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Libra coin news

Facebook Defends Libra In US Senate, Reveals No Plans About India

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FO6E3842CAC44 - Facebook Defends Libra In US Senate, Reveals No Plans About India

The social media giant Facebook is in the coming altcoin news again. Following the hearing and the concerns by lawmakers in Washington DC about its new cryptocurrency project, we can see that Facebook defends Libra but has no plans for India for now.

In a letter sent to the Committee on Banking, Housing, and Urban Affairs of the US Senate dated on July 8, the company has tried to justify the Libra coin. Facebook defends Libra by saying that it will benefit consumers and that it welcomes feedback from “governments, central banks, regulators, non-profits, and other stakeholders.”

The co-creator of Libra and the Vice President of Messaging Products, David Marcus, addressed the concerns and wrote:

“We understand that big ideas take time, that policy makers and others are raising questions, and that we can’t do this alone.”

Marcus also noted that the role of governments and central banks with the new stablecoin will be “appropriate.” With this, he showed that Facebook defends Libra and that the company already applied for money transmitter licenses in several US states.

As we reported in our latest cryptocurrency news, US lawmakers have expressed a desire for Facebook to stop Libra, saying that they want the company to cease “momentum going forward” with regards to the project. Some of the most vocal politicians have been the California Democrat and Chairwoman of the House Financial Services Committee, Maxine Waters, as well as the Ohio Democratic senator Sherrod Brown. All of them addressed their concerns on how Facebook can be trusted to secure financial data if it cannot even safeguard its users’ personal information.

Meanwhile, as Facebook defends Libra, it also said that there are no plans to enter the Indian market. The company wrote an emailed statement to Bloomberg, stating:

“There are no plans to offer Calibra in India. As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”

Another Facebook spokesman named Alexandru Voica told Bloomberg that “Calibra will respect the legislation, but we are looking to work with regulators to see if the legislation can be updated.”

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Libra coin news

Facebook Wants A Series Of Stablecoins For Its Libra Project

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The pressure around Libra can be best seen in our latest Libra coin news. The latest updates show that the pressure continues to pile up on Facebook and that the social media giant is still determined to forge ahead with its grand crypto ambitions. Now, Facebook wants a series of stablecoins for the Libra crypto projects as part of its latest plan.Yesterday, the Libra Associaton said that it was considering basing its cryptocurrency on a range of fiat currencies instead of one synthetic one. As Reuters reported, the project lead David Marcus then said that the team is open to looking at alternative approaches following an avalanche of criticism and the defection of several major partners.Marcus confirmed that Facebook wants big things and then stated:
“We could do it differently. Instead of having a synthetic unit … we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc. We could definitely approach this with having a multitude of stablecoins that represent national currencies in a tokenized digital form.”
As we can see, the original plan was to have Libra pegged to a basket of fiat currencies which the consortium would hold and control themselves. The regulators and bankers around the globe saw this as a major threat to sovereignty and their own abilities to manage the monetary policy.The pressure was also too much for a number of key project partners including PayPal, Stripe, Visa and Mastercard, all of which decided to withdraw and leave the project with just one payments platform remaining. The US senators threatened severe action against the companies associated with the ambitious crypto project.Facebook wants a stablecoin pegged to other coins - but that does not change the fact that there are many concerns that such currency could be used for money laundering since the banks would not be able to monitor the capital flows. Last week, the G7 group of nations issued a report outlining a number of challenges and concerns that they had over the project. The Libra Association replied and stated that there was nothing to worry about and all of the issues would be addressed.
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Indian Minister Says That India Is ‘Extremely Cautious’ About Libra

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The Finance Minister Nirmala Sitharaman has said that India - just like many other countries - is right now showing a high degree of caution when it comes to the Facebook stalbecoin Libra. The Indian minister showed his scrutiny by the public and also spoke more about the Libra project.During the 2019 Annual Meetings of the International Monetary Fund and the World Bank in Washington, DC - which included a discussion of the Libra project - the Indian minister Sitharaman told reporters from the New Indian Express the following:
“On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this [...]. Countries will have to show extreme caution much before anything is said or moved on this.”
Sitharaman also noted that representatives of other nations had argued against the use of the term "stable currency" or "stablecoin" but instead emphasized the token and its links to cryptocurrency.As we previously reported in our Libra latest news, the stablecoin has been designated by Facebook as a type of digital asset that is designed to mitigate price volatility. As such, it was initially proposed to be backed by a basket of national fiat currencies such as the US dollar, Euro, Japanese yen, British pound and Singapore dollar.The Indian minister also said that while presentations at the annual meetings had conceded the prospective strengths of such virtual currencies, “everyone without fail spoke about the challenges together with talking about it as a necessary step forward. So everyone was stepping cautiously on it.”Circumspection in regards to Libra has indeed been reverberating among the citizens, cryptocurrency industry figures, governments, regulators as well as central bankers worldwide. Besides the Indian minister, China was also in the cryptocurrency news for ratcheting up its existing plans for a central bank digital currency in a bid to protect against the perceived threat to its monetary sovereignty and legal currency status.As the news then showed, the former governor of the People's Bank of China argued that “people valuing Libra is inseparable from the global dollarization trend.”
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Libra coin news

