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Libra News

Libra Is Trending On Both Google And Weibo In China

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Libra is trending in China currently despite the fact that most of the western altcoin news outlets and Facebook itself is banned in the country. The Chinese citizens found themselves closely monitoring the drama about the Libra crypto project which is extremely strange so let’s find out more about this.

The Chinese commentator on cryptocurrency Cn Ledger stated a few days ago that the data from Google Trends suggests that Facebook’s Libra is a popular term in China. He writes that the United States uses on the internet are about 10% interested in the previously mentioned term, unlike the Chinese internet users. What is extremely weird is that Google is technically banned in the country which makes the statistics even more potent.

Libra is trending not only in China and Google searches but also on Weibo too. The crypto venture capitalist and Bitcoin philanthropist Dovey Wan pointed out that Libra is now the second-largest trending topic on the Twitter-like platform. She added that according to the data from Weibo, the topic saw about 220 million views and also thousands of comments. According to Wan, this trend is easily explained. She writes that this attention bomb in China was mainly due to David Marcus’ mention of Alipay and WeChat Pay which are the most straightforward digital payment ecosystems in the country.

During Wednesday’s hearing, the head of the blockchain at Facebook explained that Libra should reach the market and if that happens, it will compete with the two Chinese payment services. However, many Weibo users were quick to react to that trending topic and the comment section mainly outlined that the people don’t expect Libra to succeed let alone steal some of WeChat’s market share.

The people’s Bank of China is also less pessimistic about Libra’s chances and they even revealed plans to launch a central bank digital currency in order to respond to Libra. This could show that the financial authority sees the cryptocurrency as a threat. According to the previous reports, the head of research at the People’s Bank of China Wang Xin stated that Libra could affect international financial stability and also affect the Yuan. What he is fearing the most is that the cryptocurrency will be mostly backed by the US dollar which will give the United States more influence over politics and finance as noted in the latest cryptocurrency news reports.

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Libra News

Libra Network Logged 30+ Projects In The Past 2 Months Of Testing

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There were apparently more than 30 projects and 51,000 transactions which the Libra network logged over the past two months of testing. As the Libra Associaiton (which stands behind the upcoming stablecoin by Facebook) noted, despite the controversial stance towards the coin the project managed to fulfil its goals and record many projects and transactions.It was the controversial stance towards Libra and the loss of around a quarter of its founding partners which made the general public skeptical about the coin's future. However, the Libra network logged many projects and has plans to introduce a range of new features in the coming months, as an officially published press release on November 15 shows.Around ten wallets, 11 blockchain explorers, one integrated development environment, an application programming interface (API) and 11 clients have taken part in the development of the network.The Libra network logged more than 51,000 transactions on top of that (since activating its testnet on September 17). As we previously reported in our Libra coin news, non-custodial keyless cryptocurrency wallet solution ZenGo started supporting this testnet in mid-August and allowed users to send and receive the stablecoin, just like any other cryptocurrency, but in a test mode.The plans for the upcoming months for Libra are to launch new process for the Contributor License Agreements (CLAs) which will be completed. This is aimed at the improvement of the way CLAs are submitted, reviewed and verified for both individuals and businesses. The organization also plans to deploy around 100 nodes on the mainnet, representing a mix of on-premises and cloud-hosted infrastructure.Among the other objectives besides the milestones that the Libra network logged, we can also see the establishment of a Technical Steering Committee which will be set up to supervise and manage the technical design and development of the Libra network on behalf of its association members.Meanwhile, Facebook launched a new fiat payment system called Facebook Pay earlier this month. The system is designed to facilitate payments across many platforms including Instagram, Facebook, WhatsApp and Messenger. However, the firm made it clear that the payment service will be kept separate form the new Facebook Calibra wallet and the Libra network.
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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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