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Libra coin news

Huawei CEO: China Can Issue Its Own ‘Libra’ Instead Of Waiting For Facebook

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The head of one of the leading tech companies in China has recently spoken against Facebook’s Libra and its delayed launch – which is how he got featured in our coming altcoin news. The Huawei CEO thinks that China can definitely compete with Facebook for market share by issuing its own digital currency.

Featured on the news outlet Sina and many other best cryptocurrency news sites afterwards, Ren Zhengfei believes that China can easily create a digital currency with the same value proposition such as Facebook’s Libra coin. As the Huawei CEO said while responding to a question from one Italian economics journalist:

“China can also issue such a currency by itself. Why wait for others to issue it? The power of a country is always stronger than an Internet company.”

These comments are very interesting and a hot topic in the latest cryptocurrency news, mostly because they follow the concerns from China’s central bank (the People’s Bank of China or PBoC) in which they shared that Libra could pose a threat to the country’s economy in some respects.

As other sites reported, the PBoC director, Wang Xin, spoke about Libra earlier this month and said that it is mostly pegged to the US dollar – which puts China at a disadvantage.

“If so, it would bring a series of economic, financial and even international political consequences,” he noted.

Meanwhile, Beijing is reportedly in the process of developing a digital currency on its own – something that goes in line with what the Huawei CEO said and how he sees the crypto ecosystem within the country. However, the exact details of the use cases of this cryptocurrency still remain unknown.

The United States is still on the horizon in our altcoin news. According to the latest updates, the country is still gripping Facebook’s offering after the cross-examining executives reviewed it at the Congress last week. Libra remains unreleased yet, which brings a lot of criticism from the cryptocurrency industry that lawmakers are now attempting to stifle a new product before it even exists.

“We’re putting regulation before the innovation — Facebook’s just announced Libra; they haven’t even been able to ship it yet, and the regulators are all over them,” the prominent investor Tim Draper told CNBC in an interview a couple of days ago.

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Libra coin news

Chinese Crypto Czar: Facebook’s Libra ‘Might Be Unstoppable’

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The new director of China's Research Institute on Digital Currency, Changchun Mu, believes that even though the world powers do not welcome Facebook's Libra coin, the stablecoin and its advance is now unstoppable. The Chinese crypto czar officially assumed his role at the Institute on September 6 this year, leading the online education platform. There have been six lecture issued by the crypto chief - shared on many best cryptocurrency news sites and local media outlets. In the series, Mu answered a range of crypto questions - ranging from Libra and its technical features - to the potential integration with the international currency system. The Chinese crypto czar also touted the advantages of China's own digital currency and how it compared to Libra. “No countries welcome Libra, but it might be unstoppable anyways,” Mu said in the third lecture of the series. “It is very unlikely that one can totally stop people from buying Libra despite rigorous regulations.” The Chinese crypto czar also explained that the most a central bank could do to prevent Libra from entering a country would be to ask all of their payment institutions and commercial banks not to process any transactions which are related to Libra. Still, there are a few back channels through which users could circumvent the ban to purchase Libra, as he noted. The czar also cited underground Bitcin trading in China as an example of how it could work. Even though exchanges in China have blocked Bitcoin transactions and payment institutions (and commercial banks are also prohibited from processing BTC transactions) there are still some agencies which use virtual private networks (VPNs) to buy Bitcoin from foreign exchanges, as Mu noted. The Chinese crypto czar said that the situation applies to Libra, too. “Even if Facebook is blocked in China, people will use indirect ways to purchase it from abroad once Libra comes out,” Mu said. As he also said in the latest cryptocurrency news, there was only one possibility to stop Libra. “If the U.S. bans Libra legally, then Libra will certainly be stopped.” There are a few extreme cases where a country fully embraces Libra, the Chinese crypto czar said. He noted that Zimbabwe (a country with rampant inflation) last year announced that it welcomes any alternative currencies. As such, Zimbabwe is a clear example of such country.
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Libra coin news

