Visa, Mastercard shun Facebook's Libra digital currency plan
5 years, 2 months ago

Visa, Mastercard shun Facebook's Libra digital currency plan

The Hindu  

Visa and Mastercard on Friday announced their departure from Facebook’s Libra project, a major setback to the social network’s plan for a worldwide digital currency. The Libra Association, based in Switzerland, was supposed to give the currency project a comfortable arm’s length distance from Facebook, which wouldn’t own Libra. Visa said Friday that it would re-examine a potential membership in the Libra Association if and when Facebook is able “to fully satisfy all requisite regulatory expectations” in its development of Libra. “Visa’s continued interest in Libra stems from our belief that well-regulated blockchain-based networks could extend the value of secure digital payments to a greater number of people and places, particularly in emerging and developing markets,” the company said.

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History of this topic

A brief look at Facebook's digital currency venture
4 years, 1 month ago

A brief look at Facebook's digital currency venture

The Hindu  

Facebook renamed its digital currency venture as ‘Diem’ on Tuesday in a move to gain regulatory approval by stressing the project’s independence. How it started Facebook announced the launch of digital currency ‘Libra’ in June 2019, describing it as a global currency and financial infrastructure aimed at creating “a more inclusive financial system.” The system would involve blockchain-based payment ecosystem, …

Facebook cryptocurrency Libra to launch as early as January but scaled back: FT
4 years, 1 month ago

Facebook cryptocurrency Libra to launch as early as January but scaled back: FT

The Hindu  

Facebook's Libra cryptocurrency is readying to launch as early as January, the Financial Times reported on Friday, citing three unidentified people involved in the project. The Geneva-based Libra Association that will issue and govern Libra plans to launch a single digital coin backed by the dollar, the FT said, citing one of the people. Libra, unveiled by Facebook Inc last …

Facebook revamps Libra cryptocurrency, says will be linked to individual national currencies and overseen by global watchdogs
4 years, 8 months ago

Facebook revamps Libra cryptocurrency, says will be linked to individual national currencies and overseen by global watchdogs

Firstpost  

The revamp could allow governments to “directly integrate” any future CBDCs into its network, Libra said. Facebook’s planned cryptocurrency Libra will be linked to individual national currencies and overseen by global watchdogs in a scaled-back revamp it hopes will win regulatory approval. The prospect of Facebook’s 2.5 billion users adopting Libra has led to intense scrutiny from global regulators, with …

Facebook tweaks Libra project amid pressure
4 years, 10 months ago

Facebook tweaks Libra project amid pressure

The Hindu  

Hit by regulators and political pressure, Facebook is reportedly planning to now offer digital versions of government-backed currencies, including the US dollar and the euro, apart from the cryptocurrency Libra. Facebook CEO Mark Zuckerberg testified before the Congress last October about Libra, defending the idea, but acknowledging the struggles left to overcome. The Libra Association last year said that that …

Here's why Facebook's Libra cryptocurrency is worrying politicians and people worldwide
5 years, 2 months ago

Here's why Facebook's Libra cryptocurrency is worrying politicians and people worldwide

Salon  

Facebook is busy these days, rebranding and all after myriad PR crises. The previous summer, Facebook said it intended to make Libra available for use in 2020 and allow the platform’s users to make financial transactions online with it. According to their own white paper: “The goal of the Libra Blockchain is to serve as a solid foundation for financial …

Fix Facebook before launching Libra: Lawmakers to Mark Zuckerberg
5 years, 2 months ago

Fix Facebook before launching Libra: Lawmakers to Mark Zuckerberg

Live Mint  

Washington: A battery of US lawmakers bluntly told Facebook CEO Mark Zuckerberg in a hearing here to address his existing failures first before launching the digital currency Libra. In a six-hour grilling at a House Financial Services Committee hearing on Wednesday, both Democrat and Republican lawmakers expressed dissatisfaction with Facebook's cryptocurrency plans. "As I have examined Facebook's various problems, I …

Facebook CEO Mark Zuckerberg testifies before congress, admits Libra is a 'risky project'
5 years, 2 months ago

Facebook CEO Mark Zuckerberg testifies before congress, admits Libra is a 'risky project'

