Gemini Dollar stablecoin circulating supply mysteriously plummets as Huobi balances disappear | CryptoSlate
The plummet in Gemini Dollar market cap started some time ago...
Inside the Congressional Staff Meeting About Libra
The Libra representatives kept selling Libra as a means of providing banking services to 1.7 billion unbanked people around the world. When challenged on how they were going to do that, and asked directly whether they’d figure out how exactly a digital currency would be an answer for people who can’t access credit currently, they said, “The short answer is no.” The phrase “the miracle of blockchain” was used at one point.
PBOC Says Facebook’s Libra Must Be Under Central Bank Oversight
Mu said the PBOC’s research team tested Libra’s code and found it’s “still in an initial stage and the quality of the code isn’t stable.” He also said it’s questionable whether Libra would indeed use blockchain technology, because it can’t meet the high concurrent transaction requirements necessary for retail sales scenarios.
Why the Fed should oversee Facebook’s Libra | Sheila Bair
Sheila Bair: “It’s open to question whether Mark Zuckerberg and Facebook are the right stewards for a new global crypto-currency. But by firing this warning shot to government policy makers that such a change is coming and potentially coming soon, they have done a public service.”
Facebook to Senators: Libra Crypto Will Respect Consumer Privacy
“Similar to existing and widespread cryptocurrencies such as ethereum and bitcoin, transactions that take place directly on the Libra Blockchain are ‘pseudonymous,’ meaning that the user’s identity is not publicly visible.”
Facebook Says It Won't Launch Crypto in India Due to Regulatory Issues
Facebook has said that current regulatory restrictions mean it won’t be launching its digital wallet service and cryptocurrency in India. The RBI has effectively banned banks from providing services to crypto-related firms.
Regulating LIBRA: The Transformative Potential of Facebook’s Cryptocurrency and Possible Regulatory Responses by Dirk A. Zetzsche, Ross P. Buckley, Douglas W. Arner :: SSRN
Libra is the first private cryptocurrency with the potential to change the worldwide payment and monetary system landscape. Due to the scale and reach provided by its affiliation with Facebook, the question will be not whether, but how, to regulate it. This short paper introduces the Libra project and analyses the potential responses open to regulators worldwide.
Metropolitan Bank Says It Shut Down Tether's Account After 5 Months
The NY Attorney General's office, which is embroiled in a legal battle with Tether Bitfinex, filed new documentation showing that Tether held accounts at Metropolitan Bank and Signature Bank, two crypto–friendly banks based in the state.
Legal expert: Libra may have thorny Thai debut
Libra could face difficulty entering Thailand because the blockchain-integrated cryptocurrency does not fall under any type of financial legislation, according to a government legal expert.
Top-6 Issues Experts/Entities Have With Libra
The biggest threat to Facebook’s financial inclusion plans are the government authorities in those developing countries. Furthermore, individuals without access to bank accounts in those countries are typically those with bad credit history or those who fail to comply with AML/CFT/KYC requirements
Kenyan regulators oppose M-Pesa split plan
The Kenya Information Communications (Amendment) Bill, 2019 is seeking the registration of mobile money services as separate business units. It would compel the telecommunications regulator to ensure that mobile money services are licensed as banks.
President Trump Is the Latest Critic of Facebook's Libra
For the first time, it seems, a sitting US president has acknowledged Bitcoin as a threat. Ironically, this indicates progress for crypto. "First they ignore you, then they laugh at you, then they fight you, then you win." Mahatma Gandhi
Digital currencies: An exploration into technology and money
Former Banque de France deputy governor Jean-Pierre Landau argues that the network effects created by the aggregation of a vast range of activities in financial “platforms” create externalities very similar to those that underlie the creation of money. The report highlights three implications. First, the financial system could become “payment centric” – with bank deposits no longer the dominant form of private money. Second, digital interconnectedness may create around such networks digital currency areas, a development that could fragment some monetary systems. Third, national borders may not constrain such digital currency areas, and the currencies of those countries where digitalisation proceeds fastest (and where networks become the biggest) may become more widely used internationally – “digital dollarisation”.
