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Libra vs. the Other Guys
Libra vs. the Other Guys
Libra is put in perspective by comparing it to like financial instruments, new and old, shedding some light on the purpose, intended user, regulatory issues – and more important, on the path Libra must follow to achieve success. The article also exposes the vast gaping holes in Facebook’s description of Libra.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·tabbforum.com·
Libra vs. the Other Guys
E-money poses serious threats to financial system, says IMF paper
E-money poses serious threats to financial system, says IMF paper
The authors warn of several financial stability risks that digital currencies pose. Many of their points echo recent comments by two senior Chinese central bank officials. The authors suggest central banks take the first step towards their own digital currency by offering settlement services to e-money providers.
#Fintech#CryptoAssets#AltCoins#Stablecoins#DFC
·centralbanking.com·
E-money poses serious threats to financial system, says IMF paper
'Facebook is dangerous:' Senators grill Facebook's David Marcus over Libra in 2-hour hearing
'Facebook is dangerous:' Senators grill Facebook's David Marcus over Libra in 2-hour hearing
Facebook’s David Marcus faced a cacophony of fear, uncertainty and doubt surrounding the social media giant’s plan to launch its digital currency Libra during a Senate hearing Tuesday, following criticisms from a wide range of regulators and lawmakers around the globe.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Regulation#Libra#DFC
·theblockcrypto.com·
'Facebook is dangerous:' Senators grill Facebook's David Marcus over Libra in 2-hour hearing
Bitcoin Noticeably Absent From Senate Hearing on Facebook's Libra
Bitcoin Noticeably Absent From Senate Hearing on Facebook's Libra
"For a panel about a proposed cryptocurrency, Tuesday’s Senate Banking Committee hearing was notably light on crypto talk. Bitcoin was barely mentioned during the two-hour session and most of the lawmakers seemed far less concerned with the technology than with who was planning to leverage it: Facebook."
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Bitcoin#Libra#DFC
·coindesk.com·
Bitcoin Noticeably Absent From Senate Hearing on Facebook's Libra
Judy Shelton on Competitive and Private Currencies
Judy Shelton on Competitive and Private Currencies
"If the ultimate outcome of a private market for money is a monopoly, does it make much difference whether the monopoly is run by a private company versus a public entity? While the former case could lead to economic exploitation based on a market advantage, the threat of potential competition would inhibit this tendency. The latter case, however, invites a more sinister abuse of government power - even tyranny - as government precludes market entry to alternative issuers."
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·aier.org·
Judy Shelton on Competitive and Private Currencies
Lawmakers Amp Up Pressure on Facebook to Halt Libra Cryptocurrency Development
Lawmakers Amp Up Pressure on Facebook to Halt Libra Cryptocurrency Development
Rep. Alexandria Ocasio-Cortez (D-N.Y.) brought an interesting bit of monetary history into the discussion. She suggested that the Libra currency would be a digital version of scrip, a type of private money that corporations once used to pay employees. (Coal miners and loggers, for instance, were paid in scrip they could use to buy goods at the company store.)
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·coindesk.com·
Lawmakers Amp Up Pressure on Facebook to Halt Libra Cryptocurrency Development
Update from the Chair of the G7 working group on stablecoins
Update from the Chair of the G7 working group on stablecoins
Stablecoins such as Facebook’s Libra will need to be tightly regulated or they could destabilise the global economy and risk being used for money-laundering and the financing of terrorism, according to a working group consisting of senior officials from the G7 central banks as well as the International Monetary Fund, the Bank for International Settlements and the Financial Stability Board.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·bis.org·
Update from the Chair of the G7 working group on stablecoins
Thoughts on Facebook’s Libra Coin – Preston Byrne
Thoughts on Facebook’s Libra Coin – Preston Byrne
"If Facebook had built an app that just allowed in-app, user friendly payments in USD, I could have gotten behind that. What has been proposed instead is a combination of a licensed version of Liberty Reserve with an ETF, which furthermore proposes to share transactional data with a veritable rogues’ gallery of privacy-abusing tech companies and the VC firms that funded their rise. "
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·prestonbyrne.com·
Thoughts on Facebook’s Libra Coin – Preston Byrne
Sources of personal identifying info used in Facebook’s targeted advertising
Sources of personal identifying info used in Facebook’s targeted advertising
"Phone numbers and email addresses added as profile attributes, those provided for security purposes such as two-factor authentication, those provided to the Facebook Messenger app for the purpose of messaging, and those included in friends’ uploaded contact databases are all used by Facebook to allow advertisers to target users."