Firstpost  

Facebook Inc CEO Mark Zuckerberg conceded on Wednesday that the company’s planned digital currency Libra was a “risky project,” but sought to reassure skeptical US lawmakers that it could lower the cost of electronic payments and open up the global financial system to more people. “It would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies …

Stopping Libra will give China an edge: Facebook CEO Mark Zuckerberg
5 years, 2 months ago

Stopping Libra will give China an edge: Facebook CEO Mark Zuckerberg

Live Mint  

New Delhi: Facebook CEO Mark Zuckerberg is going to tell the US Congress that restricting its digital currency Libra will give China headway in this space which is already working on such projects. According to prepared remarks released ahead of a House Financial Services Committee hearing on Wednesday, Zuckerberg said a digital payments system is going to be important in …

Facebook Libra: Mark Zuckerberg testifies before Congress on cryptocurrency project
5 years, 2 months ago

Facebook Libra: Mark Zuckerberg testifies before Congress on cryptocurrency project

CNN  

New York CNN Business — Mark Zuckerberg conceded on Wednesday that there is a scenario in which Facebook might have to rethink its involvement in its controversial cryptocurrency project, Libra, if the currency does not receive appropriate US regulatory approval. In response to multiple questions on the matter during an hours-long grilling session on Capitol Hill, Zuckerberg said Facebook would …

Facebook says Libra won’t launch without US approval
5 years, 2 months ago

Facebook says Libra won’t launch without US approval

Associated Press  

SAN FRANCISCO — Facebook CEO Mark Zuckerberg aims to reassure Congress on Wednesday that his company won’t try to evade financial regulators as it prepares its planned digital currency Libra. In prepared remarks released Tuesday ahead of a hearing before the House Financial Services Committee, Zuckerberg says that Facebook “will not be a part of launching the Libra payments system …

Facebook executive expects financial backers despite of big companies leaving
5 years, 2 months ago

Facebook executive expects financial backers despite of big companies leaving

Firstpost  

Facebook Inc, whose digital currency project Libra has been abandoned by several high-profile partners including PayPal, Visa, and Mastercard, still expects to get 100 banks and financial firms on board once it addresses regulatory concerns, the head of the project said on Wednesday. “I think once we’ve done this then I think we’ll see more banks and traditional financial services …

Facebook officially launches its cryptocurrency Libra despite defections
5 years, 2 months ago

Facebook officially launches its cryptocurrency Libra despite defections

Live Mint  

New York: Facebook officially moved forward with its plans Monday to create a new digital currency called Libra, despite several high-profile defections from the project and intense criticism from US regulators and politicians. The Libra Association, the nonprofit that will govern the currency, officially signed on 21 charter members on Monday at the organization's inaugural meeting in Geneva. Most of …

Facebook’s Libra support shrinks further as Priceline owner jumps ship
5 years, 2 months ago

Facebook’s Libra support shrinks further as Priceline owner jumps ship

Live Mint  

London: Facebook Inc's Libra cryptocurrency faced a pivotal meeting of backers on Monday, after the ambitious project to bring digital coins into mainstream commerce suffered another defection, from online travel company Booking Holding. Libra lost its last global payments backers on Friday, when Mastercard Inc and Visa Inc abandoned the Geneva-based Libra Association. The association, whose remaining 21 members include …

Opinion | Libra should confine itself to conventional finance
5 years, 2 months ago

Opinion | Libra should confine itself to conventional finance

Live Mint  

Facebook has been in the news for its cryptocurrency project, Libra, which is designed to appeal to its over 2 billion members. Advanced customer segmentation and profiling done by Facebook with the aid of Artificial Intelligence allows it to serve However, even though it could let Facebook add a revenue stream, Libra might also render ineffective some of the levers …

Visa, Mastercard shun Facebook’s Libra digital currency plan
5 years, 2 months ago

Visa, Mastercard shun Facebook’s Libra digital currency plan

India TV News  

Visa and Mastercard on Friday announced their departure from Facebook’s Libra project, a major setback to the social network’s plan for a worldwide digital currency. It also gave Facebook access to Visa and Mastercard’s networks, which could have given a pathway for users to convert traditional currency into Libra. “Visa’s continued interest in Libra stems from our belief that well-regulated …

