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.
Galaxy Digital Blames Libra For $68 Million Loss In Q3
“Whether one points to Trading’s OTC market share gains and entry into the structured and derivative product markets, Asset Management’s launch of the new bitcoin funds, Advisory Services’ successful work on two IPOs on the NYSE and Nasdaq, or our Venture and Principal Investment teams’ continued and acute focus on portfolio management and positioning, the second half of 2019 has seen the company leverage our relationships and insights to improve our standing in the digital assets, cryptocurrency and blockchain technology industry.”Galaxy trashed Facebook's crypto project Libra suggesting that the stablecoin’s influence on the market sentiment damaged the entire investment ecosystem and even reduced the market activity. Mike Novogratz believes that this could be attributed to several factors including a geopolitical and regulatory uncertainty stemming from Libra as it was reported for months before.
US Lawmakers Want To Classify Stablecoins As Securities Including Libra
“Managed stablecoins, such as the proposed Libra, are clearly securities under existing law. This legislation simply clarifies the statute to remove any ambiguity.”The co-sponsor of the bill, Rep. Gooden, also explained the sentiment that the Congress will take the lead in shaping the legal landscape for all cryptos and the digital space overall. According to Gooden:
“It’s the responsibility of Congress to clarify the regulatory framework that will apply to stablecoins, especially now that mainstream institutions are offering them to consumers.”The Libra association commented on the proposed bill and Dante Disparte, the head of policy and communications noted:
“We maintain that responsible financial services innovation and regulatory oversight are not in contest. The Libra payment system is designed from the ground up to serve as a payment infrastructure that can empower billions of people left on the margins of today’s networks. The Libra Coin is simply a proxy for an instantaneous payment system that is low friction and high trust.”
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Libra Crumbles As Facebook Launches Its Alternative Payments Platform
“Facebook Pay is built on existing financial infrastructure and partnerships, and is separate from the Calibra wallet which will run on the Libra network,” the social media giant noted.Jake Chervinsky who is known as the General Consul at Compound Finance also had his say:
“Facebook Pay sounds an awful lot like an admission that Libra is dead in the water.”All of this confirms that Libra crumbles and Facebook is trying to get in the mind of its potential customers with new innovations. As the billionaire Zuckerberg and head of the company said, Libra is not the threat - China's proposed crypto yuan may do a lot more damage to global finances and dollar domination.
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