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Israeli Startup Libracamp Is The First Incubator Behind Facebook’s Libra

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Israeli startup better known under the name Libracamp is actually the first incubator or the company behind the funding development of Libra’s testnet on the contrary of popular opinion that this was actually Facebook itself as we can read in the latest cryptocurrency news below.

There were more than 80 projects that have applied for the five spots in Libracap’s initial virtual Bootcamp and even though that the social media giant admitted that there is some regulatory pushback that could prevent Libra from launching, Libracamp still remains undaunted. The Israeli startup and its founders are in the middle of fundraising for a $1 million prize for the winning team as well as capital for the second cohort in 2020. The entrepreneurs from Israel are looking to leverage the Facebook cryptocurrency project for profits even without the required $10 million that is needed to join the Libra association. So far, the Israeli startup Libracamp has received about 80 applications to participate in a virtual Bootcamp and the co-founder Tomas Weiss even stated that the Facebook Claibra team is in touch with the new startup but they are not sponsoring the program:

 “We see this as the ‘iOS moment’ of digital assets and programmable money applications. Imagine there was an incubator that came to companies and helped them think about how to put their companies on iOS before the iPhone launched.”

The five co-founders of the Israeli startup managed to gather together more than $125,000 and divide it among five chosen teams for the first Bootcamp in the fall. The founders are still in the middle of fundraising for the winning team as well as the capital for a second cohort of the Bootcamp. The co-founder Yonatan Ben Simon described the new startup as an ‘’investment curation system’’ combining an incubator approach with hedge-fund like capital pools. The upcoming Libracamp platform will connect the developers from the crypto project with mentors and investors which will offer a stronger accelerator program.

As the reports show in the coming altcoin new, the world’s fintech projects could profit the most without the need having to go to the Silicon Valley investors since there already have the Kyber Network as one of the startups that received a small grant from Libracamp before the Bootcamp.

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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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Libra News

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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Libra News

CEO Of Facebook Talks About Libra Again And How It Is Being Handled

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The CEO of Facebook, Mark Zuckerberg, is in the Libra coin news today for stating that how the Libra foundation is handling the coin and why it is not directly linked to the social networking website. The stablecoin by Facebook seems to be coming to an end even before getting released. Zuckberberg was in the news for admitting that it is a risky project and would seek US regulatory approval before releasing it. The Libra digital currency seems to be coming to an end even before getting released and ever since its announcement, most of the partners have backed out. Now, the CEO of Facebook Mark Zuckerberg talked to the public and said that the Libra Foundation is handling the stablecoin - and it is not directly linked to the social networking website. Before this, we saw that Facebook already started to look for alternative payment options such as Facebook Pay and WhatsApp payments. Zuckerberg also talked about how Facebook is looking into payments app as "there are lots of different segments for what people are trying to do." When asked about the WhatsApp payment solution which started in 2019, the CEO of Facebook said that it would come under Facebook Pay. In the same way, this option would let the users enter their credit card details and purchase anything from any store coming under Facebook. The CEO of Facebook also talked about WhatsApp and the new payment feature which has undergone many trials in India in 2018. He talked about how it would be launched in other countries within the next six months. The project will be targeting high population density countries including Mexico, Indonesia and India. When asked about the Libra initiative, Zuckerberg was featured in the crypto news for stating:
"We are taking multiple approaches on payments where things like what we are doing with payments and WhatsApp or Facebook Pay are overall built on top of traditional payment infrastructure. The longer-term work that we are proposing around Libra is now being handled by the independent Libra foundation."
The CEO of Facebook also stated that the firm is working on creating a digital wallet which will work well with Libra - noting that most companies that make payments are national and based in a country without any incentive to make this work all over the globe.
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Vodafone Quits The Facebook Crypto Project Libra Association

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Facebook’s Libra lost another vital backer of the project now since Vodafone quits the Libra Association while the central banks from the major economies are forming a coalition to explore state-issued digital currencies and to fight private cryptos so let’s find out more in today’s Libra news. According to BBC, the global Telecom giant Vodafone quits the association making it the latest partner to flee the platform and commenting on the decision to leave the project, one spokesperson of the company revealed:
‘’We have said from the outset that Vodafone’s desire is to make a genuine contribution to extending financial inclusion. We remain fully committed to that goal and feel we can make the most contribution by focusing our efforts on [mobile payments platform] M-Pesa.’’
Vodafone’s reason for leaving Facebook’s Libra crypto project opens up more issues for Libra itself. M-Pesa is now a successful mobile money transmission system that is popular in East and Southern Africa while Safaricom recently signed a deal with California-based global remittance provider Ria money. This deal will enable M-Pesa customers to send payments to more than 20 countries across the globe. Apart from Vodafone, some of the early backers such as PayPal and Mastercard have already quit the Facebook Libra Association and both of the platforms pointed to the growing regulatory pushbacks against the project as the reason for the decision to pull out of the partnership. Back in 2019, the US Senators urged the Libra backers such as Visa and Stripe to leave the project. Despite the criticisms against the project, the Libra Association continued to move forward with the proposed digital currency platform and the developers of the crypto project released a second roadmap with a mainnet testing already underway. Libra is still facing a lot of criticism while countries are moving towards creating their own central bank digital currencies and the banks from Canada, England and Switzerland are now forming a CBDC think tank. The coalition says it will exchange many ideas on how to develop sovereign digital currencies for their respective nations since Australia is also experimenting in the digital payment system that will run on the Ethereum blockchain. China seems to be leading the CBDC race since it has accelerated plans after Libra launched its white paper.
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