Libra’s future could be threatened before it even gets off the ground
5 years, 3 months ago

Libra’s future could be threatened before it even gets off the ground

CNN  

New York CNN Business — Facebook’s original target launch date for the Libra cryptocurrency is still months away, but hurdles are mounting for the project as it tries to get off the ground. “How will consumers be protected?” Lawmakers say they want to hear directly from Zuckerberg because it’s the size and power of his platform that gives Libra a …

PayPal drops out of Libra, Facebook's payments project
5 years, 3 months ago

PayPal drops out of Libra, Facebook's payments project

The Hindu  

PayPal has pulled out of Facebook’s digital currency project, known as Libra, a blow to the social media company that has faced stronger-than-expected scrutiny over its proposed creation of an alternative payments system. The Libra Association, based in Switzerland, was supposed to give the currency project a comfortable arm’s length distance from Facebook, which wouldn’t own Libra. Rep. Maxine Waters, …

PayPal pulls out of association for Facebook’s Libra cryptocurrency
5 years, 3 months ago

PayPal pulls out of association for Facebook’s Libra cryptocurrency

CNN  

New York CNN Business — PayPal said it will pull out of the governance organization for the Libra cryptocurrency developed by Facebook. “This journey to build a generational payment network like the Libra project is not an easy path,” Dante Disparte, head of policy and communications for the Libra Association, said in a statement. In the months prior to the …

Facebook says Libra is out of its control. But Libra’s overseers are a web of Silicon Valley insiders
5 years, 3 months ago

Facebook says Libra is out of its control. But Libra’s overseers are a web of Silicon Valley insiders

CNN  

New York CNN Business — In its effort to bring the Libra cryptocurrency to life, perhaps the biggest hurdle for Facebook is alack of trust and opposition from regulators around the world, who are concerned about Libra’s potential implications for privacy and financial stability and Facebook’s role in managing it. “The reason we designed Libra in such a way that …

Global regulators to question Facebook about Libra cryptocurrency amid EU concerns
5 years, 3 months ago

Global regulators to question Facebook about Libra cryptocurrency amid EU concerns

Firstpost  

Libra’s founders have also been invited to answer key questions about the currency’s scope and design. Global regulators will question Facebook on Monday about its Libra cryptocurrency, amid concerns from European Union governments over the threat the digital currency poses to financial stability, the Financial Times reported on Sunday. Libra’s founders have also been invited to answer key questions about …

Facebook Libra could undermine European Central Bank's ability to set monetary policy
5 years, 4 months ago

Facebook Libra could undermine European Central Bank's ability to set monetary policy

Firstpost  

Facebook’s proposed Libra currency could undermine the European Central Bank’s ability to set monetary policy and Europe should ignore its siren call of “treacherous promises” ECB board member Yves Mersch said on Monday. Facebook announced Libra — a new digital coin backed by four official currencies and available to billions of social network users around the world — earlier this …

Facebook's cryptocurrency Libra to face antitrust probe by European Union regulators
5 years, 4 months ago

Facebook's cryptocurrency Libra to face antitrust probe by European Union regulators

Firstpost  

EU officials said they were concerned how about Libra may create “possible competition restrictions” on the information that will be exchanged Facebook Inc’s proposed digital currency Libra faces anti-trust probe by European Union regulators, Bloomberg reported on Tuesday, citing a document seen by the organisation. The European Commission is “ currently investigating potential anti-competitive behaviour ” related to Libra amid …

Facebook's Digital Money Plan Raises Stakes For China's Cryptocurrency Ambitions
5 years, 5 months ago

Facebook's Digital Money Plan Raises Stakes For China's Cryptocurrency Ambitions

NPR  

Facebook's Digital Money Plan Raises Stakes For China's Cryptocurrency Ambitions Enlarge this image toggle caption Andy Wong/AP Andy Wong/AP When Facebook announced plans in June to launch a new digital currency called Libra, the news sent monetary officials scrambling in China. "We will keep a close eye on the new global digital currency," Wang Xin, research director at China's central …

Facebook needs to give more details on Libra, says Swiss data privacy watchdog
5 years, 5 months ago

