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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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The major flaw in Facebook’s planned cryptocurrency, Libra, is that it’s a closed system — akin to a “walled garden” — argues Ripple executive Marcus Treacher.

Ripple Exec: Libra’s Major Flaw Is That It’s a ‘Walled Garden’

2019-09-27T11:15:00+01:00

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The Facebook CEO appeared very keen to address criticism of Libra in advance, in stark contrast to the company’s previous style.

Zuckerberg: ‘Sensitive for Society’ Libra Crypto Has No Launch Date

2019-09-26T08:03:00+01:00

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An ex-Fed official says it makes no sense to end U.S. dollar dominance by replacing it with a digital currency such as Facebook’s Libra coin.

Ex-Fed Official: Ending US Dollar Dominance for Crypto Makes No Sense

2019-09-25T23:55:00+01:00

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A hearing with U.S. House Committee and the SEC on Tuesday made clear that everybody wants a crypto regulation program but nobody wants to act first.

US House Financial Services Committee and SEC: Whose Move on Crypto?

2019-09-25T20:54:00+01:00

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David Marcus, the head of Calibra at Facebook, has set forth arguments in favor of blockchain-based payment networks.

Facebook’s David Marcus Advocates for Blockchain-Based Payment Networks

2019-09-25T19:54:00+01:00

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Policymakers and central banks should respond to challenges that Libra wants to solve, an ECB official says.

ECB Exec Says Libra Could Address Failings of Global Payments System

2019-09-25T19:18:00+01:00

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Multiple EU politicians are calling for a united European digital currency to counter Facebook’s stablecoin project Libra.

EU and Libra: Facebook’s Project Gets Challenged as ‘EuroCoin’ Looms

2019-09-24T17:52:00+01:00

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Cointelegraph presents ongoing updates from today’s U.S. House Financial Services Committee hearing with the SEC.

US House Committee Hearing With the SEC on Libra, Crypto and Securities

2019-09-24T15:03:00+01:00

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