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Witnessing the digital breakthrough
Libra Must Comply with Cross-Border Transaction Rules or Will Be Banned
Legislation   |   29.10.19  |  

... lot of illegal cross-border financial activities. This should be a matter of great concern to all countries, especially emerging markets.». This comment fits into a series of public statements by other Chinese regulatory authorities regarding the Facebook initiative, which has caused a lot of controversies. Back in July, the former head of the People’s Bank of China Zhou Xiaochuan said that Libra poses a visible threat to payment systems and national currencies. China's concern is that the yuan ...

Libra moves slowly and carefully. How do regulators respond?
Cryptocurrencies-analysis   |   21.10.19  |  

... approved a board of directors and formed an executive group of the consortium. Someone is losing, someone is finding Who said that everything will go smoothly and calmly? The Libra Association made its debut in the media field in June this year, and Facebook announced a list of 28 major firms to join at that time. So, over the past week, Visa, Mastercard, PayPal, Booking Holdings, eBay, Stripe and Mercado Pago announced their “retreat”. Some of them expressed concern about the negative regulatory ...

The G7 Agreed That Global Stablecoins are a Real Challenge for Financial Stability
Legislation   |   14.10.19  |  

... scalability of cryptocurrencies cannot be denied. If too much demand befalls the coin, it will have to increase somehow, and if the traction decreases, then the whole community will be in danger of inflation. The G7 does not necessarily direct this report to Facebook’s Libra, but rather to all stablecoins that have a global presence. Coins like USDT come to mind. The report will be sent to the Finance Ministers of almost every country, which they will have to analyze and make a definitive decision on. This ...

Facebook Libra Partners Receive Warning Letter from US Senators
Legislation   |   09.10.19  |  

A message is published a week after rumors began to spread about the actions of partner companies. Previously, the project was left by PayPal Three Facebook Libra partners received warnings from United States politicians about participating in the project. According to Bloomberg article , two US senators sent a letter to Visa, Mastercard, and Stripe. They reportedly put pressure on three payment ...

Facebook’s Libra Wants a Payment System License From FINMA
Legislation   |   12.09.19  |  

According to FINMA, the Libra tokens surpass the classification of a traditional payment system which will require more oversight from regulators and the determination of relevancy Facebook’s Libra project has come in contact with FINMA, the financial regulator of Switzerland with a request for a payment systems license as it wants to classify as exactly that. However, despite the overall forgiveness that FINMA has been showing ...

One More Time About Libra: Future Money or Another Unsuccessful Project?
Forecasts   |   13.08.19  |  

... spoke to several experts asking if they believe in its success Five years ago, crypto enthusiasts were the object of ridicule. Nowadays, only the announcement of the launch of another coin makes politicians nervous. Below are reflections on whether Facebook’s payment tool can affect the future position of credit institutions and payment systems. If you are somehow unaware: what is Libra project Libra is Facebook’s internal currency, which is currently planned for launch and will be used for ...

The Impact of the Libra Announcement on the Crypto Space
Guest-posts   |   12.07.19  |  

Almost four weeks after the Libra announcement the buzz has died down and a more rational assessment can be made. Giuseppe Gori expresses his stance on the project of Facebook Almost four weeks after the Libra announcement the buzz has died down and a more rational assessment can be made. I am commenting on this because, just like with Hyperledger or Stellar, the Libra Association includes big players, notably ...

Japanese FSA Sees No Barriers In Approving Facebook Libra
Legislation   |   02.07.19  |  

According to the regulator, Libra "most likely will not be a cryptographic asset (virtual currency)" The leading financial authority in Japan said that the Facebook Libra project is likely to be approved. The Nikkei agency reports that the FSA sees no legal obstacles since it does not technically consider Libra to be a cryptocurrency. According to the regulator, Libra "is likely not to be a cryptographic ...

TOP-5 Forecasts on Libra Impact on Decentralised Finance (DeFi) Industry
Forecasts   |   02.07.19  |  

At least until today, the Facebook announcement to launch their own cryptocurrency is the most discussed event in the crypto community in 2019. How will it impact the industry? At least until today, the Facebook announcement to launch their own cryptocurrency Libra is the most ...

Bruno Le Maire Demands Guarantees From Facebook Libra
Legislation   |   19.06.19  |  

... specifically “the guarantee that this instrument of transaction can not be diverted to finance terrorism or any other illegal activity." Le Maire also asked the governors of the G7 central banks to report what guarantees are to be obtained from Facebook: “We have to make sure that there is no risk for the consumer, it is our role as a state to protect consumers. [...] It will allow Facebook to accumulate millions and millions of data again, which strengthens me in my belief that it is necessary ...


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