Facebook needs to give more details on Libra, says Swiss data privacy watchdog

Firstpost  

FDPIC sent a letter to the Libra association because it had not heard from the group about the project. Facebook Inc’s Libra cryptocurrency project has not responded to an information request by Switzerland’s data privacy watchdog, the authority said on Tuesday, noting it wants more details to help define its oversight role over the US social media company’s proposed digital …

Facebook's digital coin Libra 'delusional': US lawmakers
5 years, 5 months ago

Facebook's digital coin Libra 'delusional': US lawmakers

India TV News  

The US lawmakers attacked Facebook's upcoming digital cryptocurrency Libra at a Senate hearing here, calling it "delusional" and "dangerous" and directing the social networking giant to clean up its house first before launching a new business model. Also, read:Lunar eclipse 2019: Tips to click great images from your smartphone David Marcus, Head of Facebook subsidiary Calibra, was grilled at the …

Facebook’s currency plan gets hostile reception in Congress
5 years, 5 months ago

Facebook’s currency plan gets hostile reception in Congress

Associated Press  

WASHINGTON — Under sharp criticism from senators, a Facebook executive on Tuesday defended the social network’s ambitious plan to create a digital currency and pledged to work with regulators to achieve a system that protects the privacy of users’ data. “Do you really think people should trust you with their bank accounts and their money?” Republican Sen. Martha McSally of …

Facebook's new currency plan under scrutiny in Congress
5 years, 5 months ago

Facebook's new currency plan under scrutiny in Congress

India TV News  

Facebook's ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers, as it's shadowed by negative comments from President Donald Trump, his treasury secretary and the head of the Federal Reserve. The Treasury Department has "very serious concerns that Libra could be misused by money launderers and terrorist financers," Mnuchin told reporters at the …

Not launching Libra unless regulators are satisfied: Facebook
5 years, 5 months ago

Not launching Libra unless regulators are satisfied: Facebook

India TV News  

Facebook is not going to launch its digital coin Libra unless regulators are fully satisfied and all necessary approvals are in place. Also, read:Sony launches wireless noise-cancelling headphones Under Facebook subsidiary Calibra, the social networking giant has planned to introduce a digital wallet for Libra. "The Libra Association won't keep personal data beyond basic transaction info and Facebook won't share …

Facebook Libra: Everything to know about the cryptocurrency
5 years, 5 months ago

Facebook Libra: Everything to know about the cryptocurrency

CNN  

New York CNN Business — Facebook’s Libra cryptocurrency could change global commerce and finance, becoming a new way for people to send money and pay for things. Facebook says that will allow the network to run faster than other cryptocurrencies, making Libra practical for everyday uses like purchasing something online. The division’s first product will be the Calibra Wallet, a …

Treasury chief: Facebook currency plan ripe for illicit use
5 years, 5 months ago

Treasury chief: Facebook currency plan ripe for illicit use

Associated Press  

WASHINGTON — The Trump administration came out strongly Monday against Facebook’s ambitious plan to create a new digital currency, as the Treasury chief warned it could be used for illicit activity such as money laundering, human trafficking and financing terrorism. His comments came a few days after President Donald Trump tweeted that Libra “will have little standing or dependability.” Trump, …

’I am not a fan of Bitcoin’: Donald Trump slams cryptocurrencies
5 years, 5 months ago

’I am not a fan of Bitcoin’: Donald Trump slams cryptocurrencies

Live Mint  

Washington: U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to "become a bank." Trump's comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a …

Facebook’s Libra faces skeptical government in Asia’s third-largest economy
5 years, 6 months ago

Facebook’s Libra faces skeptical government in Asia’s third-largest economy

Live Mint  

New Delhi: The latest skepticism to Facebook Inc.’s plans for its new cryptocurrency called Libra comes from India as Asia’s third-largest economy is not keen on allowing the digital currency in the country. The response of the Indian government comes weeks after strategists with Jefferies Financial Group Inc. said Facebook’s Libra will be counting on continued explosive growth from emerging …

