Libra currency price group
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.
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Content:
- Libra: Challenges for Society
- Facebook Libra coin: why the cryptocurrency is no bitcoin rival
- Facebook-backed Libra currency group renames itself Diem ahead of potential January launch
- Libra: The future of money?
- The winners and losers in Libra’s murky future
- Facebook (FB) Hopes to Launch Digital Currency in 2021
- Cryptocurrency lobby fights to contain backlash from Facebook’s Libra
- End of the day for Meta's Diem cryptocurrency: What you need to know
Libra: Challenges for Society
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. At the time, the project envisioned a stablecoin backed by a basket of fiat currencies, one that could be used worldwide as a means of exchange.
It immediately prompted international regulatory backlash, with lawmakers demanding that all development cease until they could better understand it, provide some level of regulatory oversight and ensure there were no risks to financial stability. A number of its original members departed, mainly financial services firms citing regulatory risks, before Libra could even get started.
Another founding member includes Breakthrough Initiatives , a space exploration group run in part by Facebook founder Mark Zuckerberg.
They want to see an association strong enough to make its own decisions and have a leadership team that is capable of directing the project. A revised white paper also reduces Facebook's role. While the original document released in June mentioned Facebook six times and said that "Facebook is expected to maintain a leadership role through ," and noted its creation of Novi, the December version only said, "While Facebook teams played a key role in the creation of the Association and the Libra Blockchain, they have no special rights within the Association.
The Financial Times first reported that a dollar-pegged coin could launch last week. Libra originally planned to launch within the first half of , but the regulatory hurdles complicated these efforts.
Diem's coin, when it launches, will be compliant with international regulations at the protocol level, Levey said. The organization is still engaging with regulators worldwide to clarify how widely each token can circulate and which fiat currency the next coin will be pegged to. Levey said a number of factors will go into these considerations, including the comfort level of regulators.
The project is ready to launch at a technical level, though developers are continuing to test and iterate on the design, Levey said. And while the project has evolved in scope since its unveiling, it still uses a blockchain.
International remittances and merchant payments are still the two primary use cases that the project is eyeing at the moment. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
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Facebook Libra coin: why the cryptocurrency is no bitcoin rival
Have you read these stories? Post Budget live: Impact on taxes, investments Updated: Feb 02, , ET NOW. The honourable FM in her budget speech has proposed taxation rules on virtual digital assets. This is clearly an endorsement that India has accepted crypto and it is here to stay," said WazirX Trade Desk. Facebook's cryptocurrency venture to wind down after asset sale to Silvergate It also throws into question how Meta plans to handle commerce in the metaverse, a futuristic digital environment that Chief Executive Mark Zuckerberg has heralded as "the successor to the mobile internet.
Facebook-backed Libra currency group renames itself Diem ahead of potential January launch
Facebook, Inc. FB is hoping to launch its cryptocurrency next year. David Marcus, head of Facebook Financial, or F2, told audiences at the Singapore FinTech festival that he hoped the company could participate in changing the financial services industry by launching Diem, Facebook's proposed digital currency for use on its social network, and Novi, the accompanying wallet for its Libra blockchain , on its platform. The platform's launch is contingent on Facebook obtaining the necessary regulatory approvals to operate across multiple jurisdictions. Currently, the Libra association is awaiting permission from Swiss regulators to launch a dollar-backed stablecoin. I think … what we're asking for is at least to have the benefit of doubt," Marcus said. The Financial Times had earlier reported that Facebook planned to launch its cryptocurrencies in January The company had originally planned to launch the proposed currency and wallet over the summer this year. Ever since June , when Facebook announced its plans to launch a digital currency, the company has faced intense blowback from regulators across the world.
Libra: The future of money?
The upcoming digital currency is expected to launch in the first half of and is being backed by 27 other firms and organisations, including Uber, Spotify, Mastercard, eBay and Vodafone. Like bitcoin, Libra will be based on blockchain technology. This tech is powered by a series of computers, which means it is not controlled by one central authority and therefore offers users more privacy. Facebook says that the virtual currency is aimed in particular at the the 1. Although Libra and bitcoin both fall under the cryptocurrency umbrella, they serve different purposes in the wider market.
The winners and losers in Libra’s murky future
A professor at Goethe University since , Schmeling holds the chair for Finance. The focus of his research lies on empirical asset pricing, international finance, and monetary policy. Facebook is planning to introduce a global digital currency in How does Libra differ from other blockchain-based payment methods, such as Bitcoin? As a stablecoin version of a blockchain currency, Libra is intended to hold the value of a coin stable in relation to a benchmark: Libra would be an electronic means of payment whose value would be kept stable against a basket of currencies, although we do not yet know exactly how the basket will be structured. The other difference is that Bitcoin is decentralized while Libra will be managed by a group of big companies.
Facebook (FB) Hopes to Launch Digital Currency in 2021
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.
Cryptocurrency lobby fights to contain backlash from Facebook’s Libra
Facebook - the world's biggest social media platform with 2. The National looks at this new digital currency. Facebook is targeting participation of companies in the fund. Facebook plans to develop a stablecoin, a type of digital currency pegged to a basket of government-issued currencies to minimise volatility and is planning to roll out the currency in 12 countries by the first quarter of
End of the day for Meta's Diem cryptocurrency: What you need to know
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To enjoy our content, please include The Japan Times on your ad-blocker's list of approved sites. Since Facebook announced the project last month, officials in Tokyo and other G7 capitals have grown concerned that if a significant number of Facebook users were to quickly adopt Libra for retail payments it could affect the conventional financial system, which is based on banks, and undermine traditional roles of government such as issuing currency. Unlike Bitcoin, Libra would have a stable value, Facebook says, because it will be pegged to a basket of major currencies such as the dollar, euro and yen. Libra is backed by more than a dozen companies and organizations including Visa Inc. Finance chiefs from the U.
Imagine a digital currency that is as easy to share as an Instagram story, or an e-payments platform as ubiquitous as smartphones. Would bank accounts become obsolete? Would monetary policy matter? These futuristic questions have become more salient as the number of digital coins and tokens grows.
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