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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.

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Executive Vice President-Designate of the European Commission, Margrethe Vestager, has questioned the motives behind Facebook’s forthcoming Libra stablecoin.

European Commission Exec Questions Facebook’s Libra Stablecoin

2019-10-01T20:04:00+01:00

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Facebook CEO Mark Zuckerberg outlined the firm’s approach to regulators regarding Libra in newly leaked audio from an internal Q&A session held in July.

Leak of Facebook’s Internal Q&A Sessions Reveal Early Strategy for Libra

2019-10-01T18:28:00+01:00

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When asked by the U.S. Fed about Libra, some of the nation’s biggest banks say Facebook’s token will reduce their payment volumes.

Facebook Will Create ‘Shadow Banking’ System, Major U.S. Banks Warn

2019-10-01T14:45:00+01:00

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Hodler’s Digest

Crypto markets reeling after bloodbath sparks major losses, as Zuckerberg admits Libra is “sensitive for society.”

Crypto Carnage, Zuckerberg Admission, Royal BTC Scam: Hodler’s Digest, Sept. 23–29

2019-09-29T18:15:00+01:00

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Facebook’s chief operating officer Sheryl Sandberg is in talks to testify before the United States House about its Libra stablecoin and global market power.

Facebook COO Sandberg in Talks to Testify On Libra Before The House

2019-09-27T23:00:00+01:00

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Libra in ongoing discussions with EU regulators following pushback from Germany and France, says managing director.

Libra Association Talks With EU Regulators Following Opposition

2019-09-27T18:41:00+01:00

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Facebook hires lobbyists as Zuckerberg dines with lawmakers to try to get Libra across the regulatory line.

Zuckerberg’s Charm Offensive on Behalf of Libra With US Lawmakers

2019-09-27T14:23:00+01:00

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What problems might blockchain face leading up to Libra’s launch and how can they be solved prior to Facebook’s entry into the crypto space?

The Reasons Why Blockchain Is Not Quite Ready for Facebook’s Dreams

2019-09-27T12:06:00+01:00

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