Facebook revamps libra

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.

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WATCH RELATED VIDEO: Криптовалюта LIBRA от Facebook - Угроза Биткоину?

Facebook Revamps Proposed Cryptocurrency Libra

Facebook is scaling back its ambitious plan to upend the global financial system with a new digital currency. Succumbing to pressure from regulators, Facebook has decided to offer its users digital versions of government-backed currencies, including the U.

Facebook still plans to go ahead with the launch of a digital wallet that would allow users to make purchases and send and receive money, though it will delay the rollout by several months. By Alex Heath. Photo: David Marcus, head of blockchain for Facebook. Photo by Bloomberg. Join now to read the full story Get Started. Continue with Apple. Continue with Email. Get access to exclusive coverage. Latest Articles. Crypto Global Crypto.

The field of blockchain networks vying to compete with Ethereum is getting increasingly crowded. But Solana, which aims to beat Ethereum on transaction speed and cost, has gained more ground than most over the past week. On Monday, Coinbase listed Solana-based tokens on its cryptocurrency exchange for the first time. That move follows rumors last week that OpenSea is looking to add Latest Briefs.

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Facebook’s Libra: A Halfway House Cryptocurrency

Silhouettes are seen beneath a sign of Libra, the cryptocurrency project launched by Facebook during a conference at marketing and communication school CREA in Geneva. AFP photo. The new plan submitted to Swiss regulators could scale back the ambitious digital money initiative unveiled last year and touted as tool for financial inclusion but slammed by global monetary leaders. Under the new plan, separate "stablecoins" would be created and pegged to real-world money such as the US dollar and the euro. The Swiss-based association, which includes Facebook and a variety of partners, said a shift to using individual currencies was made after hearing comments and complaints on its original proposal. The association is seeking approval by Swiss authorities for digital payments and plans to register in the United States as a money service business, a spokesman said.

Facebook's Libra cryptocurrency project has undergone major changes. A number of key areas have been redesigned, including the payment.

Facebook's New Libra Coin: How Does It Work, and Should You Buy It?

On Tuesday Facebook announced Libra , a cryptocurrency that it will launch along with 27 other partners in A little like Bitcoin and a little like PayPal, Libra will be a new digital currency, one available to people without bank accounts or credit cards, but that could potentially be a major force for the rest of us, too. But first you have to trust Facebook with yet more personal data. Libra is an upcoming digital currency that users can access through apps and use to pay for things or to send money to each other. But unlike PayPal and Venmo, Libra is largely aimed at people without bank accounts. The current plan is to let many developers make their own wallets. On the backend, Libra handles transactions with a blockchain, kind of like Bitcoin.

Why Facebook’s New Libra Coin is Good — and Really Bad — for the World

facebook revamps libra

Facebook is scaling back its ambitious plan to upend the global financial system with a new digital currency. Succumbing to pressure from regulators, Facebook has decided to offer its users digital versions of government-backed currencies, including the U. Facebook still plans to go ahead with the launch of a digital wallet that would allow users to make purchases and send and receive money, though it will delay the rollout by several months. By Alex Heath. Photo: David Marcus, head of blockchain for Facebook.

The long-awaited Facebook-led digital currency Libra is preparing to launch as early as January, according to three people involved in the initiative, but in an even more limited format than its already downgraded vision. This followed concerns from regulators over its initial plan to create one synthetic coin backed by a basket of currencies.

We can't trust Facebook on elections, privacy or risks of a new Libra cryptocurrency

Since completing a degree in journalism, Aimee has had her fair share of covering various topics, including business, retail, manufacturing, and travel. She continues to expand her repertoire as a tech journalist with ZDNet. The Reserve Bank of Australia RBA said it is confident and well-prepared to regulate new payments technologies as they get introduced into the Australia market. Fronting the Select Committee on Financial Technology and Regulatory Technology on Friday, RBA head of payments policy Tony Richards said payment solutions introduced by the likes of Apple and Google "raise the question of whether or not a domestic regulator has got sufficient influence over what's happening in our market when large global players are involved". Richards noted how RBA's preparation is currently being tested by the potentially foreseeable introduction of Facebook's Libra project in Australia, saying the central bank will be up to the task if it ever gets to that stage. But we have to keep up with technology, so we understand the technology that's going behind these business models.

Facebook-backed Libra appoints former HSBC exec Emmett to lead cryptocurrency system

The social network announced the new digital currency system last month, with backing from firms including Mastercard, Visa and PayPal, which will eventually allow users to store and spend money directly from their smartphone. Writing a blog published on Facebook, Mr Marcus said Libra users do not have to trust Facebook in order to use the service. He added that users will be able to use a number of different digital wallets and software beyond those being launched by Facebook. The social network has seen its public image dented in recent years by a number of scandals — including the Cambridge Analytica data breach — and has faced questions over its role in the rise of misinformation online and concerns over the impact of social media on mental health, particularly among young people. Mr Marcus reiterated that Facebook is just one of a number of founding members of Libra who will work together to manage the currency. This was after an initial consultative phase with regulators, central banks, and other organisations from all around the world. Launching a high-quality medium of exchange in the form of a cryptocurrency, and its supporting infrastructure, cannot happen in darkness. The Facebook executive said the overall aim of the new currency is to provide better financial services to more people.

Facebook has scaled back its plans for its Libra cryptocurrency in a bid to secure regulatory approval.

Libra – A Differentiated View on Facebook’s Virtual Currency Project

With more than cryptocurrencies worldwide today, there has been an increase in the number of currencies each year. According to a survey based on quarterly figures for the years , the number of blockchain currency users has increased from less than 6. This increase involves a constant increase in cryptocurrencies each year. With the growing rise of the crypto market, big companies are trying to make their entry in the world of cryptocurrency.

Facebook-backed association revamps Libra following regulatory concerns

Mark Zuckerberg believes he is entitled to make decisions that affect the lives of billions. I disagree. Mark wants us to leave him alone to run his business. I think that is a terrible idea. My relationship with him was extremely positive, and in many ways, I still respect Mark. In , when I first observed bad actors exploiting Facebook to interfere in democracy and infringe on civil rights, I reached out to Mark and Facebook COO Sheryl Sandberg before the presidential election to warn them, but they did not take my warning seriously.

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Facebook: You don’t have to ‘trust’ us to use our Libra cryptocurrency

To enjoy our content, please include The Japan Times on your ad-blocker's list of approved sites. When Facebook unveiled Libra, it said it intended to create a single global digital currency. Anyone, especially the 1. Eight months later, after the idea ran into a wall of opposition, Facebook and the Libra Association, the consortium behind the digital currency, are looking at a revamp, said three people familiar with the matter. They are weighing a recast of Libra as mostly a payments network that could operate with multiple coins, two of the people said. The coins could include those issued by central banks and backed by the U. The association will re-introduce Libra soon, said the people, who asked not to be named because the re-design remains in flux and the plan could change.

Bringing banking to the masses. Libra is a stable coin pegged to a basket of stable existing currencies such as the dollar or euro. The cryptocurrency is designed to be used globally and targets people in developing countries that lack banking infrastructure or face unstable currencies and inflation.

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