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Winklevoss Twins Consider Joining The Libra Association

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Winklevoss twins consider joining the Libra association despite being rivals with Mark Zuckerberg-the CEO of the social media giant Facebook. In today’s altcoin news we take a closer look at their plan.

The popular bitcoin billionaire twins and founders of the Gemini exchange say that they are willing to work with Zuckerberg on the new project. According to the reports on August 19th the twins are now allowing their notorious drawn-out settlement with the Facebook CEO stand in the way of a collaboration that could turn out to be something great. Whether or not that partnership will materialize, the Winklevoss twins consider that Libra represents a step towards mass adoption of cryptocurrency noting:

“I think there is a day in the future where we can’t live without crypto, or imagine a world before crypto.”

The Winklevoss twins have a proactive promotion of crypto-regulatory matters that could make the duo a great partner for Facebook given the widespread alarm that the Libra crypto project has already sparked among governments and regulators around the world. The twins revealed that they have been talking about joining the Libra association and the newly created independent governance consortium for facebook’s planned token which at the moment has about 28 founding members and is expected to expand to 100 by the time Libra launches. Tyler and Cameron noted that they will still have to learn more about the details of the project before they decide whether or not join the association as well as whether to list Libra on their own exchange- Gemini. The Libra association has reportedly declined to comment on any ongoing negotiations with the partners. According to one of the Cameron Winklevoss, Facebook may be the first tech giant to have attempted a native cryptocurrency launch but it won’t be the last:

“I think that internet companies have to have a crypto strategy, and I think a lot of them are thinking about their own coin projects. They’re probably watching Libra and Facebook to see how that fares as they develop it.”

He even predicted for the latest cryptocurrency news that Amazon, Netflix, Google, and Apple will follow a suit isolating the Amazon company giant saying:

“Amazon can probably get packages to literally any place in the world, even if the last mile is on a dirt bike or something […] very ironic, that the physical stuff we can move all around the world and we can’t get money to a lot of places around the world.”

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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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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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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