US Senator Defends Libra Saying The Country Is Behind In Crypto and Fintech

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US Senator defends Facebook’s crypto project Libra since the cryptocurrency has flown under the radar of the governments. In the Libra Coin news today, we see that nearly for a decade the majority of the politicians in the western world have chosen not to talk about the subject matter regarding cryptocurrencies.This changed a lot when Libra was launched and Facebook’s crypto and blockchain project that has never missed a headline of every single large publication on the planet since its launch.But this changed with the launch of Libra, Facebook’s crypto and blockchain project that has no graced the headline of nearly every single large publication on planet Earth. Some of the most powerful people in the world and here including US President Donald Trump have not commented on Libra. The sentiment that was held by these prominent commentators has been widely bearish. Trump, for example, trashed bitcoin and said that the cryptocurrency is widely used in criminal activities before adding that Libra is not a real form of money in the US. However, not all of the politicians are bearish. In fact, one US Senator defends Libra.In a letter from October 17th, Senator Michael Rounds from south Dakota defended Libra. He sent the letter to Nathan McCauley which is the President of Libra partner Anchorage Trust company and stated his support of the project and even explained how disappointed he is in his colleagues not approving the innovation. Rounds explained that he sees promise in cryptocurrencies and digital payments but has seen the United States fall behind in this area. He wrote:
 “By 2022, digital wallets […] will comprise less than 10% of the U.S. consumer in-person payments.’’
While this is not something to worry about, Rounds asserted that with the payments industry still in infancy relative to the rest of the world, he is confused about how his colleagues reacted with such hostility to the creation of Libra. He did admit that he is concerned that cryptocurrencies can be used to do crimes but he remarked that Libra should continue to preserve and improve the lives of many Americans and the neighboring countries as well. This will be done by creating a cryptosystem that will allow the unbanked to be more integrated in the 21st century.
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China May ‘Rewire The World’ With Its Digital Yuan: Facebook

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New reports from Facebook and its chief David Marcus are in the focus of the blockchain news today, showing a warning sent to Washington. According to Marcus, stopping the launch of Libra will open the door for China to steal a key advantage in the world of digital currencies.As reported by Bloomberg, Marcus stated:
“The future in five years, if we don’t have a good answer, is basically China re-wiring [much of the world] with a digital renminbi running on their controlled blockchain.”
For those of you who don't know, American regulators have repeatedly called on Facebook to halt its proposed 2020 launch for the Libra cryptocurrency. They appear ready right now to impose new laws that would make a United States rollout impossible - including the so-called "Keep Big Tech out of Finance" bill.David Marcus retorted that blocking Facebook and its Libra project could backfire on American lawmakers. As China and other nations are known to be forging behind the scenes on digital fiat, there might be a bigger plot right now and something that could effectively end the dollar's control over the world economy.Marcus also warned the American regulators that they risked "having a whole part of the world completely blocked from United States sanctions and protected from United States sanctions – and having a new digital reserve currency [with no alternative].”Bloomberg's report also quotes a "former leader" and crypto pioneer from China and the central bank as stating that "the goal of the country’s project was to keep China from having to adopt a standard, like Bitcoin, designed and controlled by others.”Meanwhile, the Libra coin news show that the stablecoin appears to have finally found an ally in the American parliament. Rounds, who was a Republican senator for South Dakota Mike Rounds, wrote a letter to Libra's partner Anchorage where he expressed his support for the companies that are continuing to stand behind Facebook's forthcoming cryptocurrency.
“It would be unfortunate to shun a new solution that could connect more of the most vulnerable Americans to our financial services system,” Rounds said.
He also added that the US was in serious danger of falling behind the rest of the world in terms of cryptocurrency usage and infrastructure.
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