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Posts Tagged ‘Libra’

Facebook’s Libra Will Work Better if it’s in IMF Custody

A former head of China’s central bank has come out to say that Facebook’s Libra would be better served under the control of the International Monetary Fund (IMF). Facebook’s proposed digital payment platform continues to draw criticism from financial regulators around the world. Libra Would Work Better Under IMF Custody Zhou Xiaochuan, former head of…

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FTC Commissioner Cites Libra In Support of Fed’s Real-Time Payment System

The Libra cryptocurrency project should be sufficient motivation for the Federal Reserve launch a real-time payments system, a senior government official wrote Thursday. Federal Trade Commission (FTC) commissioner Rohit Chopra wrote a letter to the Fed – the U.S. central bank – supporting the potential development of the “FedNow Service,” the potential high-speed payments system the group…

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Bitcoin Not a Currency According to Facebook’s Libra Lead

David Marcus, head of Facebook’s Libra project, doesn’t see Bitcoin as a form of currency, stating that it’s digital gold. Bitcoin Not a Medium of Exchange Marcus was speaking at the New York Times Deal Book Conference in the Big Apple yesterday when he made his remarks. In his own words, “It’s actually not a…

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EU Might Issue Digital Currency In Response to Libra

The European Central Bank (ECB) might issue a public digital currency, Reuters reported on Tuesday, citing a draft document. The move is meant to counteract the influence of Libra, the upcoming stable coin developed by Facebook. EU to Ban High-Risk Crypto Projects According to a draft text prepared by the Finnish EU presidency, the European…

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Libra Won’t Spread as Quickly as Facebook, Says Calibra Exec

Libra will take years – if not decades –  to catch on says a Calibra executive. The new stablecoin project won’t scale like social media, said Kevin Weil, vice president of product at Facebook subsidiary Calibra at the Web Summit in Lisbon, Portugal on Tuesday. CNBC reported on his talk. “This is not going to be…

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Libra: Should Zuckerberg Thank Xi for Creating FOMO?

Last week, Chinese President Xi Jinping praised blockchain while the congress passed a new cryptography law in a bid to develop a state-backed digital currency. Crypto enthusiasts expect that China’s revival will convert into a big hope for Libra amid general FOMO. Primitive Ventures Co-Founder, Dovey Wan, claims that the comments made by Chinese president…

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Ex-Official Trolls Libra, Says China Likely to Issue Digital Currency First

A former high-ranking Congressional official said China’s central bank is likely to be the first to issue its own national digital currency, as he contended that Libra was doomed to fail. Speaking at the Shanghai Bund Summit, Huang Qifan, former deputy director of the Congressional Financial and Economic Affairs Committee, explained how the national digital…

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Chinese Official Warns Libra Could Abet Illegal Cross-Border Transfers

Libra must abide by international foreign exchange regulations or “it should be banned,” a senior Chinese regulator said Monday. Sun Tianqi, chief accountant of China’s State Administration of Foreign Exchange (SAFE), made the comments in an address to the Bund Summit in Shanghai, according to report by Reuters. Sun called upon emerging market governments to…

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Chinese Crypto FOMO is Bigger than Bakkt, Libra and ETFs Combined

Crypto markets have had one of their best performing weekends this year and the momentum is all coming from the same place. Chinese crypto assets are surging at the moment following recent comments by President Xi and new cryptography legislation to promote blockchain technology. Crypto FOMO is Real Bitcoin dominance is back over 70% and…

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Can Libra and Other Crypto Find a Ground to Navigate Regulation?

Bitcoin (BTC) and cryptocurrencies are causing some confusion for regulators globally. Designed usually as peer-to-peer payment platforms, cryptocurrencies seek to improve trust, security and privacy by significantly reducing or eliminating third parties. However, by connecting users directly, cryptocurrencies make regulatory oversight far more complex.  The regulatory control that most governments seek is generally related to…

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