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

... regulator on Monday According to Reuters, a spokesman for the State Administration of Foreign Currencies in China (SAFE) Sun Tianqi, addressed the summit in Shanghai, calling on governments of emerging market countries to consider limiting the spread of Libra. TIANQI noted that the ability of stablecoin to jeopardize state control over capital, as well as to produce illegal and unregulated cross-border transfers, is of particular concern. «Financial technology can promote the opening up, innovation ...

Zuckerberg Advocates Libra as the Perfect Opponent to Chinese Digital Currency
Legislation   |   24.10.19  |  

The CEO of Facebook pushed the idea that the Libra Association is the best tool to combat growing Chinese digital presence On October 23rd, Mark ZUCKERBERG , the CEO of Facebook, testified in front of the United States House of Representatives Financial Services Committee and pushed the idea ...

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

Despite the large partners leaving the game, 21 organizations signed the charter of the Libra Association in Geneva. At the same time, Libra continues to be harshly criticized Haters gonna hate, but a locomotive called Libra continues to make its way. Despite the withdrawal of large partners from the game, 21 organizations signed the charter ...

Bank of England’s Governor Emerges as a Libra Supporter Among Critics
Cryptocurrencies   |   16.10.19  |  

His views are that the transactions should be almost instantaneous and virtually free. It’s unknown whether Libra will handle that much volume due to restrictions on scalability Mark CARNEY , who is the governor of the Bank of England has been a very active supportive voice for Facebook’s new digital project. In fact, he may just be the only person in a ...

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

... 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 could be ...

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 giants. ...

Will Bitcoin Be Replaced?
Guest-posts   |   08.10.19  |  

... the allocated funds, creating a reliable base for your cryptocurrency portfolio. Potential competitors To be fair, among the currently created projects there are those that can seriously threaten Bitcoin's position. First of all, we are talking about Libra — Facebook cryptocurrency. Due to the huge number of potential users and resources of mega-corporations (Libra Foundation includes, in addition to Facebook, dozens of companies, from Visa and MasterCard to Uber) Libra, in theory, has a chance ...

German Finance Minister Likes Digital Money, But Not Libra
Eu   |   08.10.19  |  

... SCHOLZ praised the idea of making an e-Euro in the wake of an economy that is starting to go beyond borders and even hemispheres The Finance Minister of Germany has stated that he supports the digitalization of the Euro, but is completely against the Libra due to existing issues with the project as well as the idea of privatizing currency issuance. According to a recent interview with Wirtschafts Woche , a German news outlet, Minister Olaf SCHOLZ praised the idea of making an e-Euro in the wake ...

ECB Board Member Criticizes Stablecoins, Seeing Them as a Risk to Public Policy
Legislation   |   17.09.19  |  

... Bank for International Settlements (BIS) in Basel, Switzerland Benoit COEURE , member of the board of the European Central Bank (ECB), states that stablecoins pose a risk to public policy priorities while commenting on the initiatives of Facebook Libra launch. A comment on the regulation of stablecoins was made at the meeting at the Bank for International Settlements (BIS) in Basel, Switzerland, Reuters reports : “Stablecoins are largely untested, especially on the scale required to run a global ...

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 ...

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