Is libra coin out

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.

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• France, Germany reject Facebook's libra cryptocurrency
• Facebook's Cryptocurrency Dreams Are Not Dead; Diem Expected to Launch This Year
• Facebook Gathers Companies to Back Cryptocurrency Launch
• Facebook's cryptocurrency, Libra, on track for launch in 2021
• Facebook’s Libra: Three things we don’t know about the digital currency
• AP Explains: Behind Libra, Facebook’s new digital currency

WATCH RELATED VIDEO: What Happened to Facebook's Diem (Libra) Cryptocurrency?

France, Germany reject Facebook's libra cryptocurrency

Representations of virtual currency are displayed in front of the Libra logo in this illustration picture, June 21, O 's Libra project, plans to launch a U. The association, which comprises 26 financial firms and non-profits, said it was relocating its main operations from Switzerland to the United States and withdrawing its payment system license application with the Swiss financial regulator.

Diem Networks U. Stablecoins are digital currencies pegged to a fiat currency. Diem said it would launch a pilot of the stablecoin, but it did not say when. In a statement, the Swiss Financial Market Supervisory Authority confirmed Diem's decision to withdraw its application for a payment license. Facebook first unveiled plans for Libra in June , part of an effort to expand beyond social networking into e-commerce and global payments.

It said Libra, alongside partners like payment firms and credit card companies, would create a digital token backed by a wide mixture of currencies and short-term government debt. The social media giant said it hoped Libra would power transactions between consumers and businesses around the globe, and offer more people access to financial services.

But the project immediately ran into fierce opposition from policymakers globally, who worried it could erode their control over the money system, enable crime, and harm users' privacy. In April , Libra and its partners abandoned plans to hold a basket of currencies and sovereign debt in favor of stablecoins backed by major currencies and sought the Swiss regulator's approval.

In December, Libra rebranded as Diem in a renewed effort to gain regulatory approval, with its scope scaled back further to a single dollar-backed digital coin. Currently, Facebook's digial wallet Novi is one of Diem's 26 members and a minority investor. Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.

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Facebook's Cryptocurrency Dreams Are Not Dead; Diem Expected to Launch This Year

The big new tech news recently has been the launch of Libra; a Block-chain-based payment system and currency unit promoted by Facebook. What Libra ultimately will be is a bit of a mystery. Some of the mystery is deliberate suspense marketing , some due to regulatory reasons many aspects of Libra fall foul of current laws in many countries and some because much of it is actually work-in-progress. Libra will be launched sometime in Many people have called Libra a crypto currency.

Facebook Gathers Companies to Back Cryptocurrency Launch

Facebook released the white paper of its much awaited cryptotoken, known as Libra, last week. Libra is the offspring of a collaborative effort between Facebook and several other notable institutions across payment and technology sectors. How is Libra different to existing cryptotokens? And what are the legal implications of this ambitious project? Will Libra be the One Coin to rule them all? Below we touch upon the key characteristics of Libra as a standalone cryptotoken and compare it to other similar projects to-date. Libra is going to use a bespoke open-source blockchain on which anyone can develop apps and promote new innovative solutions through the deployment of smart contracts. However, while the blockchain itself is open source, and its code can be readily copied, consensus i.

Facebook's cryptocurrency, Libra, on track for launch in 2021

Diem, formally known as Libra, is an upcoming global payments network that is expected to launch in The Diem Network will operate using the Diem Blockchain, a new blockchain designed to be highly scalable, secure and flexible. According to its whitepaper , the mission of the project is to develop a financial infrastructure that "empowers billions of people. The project was first announced in June as a single global currency backed by a reserve of assets. However, after much international regulatory scrutiny, Diem was revised to include a basket of single-currency fiat-pegged stablecoins in addition to its multicurrency coin, XDM.

Facebook’s Libra: Three things we don’t know about the digital currency

Facebook claims it wants to reach people without access to a bank account, and that Libra is the best way. The new technology threatens to change the landscape of banking and is already the subject of scrutiny, as Facebook faces increasing calls for regulation and antitrust measures. In other words, it is a digital asset built by Facebook and powered by a new Facebook-created version of blockchain, the encrypted technology used by bitcoin and other cryptocurrencies. The name Libra comes from the basic Roman measurement of weight. Facebook claims it wants to reach the 1.

AP Explains: Behind Libra, Facebook’s new digital currency

Last week, Facebook announced that it will be revolutionising the way people make payments over the internet with Libra Coin — sending the entire tech world into a frenzy. But since the concept of blockchain technology surfaced, there has been speculation this mysterious technology would eventually replace more dated methods of payment with cheap, seamless processes. While many businesses are already using this technology, crypto is yet to become a mainstream method of payment. The various cryptocurrencies Bitcoin, Ethereum, Litecoin and so on are essentially digital assets that people have developed, which have generated significant value over time. While the blockchain is known for its use in financial transactions made over the internet in other words, fintech , its use casts a wide net across many other industries and has been used in both the public and private sectors. Notorious for its volatility and technological complexity, the crypto and blockchain space has always been somewhat of a question mark for the average layperson. Libra is being developed so people can transfer money over the internet in a simple, powerful and non-expensive manner. The coin is set to allow people to make instant payments with almost zero fees and will be integrated into many other mobile applications.

Libra will be controlled by the Libra Association, which is a non-profit based in Geneva, Switzerland. But Facebook will have a leadership role for all of , though later on it will be just one of the many members part of the association. Facebook also announced a dedicated wallet app called Calibra, which will be built into WhatsApp and Messenger as well, to let users store and use these Libra coins.

Those problems can in turn be traced to the central paradox of Big Tech: The technological innovation that is supposed to liberate us from government ends up subjugating us to a handful of corporations. The key insight underlying Libra is that the transfer of money from person to person is similar to the transfer of information. Financial networks are information networks, just as social networks are. And yet while the internet has revolutionized social networks, financial networks have not caught up.

If JavaScript is deactivated the display of contents is limited. Please activate JavaScript and reload this page. You can find information on how to change browser settings here. Este campo es obligatorio. With that vision, Facebook is pursuing its ambition to create a global currency.

Remember when Facebook started talking about launching its own crypto coin two years ago called Libra and everyone balked and then it kind of went away? Well, it didn't totally go away, it's now called Diem, and the project is still moving forward toward a launch. Libra began as a very ambitious project, with alleged backers that included Visa, Mastercard, Paypal, Uber, eBay, and Coinbase.