Libra currency update
Source: pixabay. Every crypto enthusiast knows what happened on 11 May If you are not aware — the Bitcoin halving happened. In a nutshell, the major objective of this mechanism, which was laid down in the blockchain network more than ten years ago by its mysterious creator Satoshi Nakamoto, is to control the emission of cryptocurrency and curb its inflation. This is the third halving so far. Initially, when Bitcoin was first issued, miners received 50 BTC for each mined and recorded block.
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Libra currency update
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Content:
- How Not to Launch a Digital Currency
- Facebook Libra Updates White Paper to Woo Reluctant Regulators
- Libra as a currency board: are the risks too great?
- Facebook's Libra to launch stablecoins for each major currency
- Facebook's Libra currency could debut in a limited form early next year
- Why is this important?
- Libra begins journey to regulatory support with multi-currency model
- Libra Cryptocurrency
How Not to Launch a Digital Currency
Facebook wanted to revolutionize finance with a global digital currency — then came the regulators. First proposed in June with the name libra, the token was initially intended to be a universal currency tied to a basket of sovereign currencies such as the U.
But after facing strong opposition from regulators around the world, the organization overseeing the project lost major backers including Visa and Mastercard. The group eventually watered down its plans , opting for multiple "stablecoins" backed one-to-one by different government-backed currencies, as well as one multi-currency coin.
Now known as diem , the Facebook-backed digital coin is expected to launch later this year, albeit in a much more limited form. When it finally arrives, diem won't come with the same fanfare and controversy of the original idea envisioned by the social media giant nearly two years ago.
The Diem Association, the Switzerland-based nonprofit which oversees diem's development, is aiming to launch a pilot with a single stablecoin pegged to the U.
The person, who preferred to remain anonymous as the details haven't yet been made public, said this pilot will be small in scale, focusing largely on transactions between individual consumers. There may also be an option for users to buy goods and purchases, the person added. However, there is no confirmed date for the launch and timing could therefore change. Diem was met with intense scrutiny when it was first introduced.
Given Facebook's wide reach — it had 2. Facebook's involvement also meant that there were concerns over how it would protect users' privacy. One big concern, according to Casey, was that diem posed a threat to the dominance of the U. Two months after Facebook unveiled libra, former Bank of England Governor Mark Carney proposed a new digital currency based on a global basket of goods that could diminish the dollar's status as the world's reserve currency. Diem's technology has "changed dramatically over the past year and a half from a naive blockchain to a very sophisticated blockchain that you can see is trying to answer some of the questions that regulators had," said Ran Goldi, CEO of First Digital Assets Group, which is building infrastructure to let merchants accept diem as a method of payment.
This is just part of a big movement, not a new movement. Indeed, diem — or libra — may have been the big crypto story of Meanwhile, crypto exchange Coinbase went public in a landmark direct listing on the Nasdaq. The Diem Association has lost numerous members and executives almost two years on from its initial unveiling. Visa, Mastercard and Stripe were some of the earliest companies to withdraw from the association. That was followed by an exodus of other members, including PayPal , eBay and Vodafone.
Meanwhile, the project has also suffered a number of notable departures, from Kevin Weil , the head of Facebook's planned digital wallet Novi, to Dante Disparte , Diem's public affairs chief. At the same time, Diem has gone through a complete makeover , rebranding from Libra earlier this year and beefing up its leadership team with big hires like CEO Stuart Levey , who was formerly HSBC's chief legal officer.
Diem is now in talks with Swiss financial regulators to secure a payment license, a crucial step that would place the organization further along the path toward getting its digital currency project off the ground.
The goal would be to ensure that the technology and reserve system operate as expected, he added. And though it's starting with a limited pilot, the group plans to eventually bring in merchants and other partners. It is staying tight-lipped on which ones, for now. A key advantage of Diem being backed by Facebook is the "network effect" the social media giant brings. And the association is still backed by major companies , such as Shopify , Spotify and Uber.
But this also brings with it concerns around users' data, an issue that has clouded the project due to Facebook's history of privacy scandals. For its part, Diem says it takes privacy "very seriously. Nevertheless, one thing diem has achieved is a global race among central banks to figure out their own digital money strategy.
The People's Bank of China is leading the way , trialing a digital version of the yuan in a number of cities, while Britain's central bank is exploring whether or not to issue its own digital currency.
And some experts say we shouldn't count out diem just yet. Skip Navigation. Key Points. The Diem Association is aiming to launch a pilot with a single stablecoin pegged to the U. Formerly known as Libra, the Facebook-backed digital currency project faced strong opposition from regulators and lost several key backers and executives.
At the same time, Diem has gone through a complete makeover and is now in talks with Swiss financial regulators to secure a payment license. In this article. VIDEO Facebook-backed Diem taking a 'phased approach' to launch, co-creator says. Street Signs Europe.
