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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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Stablecoins are an integral part of the future of the financial system. And Facebook’s Diem, formerly Libra, is part of that future.

Facebook’s Diem stablecoin is an existential threat to traditional banking

2020-12-05T17:17:00+00:00

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But the bill is unlikely to become law any time soon.

Congresspeople speak out against Tlaib's anti-stablecoin bill

2020-12-05T15:54:15+00:00

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Tentative clampdowns coming from both the Treasury and the House in the United States lead this week's Law Decoded.

Law Decoded: New threats to self-custody take shape in the US, Nov. 27–Dec. 4

2020-12-04T17:48:56+00:00

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Is Spotify hinting at soon-to-come crypto features?

Audio streaming giant Spotify is looking into crypto payments

2020-12-03T16:40:13+00:00

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The project is hoping that a new name will help people forget the mass regulatory panic that drowned out Libra’s initial announcement.

Libra rebrands to Diem, hoping to shake off associations

2020-12-01T14:18:32+00:00

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Nobody seems to be in a rush to digitize the euro, but that could change given increasing global competition.

European central bankers predict that the digital euro is at least five years away

2020-11-30T15:42:18+00:00

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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

2020-11-27T17:35:37+00:00

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Libra will initially be pegged to just one fiat currency.

Facebook’s Libra to reportedly launch in January 2021 as USD stablecoin

2020-11-27T07:51:42+00:00

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