Research Scientist, Calibra Economics (Blockchain) | Facebook
Facebook is seeking a professional researcher with a PhD degree in economics to “initiate and execute projects around topics such as auction design, economic incentives in consensus protocols, market concentration, and macroeconomic aspects of the Libra currency,”
There’s a big problem with Facebook’s Libra cryptocurrency
Libra's future remains murky. Facebook is months away—at least—from actually launching a network. The documents Facebook released in June left a lot of unanswered questions about how the network will actually work—and in particular, how the network will deal with the wide range of legal and regulatory requirements that apply to payment networks.
Libra Reserve for Crypto Bozos
Having read many a hot takes on Libra, from supporters and straight up haters, I decided to craft a post to consider some of the lesser appreciated aspects around Libra, and more specifically the reserve mechanism that is envisioned to underpin its stablecoin.
SEC Weighs Whether to Regulate Facebook’s Libra
Staff at the US SEC are looking at whether Libra’s structure effectively makes it an exchange-traded fund, according to people familiar with the matter. If the SEC decided that Libra’s design makes it an ETF, Facebook would need the regulator’s approval to launch the project.
Washington insiders and Waters' memo: Here's what Congress wants to know about Facebook's Libra next week
Washington insiders and Waters’ memo: Here’s what Congress wants to know about Facebook’s Libra next week
House Committee on Financial Services Libra Memo
Memo to the Members of the House Committee on Financial Services regarding the July 17, 2019 hearing entitled “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System.”
Drafted “Keep Big Tech out of Finance” Act Surfaces Days Before Libra Hearings
A draft bill entitled “Keep Big Tech out of Finance” has surfaced online, allegedly deriving from within the United States House of Representatives Financial Services Committee. The document’s metadata dates it July 12.
U.S. proposes barring big tech companies from offering financial services, digital currencies
“A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Fed.”
Digital upstarts need to play by the same rules as everyone else
The IMF is watching the growth of so-called stablecoins closely and today published a paper that identifies their benefits and risks, and highlights some regulatory issues that are likely to emerge.
Japan sets up working group on impact of Facebook's Libra ahead of G7
Japanese authorities have set up a working group to discuss the impact Facebook’s proposed Libra digital coin could have on monetary policy and financial regulation, government sources said, ahead of a G7 finance leaders’ gathering where the topic will be high on the agenda.
Libra's dramatic call to regulatory action
Facebook’s proposed creation of Libra is a wake-up call. It makes inescapable the need for rapid, international coordination of financial regulation. Without mechanisms to ensure consistent application of coherent global rules, we may find ourselves in a world full of “low-quality finance havens” that exist to evade financial regulations—just like “tax havens” that exist merely to evade taxes.
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Facebook tells Congress how it thinks Libra should be regulated
Facebook will not launch the cryptocurrency Libra until it has “fully addressed regulatory concerns,” according to David Marcus, the head of Facebook’s Calibra. The remarks are prepared testimony he plans to give tomorrow, in front of the US Senate Banking Committee.
Facebook's Cryptocurrency, Libra: Senate Banking Testimony
The Senate Banking Committee staff reached out to Caitlin Long pursuant to her recent Forbes article on Libra. Here is her formal written testimony.
Facebook has ‘a lot of work to do’ on crypto plans, Mnuchin says
“To the extent that Facebook can do this correctly, and can have a payment system correctly with proper AML [anti-money laundering measures], that’s fine. But we have got a lot of work to do to convince us to get to that place.”
Senate Releases Opening Statements on Libra Ahead of Senate Hearing
The United States Senate Banking Committee has released the opening statements of David Marcus, head of Facebook’s crypto wallet Calibra today, July 15. The statements come ahead of a hearing on the Libra cryptocurrency project tomorrow in the Senate, in which Marcus will testify.
Facebook answers how Libra taxes & anti-fraud will work
In a wide-reaching series of interviews this week, the Libra Association’s head of policy Dante Disparte, Facebook’s head economist for blockchain Christian Catalini and Facebook’s blockchain project subsidiary Calibra’s VP of product Kevin Weil answered questions about regulation of Libra. Here’s what we learned.
IMF: Network Effects Could Spark Blaze of Digital Money Adoption
The International Monetary Fund (IMF) has argued that network effects could spark the blaze for the mass adoption of new digital monies.