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. 

Newsletter
Stablecoins and CBDCs and their related issues of privacy and surveillance lead this week's Law Decoded.
Law Decoded: Cents and stability, Nov. 20–27
Kollen Post
2020-11-27T17:35:37+00:00
5948
News
Libra will initially be pegged to just one fiat currency.
Facebook’s Libra to reportedly launch in January 2021 as USD stablecoin
Helen Partz
2020-11-27T07:51:42+00:00
30577
News
The Libra Association has made a key hire in its pursuit of a new cryptocurrency and payments system.
Facebook’s Libra hires former OCC prosecutor and central bank expert
Sam Bourgi
2020-11-25T18:22:14+00:00
8135
News
Libra Association founding member, Bison Trails, has released a QT protocol allowing developers to read and write data to Libra’s pre-mainnet using off-chain sy...
Bison Trails launches QT protocol to help developers build on Libra
Samuel Haig
2020-11-25T04:43:26+00:00
19607
News
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 digi...
BIS report suggests ‘embedded‘ monitoring tool for stablecoins
Marie Huillet
2020-11-24T10:08:00+00:00
9313
News
BIS Innovation Hub head Benoît Cœuré stressed the importance of maintaining multiple payment options beyond just CBDCs.
BIS head says physical cash still important, even if CBDCs take over
Benjamin Pirus
2020-11-13T18:13:39+00:00
7527
Follow up
Canada's central bank recognizes that CBDCs are a necessarily international issue.
Will they or won't they? Central banks eye each other's digital currency moves
Marie Huillet
2020-10-29T11:25:11+00:00
4529
News
“We need to prevent dollarization — this is one of the major designing points of the Chinese DCEP,” said Zhou Xiaochuan.
Digital yuan will combat US 'dollarization' says former PBoC governor
Turner Wright
2020-10-29T01:18:15+00:00
6462

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