Libra cryptocurrency new name description
Facebook has finally revealed details about its global payments plan with the announcement of Libra, a digital currency built on the foundation of the blockchain technology. Libra will debut as a blockchain network with permissions but can eventually transition to a permissionless network within five years. The Libra blockchain will be open for anyone to build products and services on top of it. The Libra Association is an independent not-for-profit organization, headquartered in Geneva, Switzerland. It will govern Libra and oversee the overall ecosystem. It is estimated to reach members by the first half of , by which time the currency will make its debut in the market.
We are searching data for your request:
Upon completion, a link will appear to access the found materials.
Content:
- Facebook Libra cryptocurrency project name changed to Diem Association: Know why
- Confused by Libra and Calibra? Facebook is trying to change that
- Facebook Could Launch Digital Wallet To Store Cryptocurrencies This Year: Report
- Facebook-backed Libra Association has been renamed Diem
- LIBRA CRYPTOCURRENCY
- The Trouble Starts If Facebook’s New Currency Succeeds
- Facebook's Libra cryptocurrency to launch in January 2021
- Facebook-backed Libra Association changes its name to Diem
Facebook Libra cryptocurrency project name changed to Diem Association: Know why
Facebook, Inc. FB has big plans to unveil its new platform cryptocurrency next week, with a launch slated for next year, according to a detailed report by the Wall Street Journal. Users of the social media platform will be able to send the digital coin, called Libra, to one another, and they will also be able to use it to make purchases both through Facebook and across the internet more broadly.
In order to build support for the new coin project from its earliest stages, Facebook has enlisted the financial backing of more than a dozen companies across the financial, e-commerce, tech and telecommunications industries. Push-back from regulators and digital currencies advocates alike, however, has put into question when, and indeed if at all, Libra will make its public debut. V and Mastercard, Inc.
MA , and ridesharing powerhouse Uber Technologies, Inc. The money raised by members of the consortium will help to fund the launch of the coin. According to reporting from the Wall Street Journal, Visa and Mastercard are also reconsidering their involvement with Libra. Since the beginning of the cryptocurrency craze about two years ago, enthusiasts have anticipated the entry of major social media companies like Facebook into the digital coin space. Facebook has reportedly been developing Libra for more than a year, and few details about the project have been available to the public.
One thing that is known is that Libra will be pegged to a basket of government-issued currencies in an effort to preemptively counter the extreme volatility which has plagued other digital coins. Facebook's decision to launch a cryptocurrency at this stage may seem to be an odd one. Although interest in Bitcoin and other digital tokens was intense back in , prompting massive surges in token prices and a wave of altcoin launches, by and large the consensus among investors has been that cryptocurrencies did not manage to break into mainstream use to the degree that was anticipated.
Libra has a leg up on other coin offerings, as Facebook can tap into its enormous user base comprised of billions of accounts. However, regulatory challenges in the U. Facebook has already built in layers between itself and Libra. For instance, neither Facebook nor the member companies of the consortium, called the Libra Association, will control the coin directly, although they may help to play a role in the development of the Libra payments network by acting as nodes to verify transactions.
It's perhaps no surprise that Facebook is careful to protect itself from potential regulatory issues related to its new cryptocurrency, as the social media giant has been under intense pressure to deal with various privacy concerns. Facebook will release a detailed whitepaper on Libra later this month. The potential risks to both the public and the established financial system are not lost on regulators as authorities across the globe have sounded alarm bells over Libra and other cryptocurrencies.
This summer, Libra Association members met with officials from 26 central banks, according to a Financial Times report. EU Commission vice president Valdis Dombrovski recently expressed concerns over financial stability that Libra poses while the Trump administration has raised concerns of national security. David Marcus, Libra's co-creator, took to Twitter to allay worries.
I wanted to take the opportunity to debunk that notion," he wrote. Company Profiles. Tech Stocks. Personal Finance. Your Money. Your Practice.
Popular Courses. News Cryptocurrency News. Key Takeaways Libra is the much-hyped digital currency proposed by Facebook to be used within its online ecosystem. Libra is intended to be a 'stablecoin' that is pegged to a basket of global currencies including the US dollar, Euro, and Yen. Heavyweights in the payments space such as Mastercard and PayPal, among others, have signed on as corporate partners and sponsors of the Libra project.
Regulators in the EU and US, however, have raised concerns and red flags over Libra's potential risks and may squash its release. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.
Related Articles. Personal Finance What can you actually buy with bitcoin? Partner Links. Learn about altcoins, how they work, and which are the most popular. What Is a Crypto Token? Crypto tokens are a representation of a particular asset or a utility on a blockchain. Circle Financial Services Company Circle is a financial services company that makes products using blockchain technology.
What Is Stablecoin? Bridging the gap between fiat currency and cryptocurrency, stablecoins aim to achieve stable price valuation using different working mechanisms. What Is Blockstack Stacks? Blockstack Stacks is a blockchain-based version of the internet that allows full control of data and apps to the user. Investopedia is part of the Dotdash publishing family.