Central Banks Will Meet With Libra Founders In Switzerland Today

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According to officials from the European Central Bank (ECB) as well as 25 other global central banks, today is the day when central banks will meet with Libra to assess the financial stability risks of the entire project. The latest cryptocurrency news show that today (Monday, September 16) is an important day in the development of Libra and central banks in the country. Central banks will meet with Libra officials today, and will be joined by the Committee on Payments and Market Infrastructure (CPMI), a part of the Bank of International Settlements (BIS). This is what many best cryptocurrency news sites reported and what Financial Times confirmed two days ago. For those of you who don't know, the CPMI basically consists of 28 member banks and is a BIS international standard setter. The member of the Financial Stability Board includes major banks in the list - such as the Bank of England, Deutsche Bundesbank and the Federal Reserve Bank of New York. The report also outlines that this event will be the first major encounter between Libra's founders and global policymakers ever since Facebook revealed its plans for the stablecoin project on June 18 this year. According to Benoit Coeure, who is an ECB executive chairing the meeting in Basel, Switzerland - the central banks will meet in order to meet the bar of regulatory approval for operating Libra in the European Union (EU), which he described as very high. He spoke after a gathering of EU finance ministers in Helsinki on September 13 - and noted that it is about time for regulators to "step up our thinking on a central bank digital currency,” potentially hinting at the possibility of such instruments for the ECB, as reported by Reuters in the coming altcoin news. Coeure also noted that the ECB started to work on its little known digital currency project plan before the launch of Libra. The exec is expected to provide a report on virtual currencies to G7 finance ministers in October this year. At the same gathering, the French Finance Minister Bruno Le Maire noted that Europe should also consider its own public digital currency which will challenge Libra. Le Maire said that he would discuss the potential for a supposed "EuroCoin" with his counterparts next month.
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Libra coin news

PayPal Has Same Banking Ambitions With Facebook’s Libra

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The Vice President of the Investors relations department of PayPal claims that Facebook’s libra has almost the same ambitions with the largest online payment processors when it comes to providing banking services for the unbanked population. In today’s altcoin news we discuss some more about his stance. The Vice President also noted that there is still a lot of work to be done on the project before it even becomes more than just an idea. Earlier this year, Facebook as one of the largest social media platforms, announced the crypto project-Libra. While the project is still receiving mixed reactions from the institutions and the entire crypto community, it still remains one of the most disucussed topics out there. Gabrielle Rabinovitch weighed in on the matter and explained that the company’s commitment to the project as non-binding still means that there is a lot of work to be done ‘’before we get to that point where it becomes something more than just a very exciting idea.’’ However, she also added that Libra’s goals do resemble those of PayPal when it comes to banking the unbanked:
 “The goals and ambitions of Libra are very consistent with PayPal’s overall ambitions in terms of serving the underserved, democratizing access to capital.”
She pointed out that the position of the company on the matter is that they do believe in the potential of Libra. It is safe to say that the Libra association and project could use some words of encouragement and support as the times have been better for the project. For example, France’s economy and finance minister Bruno Le Maire noted that the country will block the project in the entire EU because of the major concerns about threatening the sovereignty of the national currencies. Also, the head of blockchain policy ad Germany’s Christian Democratic Union Thomas Heilmann noted that the government will reject projects such as Facebook’s Libra. Despite all that negativity around the project, the social media giant pushes with their idea forward and with the development of the project as well. According to Bertrand Perez who is the general director of the Libra Association, they will likely launch the crypto project at the end of 2020 as per the reports in the latest cryptocurrency news.
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Libra coin news

Facebook Libra To Launch In H2 Of 2020: Libra Association Chief

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The Libra Association chief is in the latest cryptocurrency news today for estimating Facebook Libra to launch somewhere in the second half of next year. In an interview with the French news magazine Les Echos on September 12, Bertrand Perez who is the director general of the Libra Association - said that the token should appear soon. Perez also said that the Libra Association is committed to launching the token and clearing the regulatory hurdles. His comments came on the day when France's economy and finance minister was in the altcoin news, stating that the country would refuse to allow Libra to operate within its borders. As many best cryptocurrency news sites reported, there are increasing concerns over financial stability which fuel the resentment. Bruno Le Maire appears to wish to shape a hostile European Union policy towards Libra Reports estimate Facebook Libra to launch at some point next year. However, Perez said that the social media giant does not wish to create new supplies of money via the token. He also drew comparisons to BlackRock (which is the world's largest asset manager) and noted that Facebook does not want to compete in that market.
“We don’t want to become a new BlackRock,” Perez told Les Echos. "That’s why these concerns about the destabilizing effect our reserve currency could have on central banks’ fiat currencies — which figure in our basket — seem unfounded to us.”
Facebook Libra to launch in 2020 is already one of the hottest topics on many best cryptocurrency sites. Perez confirmed this and said that upon launch, Libra would be tied to a selection of major world currencies - but not the Chinese yuan. As we reported in the coming altcoin news before, Beijing is putting the finishing touches to its own digital currency. Meanwhile, central bank officials heard the news about Facebook Libra to launch in 2020 - and voiced direct worries of their own about Libra and its backing. Nonetheless, Perez remains confident that all of the regulatory hurdles will be solved before the launch by Facebook. As he concluded:
“The year we’ve taken prior to release will allow us to iron out all the problems.”
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