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·mislove.org·
Sources of personal identifying info used in Facebook’s targeted advertising
Facebook is backpedaling from its ambitious vision for Libra
Facebook is backpedaling from its ambitious vision for Libra
Facebook now seems to recognize its original vision was a non-starter with regulators. So this week Marcus sketched out a new vision for Libra—one in which the Libra Association will shoulder significant responsibility for ensuring compliance with laws relating to money laundering, terrorist financing, and other financial crimes.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·arstechnica.com·
Facebook is backpedaling from its ambitious vision for Libra
Crypto-friendly Switzerland Outclasses U.S. as Facebook Libra's Regulator
Crypto-friendly Switzerland Outclasses U.S. as Facebook Libra's Regulator
"Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association.”
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·ccn.com·
Crypto-friendly Switzerland Outclasses U.S. as Facebook Libra's Regulator
Iranian gold-backed cryptocurrency under CBI permission to be unveiled
Iranian gold-backed cryptocurrency under CBI permission to be unveiled
The Central Bank of Iran has approved the issuance of gold-backed crypto-asset designed to maximize the use of Iranian frozen bank assets, according to the CEO of Iranian Information and Communication Technology. In fact, a number of Iranian banks have been working with blockchain startup Kuknos Company on this "Paymon" project since January.
#Fintech#CryptoAssets#Sovereign#Stablecoins#Tokenization#DFC
·en.mehrnews.com·
Iranian gold-backed cryptocurrency under CBI permission to be unveiled
Libra's Biggest Problem
Libra's Biggest Problem
Hope lies in tools such as zero-knowledge proofs and in emerging “self-sovereign” identity concepts, as well as in a more open-minded regulatory model for curtailing crime – one that doesn’t depend on revealing people’s personal identifying information. But these are a ways off; they will require user adoption and; to a still large extent, belief in them by policymakers.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Identity#AMLCFT#Libra#DFC
·coindesk.com·
Libra's Biggest Problem
Facebook user engagement grew through first half of 2019, tools say
Facebook user engagement grew through first half of 2019, tools say
Facebook has seen an increase in the median number of comments, likes and ads clicked by users on the service from January to July. In the U.S., Facebook users increased their engagement from six comments, nine post likes and 13 ads clicked on Jan. 3 to eight comments, 13 post likes and 17 ads clicked on July 18.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·cnbc.com·
Facebook user engagement grew through first half of 2019, tools say
Facebook Agrees To Work With IRS To Address Cryptocurrency Concerns
Facebook Agrees To Work With IRS To Address Cryptocurrency Concerns
In testimony before the Senate Banking, Housing and Urban Affairs Committee, Facebook subsidiary Calibra CEO David Marcus stated that consumers would be provided with the necessary tools to report their taxes, but added that Calibra does not currently have processes in place to directly provide that information to the IRS. However, Mr. Marcus noted, Facebook "would be happy" to work with the IRS to ease the consumer burden.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Taxation#Libra#DFC
·mondaq.com·
Facebook Agrees To Work With IRS To Address Cryptocurrency Concerns
Facebook Libra Not Avoiding U.S. Regulators, Switzerland a Better Fit
Facebook Libra Not Avoiding U.S. Regulators, Switzerland a Better Fit
The Swiss Confederation has much clearer crypto regulations than the United States, which has done little since the birth of Bitcoin to simplify the regulatory complexities lying in wait to bite any company looking to establish a crypto or crypto-related business within its confines.
#Fintech#CryptoAssets#Regulation#AltCoins#Stablecoins#Facebook#Libra#DFC
·cointelegraph.com·
Facebook Libra Not Avoiding U.S. Regulators, Switzerland a Better Fit