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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.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Libra News

Shopify Joined The Libra Association As Many Giants Leave

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Shopify joined the Libra Association as companies like Visa, Mastercard and PayPal leave the Association. The biggest eCommerce platform in the world noted that the biggest motivation was the need for better payment networks as we are reading further in the Libra coin news. The independent non-profit Libra Association has recently acquired a new member. Shopify has become the newest big firm to join the association, according to an official announcement. The eCommerce giant announced that it will join the collective of Facebook in a press release yesterday, stating that the move is only a part of its effort to enhance the availability of commerce for everyone.
 “As online commerce becomes increasingly borderless, it’s easy to forget that payments and the value exchange of goods are not a solved problem everywhere,” stated the firm.
Having in mind the inability of the existing world financial infrastructure to comprehend the scale of internet commerce, the firm concentrated on digital assets to assist the growth of its platform. Joining the Libra Association is only one of the measures Shopify will be taking in order to position itself as a solution to this worldwide problem. But with companies like Visa, MasterCard, Stripe, PayPal and eBay leaving the Libra Association, the decision of Shopify to join the group was met with criticism and mystification. The future of the Libra project is still unknown because many of the governments around the globe worry about the potential consequences on the global financial system that can come from Libra. The CEO of Shopify, Tobi Lutke, defended the decision of the company to join the disintegrating association, stating that the future of the project is what drew them to it.
 “We like to make decisions based on future potential instead of heard movement. Funnily enough, this usually leads to us doing the opposite of the others.’’
Tobi Lutke also stated that the firm will start accepting Bitcoin (BTC) directly if there is significant buyer demand. Shopify at this moment supports crypto payments through the merchant payment solution of Coinbase, Coinbase Commerce. Through the integration, millions of shoppers and merchants will have the opportunity to pay and get paid in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and Dai.
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Libra News

Calibra Lead Explains Why Facebook Built New Language For Libra

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According to Ben Maurer who is a Calibra lead, the social media company Facebook built a new language for Libra which they revealed earlier this month. Maurer gave a presentation and was featured in the Libra news during the Stanford Blockchain Conference on February 19, explaining things in detail. As he noted, Move is the new language that has been built by the company - making it easier and more secure to program financial applications that run on Libra. He said:
“Move is a new smart contract language built into the core of Libra that is designed to bring a modern approach to today’s financial systems.”
Maurer also mentioned that Libra's mission is to solve the lack of access to financial services. He noted that even 1.7 billion adults globally are unbanked, yet 1 billion of those individuals have mobile phones. The Calibra lead also spoke about migrants and how they lose $25 billion a year due to remittance transaction fees. He explained that he recently spoke with someone who had to go to a physical store and pay a fee in order to send money to their family:
“As a technologist, we should be uneasy that someone has to go to a store and pay a fee to send money. Libra is trying to solve this problem by building a new global payment system powered by blockchain.”
According to Maurer who is a Calibra lead, Libra offers unique advantage to users and developers which is direct access to its platform, creating an inclusive financial system for all:
With Libra, users don’t have to rely on intermediaries to store funds. Libra offers direct access to the platform and creates a more inclusive system. Developers can also access the platform and build applications to help provide services for people not included in today’s financial system.”
Maurer also explained that the idea was to build a language which is designed to fit with the paradigms used when programming with money. He was featured in the altcoin news for describing Libra as a stablecoin that is focused on payments and financial use cases for consumers.
"When building Move, we focused on creating a safe, flexible language that allows us to express concepts that are easily tweakable and easy to analyze for financial use cases," he concluded.
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Libra News

EU Does Not Know What To Do With Facebook’s Libra Coin

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Governments around the world are facing a lot of hard choices when it comes to cryptocurrency. The latest cryptocurrencies news are showing rumors that even the European Union - EU does not know what to do with the upcoming stablecoin by Facebook, Libra. The main decision is whether governments should overregulate it and risk losing the benefits to the economy - or do nothing and make themselves vulnerable to those who step up. Right now, the European Union cannot figure out what to do about Libra. A February 19 memo released by the Executive Vice President Dombrovskis on behalf of the European Commission shows that the Libra Association has fallen short in its responses to questions from the EU. As a result of that, any information provided by Facebook “remains insufficient for determining the precise nature of Libra and, by extension, its relation with existing EU law.” Still, Dombrovskis also stated that the Commission are "willing to act swiftly" when it comes to harnessing the potential of crypto by arranging some regulations and oversight. Such a position reaffirms their December 5 declaration to police stablecoins and the monitoring of risk to financial stability of the region. While EU does not know what to do with this coin, the Libra news show that the Facebook CEO Mark Zuckerberg spoke before a US House of Representatives Financial Services Committee on October 13. Lawmakers echoed similar concerns as the European Commission, citing vague answers that Zuckerberg provided regarding the digital currency. They said:
“I actually don’t know if Libra is going to work.”
Government bodies in the United States and EU are right now working on better understanding crypto. Meanwhile, 2020 is proving to be a great time for cryptocurrencies not only because of their surge but also because of their acceptance. As all of this is happening, the Commission launched an open public consultation which will be available until March 19th, while the Internal Revenue Service (IRS) in the United States is preparing for a cryptocurrency summit which is expected to take place on March 3rd this year. All in all, Libra is creating problems for regulators and no one knows how its future will unfold. From a regulatory perspective, Libra is not the only stablecoin but is certainly one which could become the most popular one.
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Mastercard Left Libra Over Regulatory And Viability Concerns: CEO

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The CEO of the payments giant is in the Libra coin news today for stating that Mastercard left the Facebook-led Libra project after the concerns about its business model and compliance. Ajay Banga, who has been the head and president of Mastercard since 2009, told Financial Times what was his attitude towards the Libra project as its members proposed linking what was supposed to be a globally inclusive currency to a proprietary digital wallet named Calibra.
“It went from this altruistic idea into their own wallet. I’m like: ‘this doesn’t sound right,’" Banga told the news.
Mastercard left Libra because of reasons which are now emerging. According to Banga, financial inclusion would mean that a government is able to pay citizens in a certain currency which they must be able to understand how to use and must be usable in day-to-day transactions for items such as food.
"If you get paid in Libra [coin] . . . which go into Calibras, which go back into pounds to buy rice, I don’t understand how that works," he said.
The cryptocurrency news today also show that a lack of a clear business model for Libra is what raised another red flag for Mastercard. The Libra coin news before showed that Mastercard was not the only one leaving the stablecoin project - firms like Visa and PayPal did the same at the same period.
"When you don’t understand how money gets made, it gets made in ways you don’t like," the CEO of Mastercard said.
Once Mastercard left Libra, the company started investigating the potential use of the project. Banga appeared to have concerns when association members would also not firmly commit to the controls of data management including the know-your-customer (KYC) and anti-money laundering (AML) legislation. Visa, on the other hand, had pulled out because the project had not been able to "satisfy all requisite regulatory expectations" as a spokesperson later confirmed. Out of the 28 founding members of the Libra project, eight have left. The British telecom conglomerate Vodafone was the last leaving in January 2020 when it decided to focus on its own digital payments service. As Mastercard left Libra, the payments giant adopted a very cautious approach to distributed ledger technology.
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