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Behold Libra, the global cryptocurrency masterminded by Facebook
Behold Libra, the global cryptocurrency masterminded by Facebook
Third parties will be able to build their own apps, wallets, and marketplaces around Libra. If you want to, though, you can use Facebook’s digital wallet, Calibra, a regulated subsidiary. In the US, Calibra is registered as a money service business, and will be overseen by the US Treasury.
#AltCoins#Stablecoins#Fintech#CryptoAssets#Facebook#Libra#DFC
·qz.com·
Behold Libra, the global cryptocurrency masterminded by Facebook
Facebook Unveils Libra Cryptocurrency, Targeting 1.7 Billion Unbanked
Facebook Unveils Libra Cryptocurrency, Targeting 1.7 Billion Unbanked
Among the payments giants, a number of NGOs are involved in the Libra Association, including Creative Destruction Lab, Kiva, Mercy Corps and Women’s World Banking. To become a “Social Impact Partner,” participating non-profits must have a five-year track record of poverty alleviation work, including digital financial inclusion initiatives in the field, and an operating budget of greater than $50 million.
#Facebook#AltCoins#Stablecoins#Fintech#CryptoAssets#Libra#DFC
·coindesk.com·
Facebook Unveils Libra Cryptocurrency, Targeting 1.7 Billion Unbanked
There's a Second Token: A Breakdown of Facebook's Crypto Economy
There's a Second Token: A Breakdown of Facebook's Crypto Economy
In addition to Libra, the project will also issue a “Libra investment token” that will be sold only to the founding corporate members of the Libra Association, and accredited investors. Excess interest earned on the portfolio backing outstanding Libra collateral will go to holders of the investment tokens.
#Facebook#AltCoins#CryptoAssets#Stablecoins#Fintech#Libra#DFC
·coindesk.com·
There's a Second Token: A Breakdown of Facebook's Crypto Economy
Facebook’s Libra: blockchain, but without the blocks or chain
Facebook’s Libra: blockchain, but without the blocks or chain
Talk of decentralised structures is everywhere in the introductory material, but for now the system only aspires to achieve decentralisation at some point in the future. Libra Blockchain will be coming to market in fully permissioned form, effectively centrally controlled by the founder Libra coin holders.
#Facebook#Stablecoins#CryptoAssets#AltCoins#Fintech#Libra#DFC
·ftalphaville.ft.com·
Facebook’s Libra: blockchain, but without the blocks or chain
Better Than Bitcoin? Facebook Unveils Libra Cryptocurrency
Better Than Bitcoin? Facebook Unveils Libra Cryptocurrency
U.S. regulations may represent another hurdle for Facebook. The SEC has shut down about a dozen businesses issuing their own tokens for violations of securities law. Facebook has been in contact with the SEC, but it hasn’t received a “no-action” letter from the SEC yet. That would have safeguarded the project from regulatory action by the agency.
#CryptoAssets#Fintech#AltCoins#Stablecoins#Facebook#Libra#DFC
·bloomberg.com·
Better Than Bitcoin? Facebook Unveils Libra Cryptocurrency
Facebook debuts Libra cryptocurrency: a Bitcoin killer?
Facebook debuts Libra cryptocurrency: a Bitcoin killer?
Facebook says that Calibra customers' account information and financial data will not be used to improve ad targeting on the Facebook family of products and only in limited cases will information be shared to reflect our need to keep people safe, comply with the law and provide basic functionality to the people who use Calibra.
#Fintech#Facebook#CryptoAssets#Stablecoins#AltCoins#Libra#DFC
·zdnet.com·
Facebook debuts Libra cryptocurrency: a Bitcoin killer?
Facebook’s GlobalCoin Is No Threat to Bitcoin, But Banks Should Worry
Facebook’s GlobalCoin Is No Threat to Bitcoin, But Banks Should Worry
PayPal, for example, charges a three percent transaction fee, which takes a substantial cut out of businesses and freelancers who use their payment service for the majority of their transactions. Unless PayPal and its peers lower their fees in response to the new competition from Facebook, they could end up losing substantial market share.
#CryptoAssets#Fintech#Stablecoins#AltCoins#Facebook#Libra#DFC
·tabbforum.com·
Facebook’s GlobalCoin Is No Threat to Bitcoin, But Banks Should Worry
Will Libra Displace National Currencies?
Will Libra Displace National Currencies?
