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Libra Association Is Requesting A Swiss Payments License

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The Libra Association is requesting a payments license from the government of Switzerland – more specifically the Switzerland’s Financial Market Supervisory Authority (FINMA) for its planned stablecoin project, according to reports on Reuters.

An official statement today in the latest cryptocurrency news shows that the Switzerland-registered Libra Association – which is a not-for-profit membership organization established to govern the Libra Network. The document explained how Libra Association is requesting a choice to coordinate a regulatory framework with the Swiss watchdog. It also says:

“Switzerland offers a pathway for responsible financial services innovation harmonized with global financial norms and strong oversight. We are engaging in constructive dialogue with FINMA and are encouraged to see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system.”

As many best cryptocurrency news sites report, the FINMA has notably released guidance on regulatory requirements for payments on the blockchain – which applies to the blockchain service providers including exchanges, wallet providers and trading platforms.

Now that the Libra Association is requesting a Swiss payments license, the new guidance adheres to the framework for digital asset regulation. This was issued this June by the intergovernmental Financial Action Task Force (FATF) which includes numerous provisions for Anti Money Laundering (AML) measures, Know Your Customer compliance, systems for risk monitoring and more.

Earlier this week, the United States Treasury official had told reporters in Geneva that it was imperative that the Libra project should satisfy the highest standards for combating money laundering and countering terrorism financing if it is to be approved by the lawmakers and regulators.

While the Libra Association is requesting a Swiss payments license, a hearing before US representatives in mid-July this year featured David Marcus – the chief of Facebook’s Calibra wallet service – talking about the choice and how it “nothing to do with evading regulations or oversight.” Marcus’ statement was in the coming altcoin news because he argued that the jurisdiction is an international hub conducive to doing business.

In August this year, some US lawmakers visited Switzerland to meet with the local financial regulators and discuss officials about Libra, expressing the “concerns […] with allowing a large tech company to create a privately controlled, alternative global currency.”

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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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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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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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Libra-Like Tokens Are A Threat To Swiss Bank’s Monetary Policy

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Libra-like tokens are posing a threat to the Swiss National Bank monetary policies because they can impede the capability of the bank to initiate and implement monetary policies as we are reading today in the altcoin news reports. The SNB’s chairman of the governing board Thomas Jordan concluded that the Libra-like tokens are dangerous. The discussion around Libra has already caused mass panics and concerns as the SNB chairman found the opportunity to express his worries about how such digital currencies could intervene with the central banks potential to handle the monetary policies. Also, the Libra Association has its headquarters in Geneva so a reaction from the Swiss authorities was predictable. While speaking on the 30th anniversary of the University of Basel’s Faculty of Business and Economics, Thomas Jordan pointed out that a stablecoin pegged to the Swiss franc will pose a huge threat as he explained:
‘’As long as prices, wages and loans are set in Swiss francs, the SNB can influence incentives for savers and borrowers via its monetary policy and thus ensure price stability over the medium term. However, if stablecoins pegged to foreign currencies were to establish themselves in Switzerland, the effectiveness of our monetary policy could be impaired.’’
Jordan is not alone in his stance. Yves Mersch stated on Sunday as a member of the European Central Bank that the widespread adoption of Libra will be perceived as a threat to the ECB’s ability to manage monetary policies:
 “Depending on Libra’s level of acceptance and on the referencing of the euro in its reserve basket, it could reduce the ECB’s control over the euro, impair the monetary policy transmission mechanism by affecting the liquidity position of euro area banks, and undermine the single currency’s international role, for instance by reducing demand for it.’’
Besides Libra, the SNB head also mentioned Bitcoin saying that it has a massive influence into the way we perceive ‘’crypto tokens’’ in general. According to him, it is very highly unlikely that cryptocurrencies will be used as means of payment in Switzerland. A central bank can issue its own digital token which is pegged to cryptocurrency but Jordan would rather choose another approach in which the tokens issued by the central bank are only available to commercial banks and other institutions as we read in the latest cryptocurrency news before.
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