The project is hoping that a new name will help people forget the mass regulatory panic that drowned out Libra’s initial announcement.
Facebook is a company that owns one of the largest social networks with the same name. It was founded in 2004 by Mark Zuckerberg and his roommates during their studies at Harvard University. Initially, it was made as a website internal to the university, which then spread all around the world.
The company has expressed interest in investigating the uses of blockchain technology for Facebook Messenger by launching a new team for this task. However, in the beginning of 2018, it was announced that all advertisements related to cryptocurrency or any other suspicious financial product would be banned on the site in order to provide better security for Facebook users. In addition to this, the absence of legislation concerning the use of cryptocurrency deters Facebook from considering involving it in their payment system.
Nobody seems to be in a rush to digitize the euro, but that could change given increasing global competition.4996
Stablecoins and CBDCs and their related issues of privacy and surveillance lead this week's Law Decoded.5588
Libra will initially be pegged to just one fiat currency.27843
The Libra Association has made a key hire in its pursuit of a new cryptocurrency and payments system.7772
After proposing automated ways to monitor global stablecoins like Libra, a new report from BIS argues that a better solution may ultimately be central bank digital currencies.8862
The paper also put forward CBDCs as solutions to high transaction fees and the energy use of mining cryptocurrencies like Bitcoin.6708
What lies at the heart of the current problems with social media? What can and cannot be fixed?9435
BIS Innovation Hub head Benoît Cœuré stressed the importance of maintaining multiple payment options beyond just CBDCs.7289
As the U.S. stock market enters earnings season, analysts explain how Bitcoin could perform after earnings and the presidential election.13941
Though the hearing did not focus on solutions, open source looks like a real way of addressing the committee's concerns about transparency and accountability.1843
The CSO of CoinShares thinks that a payments-focused PayPal token could be forthcoming.8771
The proposed EU crypto market regulation will raise many compliance obstacles for the next Libra-like project seeking to operate in Europe.16271
Talk of CBDCs and Facebook's Libra headlined this week's policy news, as international organizations weigh in on both.11094
The Financial Stability Board has warned that global stablecoins could pose systemic risks to the monetary systems of nation-states.2922