If you buy most things online, and if everything online is priced in Libras, then you’ll end up living your life denominated in Libras, and only converting your Libras into dollars on your occasional touristic visits to the physical world. The goal is for Libra to be more useful than any national currency, accepted in more places and with fewer complications; pegging it to a single national currency would only hold it back.
#Fintech#Stablecoins#CryptoAssets#Facebook#AltCoins#Libra#DFC
·bloomberg.com·
Will Libra Displace National Currencies?
Facebook’s Libra Currency Draws Instant Response from Regulators
Facebook’s Libra Currency Draws Instant Response from Regulators
Facebook’s plans to launch a new global digital currency drew an immediate response from regulators on Tuesday, with the Group of Seven nations saying it would set up a high-level forum to examine the risks of such currencies to the financial system. Central banks and the IMF will also participate.
#Stablecoins#CryptoAssets#Facebook#AltCoins#Fintech#Libra#DFC
·ft.com·
Facebook’s Libra Currency Draws Instant Response from Regulators
Libra: not a currency board and (maybe) not a stable currency
Libra: not a currency board and (maybe) not a stable currency
In the absence of a proper fixed exchange rate and a credible mechanism to maintain it, Libra looks more like a standard flexible exchange rate currency. Its stability will depend on its credibility. Referring to the fact that there are enough assets backing its supply is not a good argument (that argument applies to any central bank issuing fiat money).
#CryptoAssets#Fintech#Facebook#Stablecoins#AltCoins#Libra#DFC
·antoniofatas.blogspot.com·
Libra: not a currency board and (maybe) not a stable currency
Libras fire back at Facebook for naming new cryptocurrency after astrological sign representing fairness
Libras fire back at Facebook for naming new cryptocurrency after astrological sign representing fairness
"Libras have a right to be peeved. Facebook is attempting to represent themselves as fair and just, akin to Libra's most positive qualities," said astrologist Mackenzie Greer. "Given their track record, I'm not so sure they'll be able to live up to the Libra name.”
#AltCoins#Facebook#Fintech#Stablecoins#CryptoAssets#Libra#DFC
·thehill.com·
Libras fire back at Facebook for naming new cryptocurrency after astrological sign representing fairness
Senate Banking Committee Schedules July Hearing on Facebook's Libra Crypto
Senate Banking Committee Schedules July Hearing on Facebook's Libra Crypto
The U.S. Senate Committee on on Banking, Housing, and Urban Affairs will hold a hearing on July 16 regarding Facebook’s new cryptocurrency, Libra. The hearing, “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations,” comes in the wake of calls from members of Congress to more closely examine Libra and its potential risks. There have even been calls to halt work on the project until hearings are held.
#Facebook#AltCoins#Stablecoins#Fintech#CryptoAssets#Libra#DFC
·coindesk.com·
Senate Banking Committee Schedules July Hearing on Facebook's Libra Crypto
Can You Spare Me a Zuck Buck? Spare me.
Can You Spare Me a Zuck Buck? Spare me.
Libra type systems face different kinds of difficulties in low and high interest rate environments. In high rate environments, the opportunity cost of holding the currency is high, which leads to lower quantity demanded. In low rate environments, the revenue stream may be insufficient to cover the costs incurred by the intermediaries. This creates an incentive for asset substitution, i.e., to allow backing the currency with higher risk assets (with higher yields) thereby increasing insolvency and run risks.
#AltCoins#Stablecoins#Facebook#CryptoAssets#Fintech#Libra#DFC
·streetwiseprofessor.com·
Can You Spare Me a Zuck Buck? Spare me.
The Ambitious Plan Behind Facebook’s Cryptocurrency, Libra
The Ambitious Plan Behind Facebook’s Cryptocurrency, Libra
The White Paper vows that the Libra Association will move to a permissionless system, but the commitment is weak—just an intent to begin the transition within five years. But Facebook Chief Economist Christian Catalini notes that for now, no one knows how to build such a thing at a global scale
#AltCoins#CryptoAssets#Fintech#Facebook#Stablecoins#Libra#DFC
·wired.com·
The Ambitious Plan Behind Facebook’s Cryptocurrency, Libra
Don’t let Facebook capture the monetary system
Don’t let Facebook capture the monetary system
Regulators and central banks should immediately address the real problems Facebook has identified. Central bank digital currencies would quite easily do so. Governments have been remiss by dragging their feet on this — in part because of deference to the established banking industry; but they no longer have any excuse to do so.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·ft.com·
Don’t let Facebook capture the monetary system