Facebook Libra Updates White Paper to Woo Reluctant Regulators
The Libra Association is pulling back from its original vision of a global digital currency backed by a basket of national currencies in a bid to appease global regulators. The consortium set up last year by Facebook now plans to develop a handful of stablecoins each representing a different fiat currency. One libra coin could be tied to the U. Libra still intends to issue a multi-currency stablecoin, but it would be backed by the new stablecoins, rather than directly by fiat currencies held in a bank.
Libra as a currency board: are the risks too great?
Update: Facebook has announced that it will not launch Libra until it has resolved all regulatory concerns and received the necessary permissions. In spite of this, Facebook maintains as the launch date for Libra. Facebook recently announced plans to launch a new cryptocurrency called Libra. According to the social media giant, the new payment solution will be designed as a form of digital money that can be used to pay for both online and offline payments. In the past, cryptocurrencies such as Bitcoin have had a common problem — their value is purely based on a speculative value which is why the exchange to fiat currencies those backed by governments varies so much. Facebook has already signed up 27 other partners, including venture capital firms, and large corporates including Coinbase, eBay, Mastercard, PayPal, Spotify, Uber, and Lyft, to name just a few. Facebook is launching a new subsidiary called Calibra, which will create a digital wallet that will live inside Facebook Messenger and WhatsApp as well as iOS and Android apps. Over time, Calibra could also start to offer financial services through the platform, and that is where the upside for the organization will be.
Facebook's Libra to launch stablecoins for each major currency
Facebook wanted to revolutionize finance with a global digital currency — then came the regulators. First proposed in June with the name libra, the token was initially intended to be a universal currency tied to a basket of sovereign currencies such as the U. But after facing strong opposition from regulators around the world, the organization overseeing the project lost major backers including Visa and Mastercard. The group eventually watered down its plans , opting for multiple "stablecoins" backed one-to-one by different government-backed currencies, as well as one multi-currency coin. Now known as diem , the Facebook-backed digital coin is expected to launch later this year, albeit in a much more limited form.
Facebook's Libra currency could debut in a limited form early next year
The original plan was for Libra, which was unveiled last June , to be backed by a wide mixture of currencies and government debt. Libra, which had planned to launch by the end of June, now aims to do so between mid-November and the end of the year, Dante Disparte, its head of policy and communications, said. Until the advent of Libra, these had been a niche aspect of cryptocurrencies and barely featured on the regulatory radar. Bitcoin, the biggest digital currency, is little-used in payments or commerce, in part because of its extreme volatility, and remains largely unregulated. Libra said it will now offer stablecoins based on a still-undecided line-up of individual currencies. It cited stablecoins based on the dollar, euro and sterling as possible examples.
Why is this important?
He has published a new whitepaper for the project which includes several major changes. Instead of being backed by a basket of fiat currencies, the Libra coin will now be backed by the stablecoins. Smart contracts will keep its price linked to the combination of stablecoins. The pivot has been made following a strong backlash by regulators. As Decrypt reported, global regulators called for the project to be stopped in its tracks. I keep on thinking about all the people and small businesses that could benefit from the Libra Network already being operational — especially now during these times of unprecedented hardship.
Libra begins journey to regulatory support with multi-currency model
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Libra Cryptocurrency
RELATED VIDEO: Why Facebook’s Libra Cryptocurrency Is In TroubleDiem formerly known as Libra was a permissioned blockchain -based stablecoin payment system proposed by the American social media company Meta Platforms. The plan also includes a private currency implemented as a cryptocurrency. The launch was originally planned to be in , [3] [4] but only rudimentary experimental code has been released until the project was abandoned in January The project, currency and transactions would have been managed and cryptographically entrusted to the Diem Association, a membership organization of companies from payment , technology, telecommunication , online marketplace and venture capital , and nonprofits. Before December , the project was called "Libra". Though this was changed to Diem following legal challenges regarding it's name and logo.
Social media giant Facebook announced in June that it would launch Libra, a new cryptocurrency, in the first half of next year. So what is Libra? How is it different from other cryptocurrencies? And are there investment opportunities in this new virtual currency? It could face steep opposition in Congress and from governments around the world.
The launch of the Diem stablecoin, expected in the next six months, will apply pressure on global central banks to issue digital currencies of their own, as the coin originally proposed by Facebook two years ago forces changes to the global banking system. Originally known as Libra, the cryptocurrency was to be pegged to a basket of global currencies and sovereign debt and based in Switzerland. But for the past two years, the project has quietly been reshaped to make it more appealing to regulators in the United States. A stablecoin is a type of cryptocurrency whose value is tied to an outside asset, such as the US dollar or gold, to stabilise the price.
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