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Libra 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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Libra News

Libra Crumbles As Facebook Launches Its Alternative Payments Platform

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As you could see from our previous Libra coin news, most of the regulatory scrutiny towards cryptocurrencies has been geared at mostly one coin - the upcoming Facebook Libra stablecoin which is expected to launch in 2020. In the latest updates, we can see that Libra crumbles before the launch of the alternative payments platform, Facebook Pay.In fact, we can see that the social media giant is now scrambling to launch this platform and that the major economies from the world do not like the company's plans on crypto domination with its own centralized digital coin (something which Libra would focus on).However, there is no one to blame. Even from the start, it was clear that a new player like Facebook has ambitions which went over the moon and were way too lofty considering the appalling track record of the company. The lack of trust for the social media giant was enough for regulators and bankers from all around the world to slam its Libra cryptocurrency project.What started as a mass exodus of the partners behind the Libra Association such as the payments heavyweights VISA and PayPal, today we can see that Libra crumbles and barely makes the news as the company appears to have moved on by launching an alternative payments platform.As a recent company blog post shows, Facebook Pay will be launched this week and will start in the US. The platform is said to provide people with a "convenient, secure and consistent payment experience" on Facebook, Messenger, Instagram and WhatsApp.While Libra crumbles, on a first glance we can say that the Facebook Pay idea is good - but it is no different to PayPal or Alipay or the tons of similar payment apps and services. Users need to enable the app when it gets rolled out, add a payment method and use it to send or receive dollar payments.
“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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Libra News

Libra’s Christian Catalini: Central Banks Should See Libra As Improvement

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Libra’s Christian Catalini, the project’s co-creator and head economist of Calibra, explained that the central banks should see the crypto project as an improvement to their cryptocurrencies since Libra can be used to build on top of the central bank digital currencies. Let’s read further in the Libra news.Catalini pointed out during a FinTech conference in Singapore how the central banks can benefit from Libra. the statement comes at a time when countries around the world are really looking forward to launching their own state-backed digital currencies. Libra’s Christian Catalini stated that Libra could not only co-exist with the new central bank digital currencies launched by the major central banks but it could also help them built on top of the project:“From the start, it was clear to us that eventually, central banks will be issuing some flavors of central bank digital currency, and we wanted the system to be future-proofed for that. In fact, Libra would have built on those central bank digital currencies.”During his speech, Catalini pointed out the concerns regarding Libra’s backing and he said that the cryptocurrency reserve represents a complement to the monetary policies so that assets behind it are controlled, managed and generated by central banks. Libra was the first officially introduced back in June and spiked mixed reactions around the world. the project gathered some serious regulatory attention with the legislators across the world battling to take a serious stance on the matter. It is also interesting that the draft document from the European Union implies the creation of the new coins that could compete with Libra or in other words, state-backed cryptocurrencies are starting to get more attention.Another example comes from China as well since earlier this year it was announced that the central bank will launch a state-backed cryptocurrency that will be dispersed to central major institutions and corporations in the country. The Vice-chairman of the China Center for International Economic exchanges pointed out that their product will be the first market mover. The head of the people’s bank of China digital currency research institute reassured:
 “We know the demand from the general public Is to keep anonymity by using paper money and coins […] we will give those people who demand it anonymity in their transactions. But at the same time, we will keep the balance between the “controllable” anonymity and anti-money laundering, Counter-terrorist financing, and also tax issues, online gambling, and any electronic criminal activities.’’
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Bitcoin News

Facebook Crypto Chief Is Bullish On Bitcoin (BTC)

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The latest Bitcoin news show that the most dominant coin is still struggling in the $8,000 region and is now at $8,700 as the day progresses. Meanwhile, Facebook's plans to launch a rival to this cryptocurrency and a stablecoin named Libra are still in the making. However, even despite the competition between BTC and Libra, the Facebook crypto chief is bullish on Bitcoin.Some suggested that technology companies will be better off adopting Bitcoin compared to the creation of an alternative micro-blogging platform like the one Twitter is planning. David Marcus, who is the head of cryptocurrency projects at Facebook, recently said that he sees Bitcoin as a "digital gold" and while the cryptocurrency is held back by its extreme volatility, BTC still "serves a completely different purpose."
"I don’t think of bitcoin as a currency," the Facebook crypto chief noted at the New York Times DealBook Conference last week. "It’s actually not a great medium of exchange because of it’s volatility. I see it as digital gold."
A lot of people have made the comparison between Bitcoin and gold in the past couple of months and stated that the digital token could eventually surpass gold and its current valuation of $8 billion in the total market value. In comparison, the total value of Bitcoin sits at $160 billion which is around 50 times less than gold.However, we must also account the fact that there is extreme volatility surrounding Bitcoin. This was what made the cryptocurrency swing wildly over the last few years and going from under $1,000 per BTC at the beginning of 2017 to over $20,000 less than 12 months after it. This led to a lot of fears on the market - something that the Facebook crypto chief obviously doesn't care about.After Facebook unveiled the plans for a Bitcoin rival, the Facebook crypto chief argued that the company would like to work with regulators and governments around the world to create Libra - distancing the project from Bitcoin and the existing cryptocurrencies.
"[Bitcoin is] an investment class that’s decorrelated from the rest of the market," Marcus added. "Why feel threatened by that?"
He also said that people "do not use a unit like digital currency or Bitcoin to pay for things because it is so volatile" and noted that it serves "a completely different purpose." 
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Bitcoin News

Libra Co-Creator Claims: Bitcoin Is Not A Viable Currency

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Libra co-creator David Marcus, claimed that Bitcoin is not a viable currency during a speech at the New York Times DealBook Conference this week. Let’s find out more about his opinions on the latest bitcoin news today.One of the most common arguments against bitcoin is that the cryptocurrency is not usable as a real currency. However, this is not the popular sentiment online but the argument recently gained traction with David Marcus who is the blockchain lead at Facebook, revealing he is not a fan of using bitcoin as a currency. He was known to be bitcoin advocate in the past and claimed to have the cryptocurrency for years now so why did he change his mind? Well, he addressed Bitcoin’s volatility as the number one problem:
 “People don’t use a unit like the digital currency of Bitcoin to pay for things just because it’s so volatile.  It’s actually not a great medium of exchange because of its volatility.”
To illustrate the point, the Libra co-creator used many examples of how Bitcoin’s volatility could affect those who want to make international remittances through the cryptocurrency. by seeing that Bitcoin has seen both the 42 percent and -10 percent days in the past few weeks, the arguments seem to hold the weight. What is also interesting about Marcus’ comments, he is not the first executive in the industry that shares the same opinion.Speaking last year during a conference, Litecoin’s creator Charlie Lee opined for crypto adoption to take place but the volatility has to be limited, he argued:
 “Because crypto prices are so volatile, it’s hard for people to actually use it, meaning adoption is hampered. Volatility is kind of a chicken and the egg type scenario. Once there is adoption, volatility will decrease, meaning more adoption. So it’s a slow process for that to work for us to overcome that.”
Jack Dorsey, the Twitter chief executive made a similar argument during his interview in September and argued that the cryptocurrency is not yet functional as a currency because of its high volatility:
 “The peaks and troughs are like an investment asset and are equivalent to gold. What we need to do is make it more usable and accessible as a currency, but it’s not there yet.”
Samson Mow of Blockstream expressed similar opinions but for different reasons than volatility. He said that the base layer of Bitcoin takes up to 10 minutes to process the transactions so sometimes it takes up to three hours as well.
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