US lawmakers ask Facebook to freeze project Libra
5 years, 6 months ago

US lawmakers ask Facebook to freeze project Libra

India TV News  

In a new letter sent to Facebook executives, US lawmakers are officially asking the social networking giant to cease all development of its Libra cryptocurrency, the media has reported. Also, read:Germany fines Facebook $2.3mn for under-reporting content complaints Under Facebook subsidiary Calibra, the social networking giant has planned to introduce a digital wallet for Libra. Waters' letter, sent to Facebook …

Facebook’s Libra needs deep thought and detail, says UK regulator
5 years, 6 months ago

Facebook’s Libra needs deep thought and detail, says UK regulator

Live Mint  

Facebook’s fledging cryptocurrency will raise questions for both society and government that need close examination, a senior official at Britain’s financial watchdog said on Tuesday, in another sign that the planned project will face deep scrutiny. Facebook Inc. unveiled its Libra digital coin last month, raising immediate concerns over its potential impact on privacy from lawmakers and regulators around the …

Visa, PayPal may bear a ‘heavy burden’ with Facebook crypto plan
5 years, 6 months ago

Visa, PayPal may bear a ‘heavy burden’ with Facebook crypto plan

Live Mint  

New York: Visa Inc., Mastercard Inc. and PayPal Holdings Inc. may have boosted the single, greatest risk they face — that of tougher regulation — by becoming early backers for Facebook Inc.’s new digital money, called Libra. That’s according to Morgan Stanley analyst James Faucette, who wrote that the three companies face a potentially “heavy burden" as already-fierce regulatory scrutiny …

Facebook’s digital currency may flourish where banks don’t
5 years, 6 months ago

Facebook’s digital currency may flourish where banks don’t

Live Mint  

New York: Europeans and Americans have their Visa and Mastercards. Facebook's new Libra digital currency is aimed at a huge potential market for financial services — the entire developing world, with billions of people in areas such as India and Sub-Saharan Africa, where financial services are often less sophisticated and many people don't use traditional banking accounts. In developing countries, …

Inside Facebook’s plan to disrupt money
5 years, 6 months ago

Inside Facebook’s plan to disrupt money

Live Mint  

Bengaluru: Facebook Inc. is hoping that the stars will be aligned favourably when it launches its digital currency, christened Libra, in the first half of the next calendar year. In its white paper, Facebook states that Libra will be a stable currency built on a secure and stable open-source blockchain, backed by a reserve of real assets—a collection of low-volatility …

Facebook Libra: European watchdogs demand detail on the upcoming cryptocurrency
5 years, 6 months ago

Facebook Libra: European watchdogs demand detail on the upcoming cryptocurrency

Firstpost  

Facebook last week announced plans to launch Libra within the first half of 2020, part of an effort to expand beyond social media to e-commerce and digital payments. Facebook’s fledgling cryptocurrency faced mounting scrutiny on Tuesday as European central bankers and regulators demanded more detail on the social media giant’s Libra project. Facebook’s project has raised privacy concerns among US …

Blockchain gives Libra some heft but Facebook's chequered past may doom this virtual currency
5 years, 6 months ago

Blockchain gives Libra some heft but Facebook's chequered past may doom this virtual currency

India Today  

Facebook last week showed the world Calibra, a digital wallet that holds a virtual currency called Libra. Calibra, and by extension Libra, is one more Facebook product that uses cutting edge technology to further the company's big future plans. Blockchain is considered safe and extremely secure and Facebook's insistence that Calibra and Libra are going to be powered by this …

Explained: Facebook’s global digital currency ‘Libra’
5 years, 6 months ago

Explained: Facebook’s global digital currency ‘Libra’

The Hindu  

The story so far: On June 18, Facebook announced that it is going to launch a global digital currency by the first half of 2020. A white paper released by the Libra Association says its mission “is to enable a simple global currency and financial infrastructure that empowers billions of people”. The white paper says: “Moving money around globally should …

Facebook’s digital coin ’Libra’ is frightening, says co-founder Chris Hughes
5 years, 6 months ago

Facebook’s digital coin ’Libra’ is frightening, says co-founder Chris Hughes

Live Mint  

San Francisco: Facebook co-founder Chris Hughes, who initiated the call to break up the social networking giant, has termed the new digital currency Libra "frightening". What Libra backers are calling "decentralisation" is in truth a shift of power away from developing world central banks and toward multinational corporations and the central banks of the largest economies, he further tweeted. Earlier, …

