the tech behemoth is planning to launch its native cryptocurrency. Most of his thoughts weighed in against Apple creating its own digital currency. Apple’s CEO affirmed that the company is not interested in launching an Apple cryptocurrency. He also added that companies shouldn’t be trying to gain power…

Top US Fed Reserve Executive: We Shouldn’t Lead a Launch of National Digital Currency

Posted on October 6, 2019October 6, 2019 by Ravi Rd

The president of the Federal Reserve Bank of Philadelphia, Patrick Harker, said on Wednesday that the U.S. shouldn’t be the first nation to launch its digital currency payment system and lead the pack of other central banks issuing state-sponsored cryptocurrency. Harker further said that the trend of the central banks around the world planning to launch their own digital currencies has already started and it is inevitable that the Federal Reserve follows the same, but…

Major Banks to US Federal Reserve: Libra Is a Potential Threat to Sovereignty

Posted on October 3, 2019October 21, 2019 by Ravi Rd

The US Federal Reserve, the country’s central banking entity, recently called up the nation’s biggest banks to present their views regarding the launch of Facebook’s digital currency project Libra. Not surprisingly, most of them turned out to be negative and some even said that it could be a potential threat to monetary sovereignty. The representatives of the banks asserted, as it is showed by the Federal Advisory Council protocols: “Facebook is potentially creating a digital…

Ripple Senior Executive: Facebook Libra Crypto Project Is a Walled Garden

Posted on October 2, 2019October 2, 2019 by Ravi Rd

In a recent CNBC interview, Ripple’s senior vice president of customer success Marcus Treacher has described Facebook’s Libra crypto project as a “walled garden,” meaning a closed system. He also added that in contrast with Facebook Libra, Ripple (XRP)trade is no walled garden; however, the social media giant’s entry into the crypto world is a really good thing for the domain. The term ‘walled garden’ had been used in past for companies like Apple and…

European Central Bank’s Board Member Explains Why Facebook Libra Is Feared

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

While addressing the committee on Digital Agenda of the Deutscher Bundestag, the chairman of the Committee on Payments and Markets Infrastructures (CPMI) and the European Central Bank (ECB) board member, Benoit Coeure, took the time to give an in-depth explanation on the challenges facing our age-long financial market, how digital currencies such as Facebook Libra promise to solve these problems, and why stablecoins should be dreaded. Kicking off his speech with a little back story…

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