Libra News

While there were many rumors circulating around Facebook’s quiet cryptocurrency project, details didn’t emerge until mid-June 2019 with the reveal of Libra — a cryptocurrency backed by reserve assets maintained in concert by a consortium of companies around the world with the goal of providing secure financial services to anyone anywhere. 

The news triggered immediate pushback by the United States government for fear of Facebook’s track record with user data, influence on world affairs and the possible upending of the U.S. dollar’s status as a global reserve currency. Notably, both Facebook CEO Mark Zuckerberg and Libra head David Marcus testified before the House Financial Services Committee. 

The Libra project has since pivoted to issuing fiat-backed stablecoins rather than attempting to issue a wholly new currency to be used by Facebook’s billion-plus user base. 

The project quickly ignited a debate among world leaders around the future of digital assets in the global economy, with some countries actively researching and developing their own digital currency initiatives. 

Facebook-initiated Diem Association announces a new model of its upcoming stablecoin that is set to be issued by California state-chartered bank Silvergate.
Diem parters with Silvergate bank to launch stablecoin in the US
Helen Partz
Expert Take
A close look at the policy issues relating to the potential impact of stablecoins on financial systems and economies around the world.
Stablecoins present new dilemmas for regulators as mass adoption looms
Agata Ferreira
Kevin Weil has previously said that the launch of the Facebook-backed stablecoin would be "a journey of years and decades."
Diem co-creator leaving Facebook for Planet Labs
Turner Wright
Fireblocks and First Digital Asset Group have developed a seamless connection to Diem, allowing financial institutions to access the emerging payment network. T...
Diem gets closer to launch as Fireblocks and First introduce new payment infrastructure
Sam Bourgi
The Agricultural Bank of China has launched an ATM pilot program that enables citizens to convert cash and savings to and from the digital yuan.
State-owned Chinese bank rolls out ATMs for digital yuan
Greg Thomson
Attorney General William Barr tendered his resignation to President Trump last night, opening up the conversation as to how a Biden-appointed successor will han...
With Bill Barr leaving the DoJ, what will the next Attorney General do about crypto?
Kollen Post
A former PBoC official says that his country has taken a cautious approach with the digital yuan.
China has no plan to replace USD with digital yuan, former PBoC head says
Helen Partz
Regulators around the globe are increasingly turning hostile to the social media behemoth.
FTC sues Facebook in antitrust lawsuit as regulators mount offensive
Andrey Shevchenko

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