Confused by Libra and Calibra? Facebook is trying to change that
Home » Trend » Libra cryptocurrency. In June , the company announced the official launch of Libra, its new cryptocurrency. In its white paper, Libra is described as a currency developed on a blockchain and backed by a reserve of real assets, that is, money coming from investors and Libra users. This blockchain is private or permission based, which means that only select players nodes can use it and observe and verify transactions that it carries. The idea behind most FinTech companies is to make payments and financial services accessible via mobile phones, knowing that today, mobile networks cover most parts of the world.
Facebook Could Launch Digital Wallet To Store Cryptocurrencies This Year: Report
Bitcoin is on the rise again, with its value booming from around EUR 3. However, it is clear by now that even after a decade, Bitcoin has not managed to become a very attractive means of payment. There are three main reasons for that. Enter Libra. Libra is an initiative of the Swiss-based Libra Association started by Facebook. According to its white paper , it is a cryptocurrency that aims to fix precisely the aforementioned issues that plague Bitcoin. It aims to have members by the time of the start early However, at the moment members wishing to join the Association will need to invest a USD 10 million admission fee. Essentially, it seems that Libra will remain limited to the Silicon Valley lucky few awash in venture capital.
Facebook-backed Libra Association has been renamed Diem
Intereconomics on Twitter. A service of the ZBW. Libra — a global virtual currency project initiated by Facebook — has been the subject of many controversial discussions since its announcement in June This paper provides a differentiated view on Libra, recognising that different development scenarios of Libra are conceivable.
LIBRA CRYPTOCURRENCY
Daniel Tischer does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. In all the hype that has surrounded its Libra currency, Facebook has been able to distract attention away from an important issue. And that system will be controlled by a small and exclusive club of private firms. Since it was announced in June, politicians and regulators have attacked Libra, citing concerns about its being a cryptocurrency. Libra is not a cryptocurrency — at least, not as they have been put into practice so far, where a distributed, decentralised community participates in transaction verification via a competitive process. Libra is essentially a prepaid digital token, backed one-to-one with a basket of reserve currencies.
The Trouble Starts If Facebook’s New Currency Succeeds
The Diem Association, formerly known as the Libra Association, is considering selling its assets and returning money to investors, according to a Bloomberg report. Perhaps the most valuable part of the association is its engineers. Libra was to be managed via blockchain, with member organizations processing and verifying transactions. Originally, it was planned to be backed by conventional currencies and other stable assets, making it a so-called stablecoin. Eventually, though, that scope was reduced to focus on the US dollar alone. Almost immediately, Libra ran into headwinds. Regulators questioned the distributed nature of the project and how the company would police activity on the network. Facebook adjusted, making the Libra Association responsible for compliance with financial laws, including money laundering and terrorist financing.
Facebook's Libra cryptocurrency to launch in January 2021
Libra Association, a cryptocurrency project started by Facebook Inc. Almost immediately after Libra launched in June , politicians and regulators raised concerns about the effort. They worried about privacy, money laundering and companies like Facebook taking power away from central banks. Supporters like PayPal Holdings Inc.
Facebook-backed Libra Association changes its name to Diem
On 18 June , Facebook attracted worldwide attention by announcing its plans for a new cryptocurrency: Libra. Responses quickly followed from politicians, bankers, regulatory bodies, and commentators. In the Netherlands, parliamentary questions about Libra have already been posed to the Minister of Finance. Without going into the advantages and risks of Libra, this blog explores a number of financial regulatory law aspects of Libra, from the perspective of the current European and Dutch regulatory framework. The description of Libra and its underlying structure are based on the papers published by the Libra Association in June Facebook is currently the driving force behind the development of Libra, but formally, two different organisations are working on this initiative, the Libra Association and Calibra.
A new nonprofit group based in Geneva, the Libra Association , will oversee the currency, called Libra. The project would bring a consumer-friendly version of digital currencies to smartphones around the world, potentially creating a way for people to easily transfer money, build credit and pay bills while avoiding costly fees. Libra is open source, meaning any company or person can build a business within its framework. For example, a consumer could buy some Libra using dollars and save them in a digital wallet. That Libra could then be sent to a family member via WhatsApp messenger or used to pay a bill in a foreign country without having to worry about an exchange rate. The project is the biggest step of any major corporation into the emerging realms of digital currency and blockchain technology, representing a vote of confidence that experiments in new forms of digital payments could be more than a passing fad.
The Libra Association put together by Facebook last year is rebranding in further efforts to distance itself from the original Facebook-led vision rolled out last year. The organization has also finalized its leadership team, which includes Dahlia Malkhi as chief technology officer, Christy Clark as chief of staff, Steve Bunnell as chief legal officer and Kiran Raj as executive vice president for growth and innovation and deputy general counsel. Social media giant Facebook unveiled Libra in June after over a year of secretive development and research work.
There are no comments yet.