Opinion | Facebook’s Libra may spark a currency war
5 years, 6 months ago

Opinion | Facebook’s Libra may spark a currency war

Live Mint  

It's one thing for academics in Asia to rant against the tyranny of the dollar, or to make cheery forecasts about its impending eclipse by the Chinese yuan. But now that Facebook Inc. wants to spawn a new global currency – one that could meet the “daily financial needs of billions of people” and perhaps rival the greenback one day …

United States lawmaker calls for Facebook to pause its Libra cryptocurrency project
5 years, 6 months ago

United States lawmaker calls for Facebook to pause its Libra cryptocurrency project

The Hindu  

A leading U.S. House lawmaker on Tuesday called on Facebook Inc. to halt the development on its new cryptocurrency and its company executives to testify before Congress, adding to global concerns about what the digital currency could mean for data privacy and security. Maxine Waters, who chairs the House Financial Services Committee, said that Facebook should halt development of the …

Facebook plans its own currency for 2 billion-plus users
5 years, 6 months ago

Facebook plans its own currency for 2 billion-plus users

Associated Press  

SAN FRANCISCO — Facebook already rules daily communication for more than 2 billion people around the world. “This could raise further yellow flags as more regulators focus on Facebook.” David Marcus, the head of Facebook’s cryptocurrency operation, said in a tweet Tuesday that Facebook is creating a separate subsidiary, Calibra, to handle the new currency. Facebook also could use its …

Facebook's digital currency 'Libra' coming in 2020
5 years, 6 months ago

Facebook's digital currency 'Libra' coming in 2020

The Quint  

San Francisco, June 18 As the chorus grows to break up Facebook and regulators scramble to fix it over privacy violations, the social networking giant on Tuesday announced a digital wallet subsidiary called 'Calibra' that would launch Blockchain-powered cryptocurrency 'Libra' next year to help nearly one billion people globally who don't have a bank account but do have a mobile …

Facebook wants its cryptocurrency to rival the US dollar one day
5 years, 6 months ago

Facebook wants its cryptocurrency to rival the US dollar one day

Live Mint  

Facebook Inc. unveiled plans for a new cryptocurrency that the social-media giant hopes will one day trade on a global scale much like the US dollar. The total number of Libra can change, and new digital coins can be issued whenever someone wants to exchange their Libra for an existing fiat currency, so the price shouldn’t fluctuate any more than …

Facebook unveils Libra cryptocurrency, with lofty goals
5 years, 6 months ago

Facebook unveils Libra cryptocurrency, with lofty goals

Live Mint  

San Francisco/New York: Facebook Inc revealed plans on Tuesday to launch a cryptocurrency called Libra, the latest development in its effort to expand beyond social networking and move into e-commerce and global payments. The name "Libra" was inspired by Roman weight measurements, the astrological sign for justice and the French word for freedom, said David Marcus, a former PayPal executive …

Facebook Unveils Libra Cryptocurrency, Sets Launch For 2020
5 years, 6 months ago

Facebook Unveils Libra Cryptocurrency, Sets Launch For 2020

NPR  

Facebook Unveils Libra Cryptocurrency, Sets Launch For 2020 Enlarge this image toggle caption Dado Ruvic/Reuters Dado Ruvic/Reuters Facebook is branching into cryptocurrency, unveiling a new blockchain-based currency called Libra that could challenge bitcoin. Sponsor Message "All over the world, people with less money pay more for financial services," the Libra site states, citing burdens such as steep usage fees and …

Facebook Announces Plans For Libra, Its Own Cryptocurrency
5 years, 6 months ago

Facebook Announces Plans For Libra, Its Own Cryptocurrency

NPR  

Facebook Announces Plans For Libra, Its Own Cryptocurrency Facebook announced Tuesday it plans to create its own digital currency, called Libra. AUDIE CORNISH, HOST: Facebook announced today it's creating a currency that could be available next year to its 2 billion-plus users worldwide. Company statements indicate that if customers give consent, Facebook and other parties can collect and track Libra …

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