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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 European Central Bank and 25 global central banks will meet with Libra to assess the purported financial stability risks of the project.

Central Banks to Meet With Libra Founders in Switzerland on Monday

2019-09-15T20:40:16+01:00

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The government of Germany has spoken against Facebook’s Libra stablecoin in the EU, but notes openness to a state-run cryptocurrency.

German Gov’t Speaks Against Approval of Facebook’s Libra in Europe

2019-09-13T17:19:22+01:00

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French Finance Minister Bruno Le Maire has said that Europe should consider its own “public digital currency” that could challenge Facebook’s Libra.

EU Needs Own Digital ‘EuroCoin’ to Compete With Libra, Says France

2019-09-13T12:31:42+01:00

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France has vowed to stop the development of Facebook’s Libra digital currency because the "monetary sovereignty of states is at stake."

France ‘Cannot Authorize’ Facebook’s Libra Development in Europe: Report

2019-09-12T10:15:00+01:00

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Switzerland’s financial watchdog says it is open to international cooperation and oversight of the way in which it regulates Facebook’s planned cryptocurrency n...

Switzerland Open to International Cooperation on Libra, Says Watchdog

2019-09-12T08:32:00+01:00

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Switzerland’s financial watchdog has published stablecoin guidelines as well as an overview of its approach to Facebook’s proposed Libra payments network.

3 Key Takeaways From Switzerland’s New Stablecoin Guidelines

2019-09-11T09:02:00+01:00

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Facebook is seeking a payment system license under Switzerland’s Financial Market Supervisory Authority (FINMA) for its planned Libra stablecoin network.

Libra Association Seeks Swiss Payments License for Stablecoin

2019-09-11T07:47:00+01:00

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OpenZeppelin, a third-party audit firm specializing in cryptocurrency, has discovered and patched a vulnerability in the open-source code of Facebook’s Libra.

Startup Finds and Patches Vulnerability in Code for Facebook’s Libra

2019-09-10T20:55:00+01:00

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