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Facebook has found a place to park its $40bn+ cash reserves and everyone thinks its about crypto…
Facebook has found a place to park its $40bn+ cash reserves and everyone thinks its about crypto…
Libra is a massive money market fund that doesn’t pay any interest to coinholders, probably in part to avoid being qualified as a security by the SEC. It does, however, pay this interest to Libra Association members, who all have massive idle cash reserves to park profitably at the Libra Association. For example, Facebook, which has over $40 billion in cash liquidity, could "pre-mint" Libra, which it will then sell to users, and buy it back when they want to get out of it.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·hackernoon.com·
Facebook has found a place to park its $40bn+ cash reserves and everyone thinks its about crypto…
Libra and Financial Inclusion
Libra and Financial Inclusion
"What the Libra discussion totally misses is how consumers are going to get value into the Libra system in the first place.  If I have cash, how do I put funds on Libra?  I’m going to need to go through a bank or other financial institution, and it’s not going to be free.  Same if I want to take money out of Libra."
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·creditslips.org·
Libra and Financial Inclusion
Bitcoin: Welcome to Bitfinex’s Second Tether Bubble
Bitcoin: Welcome to Bitfinex’s Second Tether Bubble
Our previous post in November last year provided compelling empirical evidence that USDT printing was used by Bitfinex to manipulate the BTC/USD price upwards during the fourth quarter of 2017. And until the current allegations are proved one can only conjecture, but we conclude that the crypto market is now entering its second tether bubble.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Tether#Bitfinex#DFC
·medium.com·
Bitcoin: Welcome to Bitfinex’s Second Tether Bubble
A Monetary Review of Project Libra — Part 1: The Libra Reserve
A Monetary Review of Project Libra — Part 1: The Libra Reserve
This article seems to sppeculate that the Libra Association will effectively run open market FX operations to maintain the stability of the Libra against the currency basket. Although the article doesn't mention it, I guess it's implicit that the huge cash balances of Facebook ($50B+) and other Association members are in effect FX reserves for these purposes.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·hackernoon.com·
A Monetary Review of Project Libra — Part 1: The Libra Reserve
Facebook's Libra Lacks Foundational Components for Crypto Key Security
Facebook's Libra Lacks Foundational Components for Crypto Key Security
A review of their technical documentation describing the Libra protocol and the associated ecosystem, reveals that they left out the foundational components of user security: Protection of the private key, proof of user consent, decentralized compliance and global privacy.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·coindesk.com·
Facebook's Libra Lacks Foundational Components for Crypto Key Security
Libra Isn't a Cryptocurrency. It's a Glimpse of a New Asset Class
Libra Isn't a Cryptocurrency. It's a Glimpse of a New Asset Class
Even relatively simple fiat-backed stablecoins could be characterized as swaps or demand notes, both of which would be treated as securities. And the SEC’s head of digital assets, Valerie Szczepanik, confirmed at a hearing last week that it does not matter that the stablecoin 'does not have an expectation of profits' (with the usual caveat of “facts and circumstances”).
#Fintech#CryptoAssets#AltCoins#Stablecoins#Regulation#Facebook#Libra#DFC
·coindesk.com·
Libra Isn't a Cryptocurrency. It's a Glimpse of a New Asset Class
Lawyers warn of Facebook’s Libra tax risks in Europe
Lawyers warn of Facebook’s Libra tax risks in Europe
European Libra users will have to treat their Libra holdings as an asset for capital gains tax purposes — and for the UK, HMRC confirms that, as a basket of currencies, Libra doesn’t qualify as a currency itself. “The problem would potentially be even more serious with no annual capital gains exemption in France, Italy or Spain and a much smaller €600 limit in Germany."
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Taxation#Libra#DFC
·ft.com·
Lawyers warn of Facebook’s Libra tax risks in Europe
Korean Watchdog Warns of Financial Stability Risk From Facebook's Libra
Korean Watchdog Warns of Financial Stability Risk From Facebook's Libra
South Korea's Financial Services Commission looks at what might occur if 2.4 billion Facebook users worldwide transfer one tenth of their bank deposits to Libra. Should that scenario come about, banks’ solvency would diminish, as would their loan reserves, representing a threat to emerging markets from the relocation of the capital out of those countries. The FSC also raised concerns that bank runs could occur during financial or foreign exchange crises, as people move their national fiat currency to Libra.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Libra#DFC
·coindesk.com·
Korean Watchdog Warns of Financial Stability Risk From Facebook's Libra
Gemini Dollar struggles to stay afloat with 88% decline in market Cap
Gemini Dollar struggles to stay afloat with 88% decline in market Cap
The circulating supply of the Winklevoss twins’ stablecoin Gemini Dollar (GUSD) is plummeting. From a peak market capitalization of more than $100 million in December of 2018, the coin recently hit new lows of $10 million. https://www.cryptopolitan.com/gemini-dollar-down-88-percent-in-market-cap/
#Fintech#CryptoAssets#AltCoins#Stablecoins#Gemini#DFC
·cryptopolitan.com·
Gemini Dollar struggles to stay afloat with 88% decline in market Cap
Inside the Congressional Staff Meeting About Libra
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.
#Facebook#CryptoAssets#Stablecoins#AltCoins#Fintech#Libra#DFC
·prospect.org·
Inside the Congressional Staff Meeting About Libra
PBOC Says Facebook’s Libra Must Be Under Central Bank Oversight
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.
#Stablecoins#Facebook#Fintech#CryptoAssets#AltCoins#Libra#DFC
·bloomberg.com·
PBOC Says Facebook’s Libra Must Be Under Central Bank Oversight
Why the Fed should oversee Facebook’s Libra | Sheila Bair
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.”
#Stablecoins#Fintech#CryptoAssets#Facebook#AltCoins#Regulation#Libra#DFC
·finance.yahoo.com·
Why the Fed should oversee Facebook’s Libra | Sheila Bair
Regulating LIBRA: The Transformative Potential of Facebook’s Cryptocurrency and Possible Regulatory Responses by Dirk A. Zetzsche, Ross P. Buckley, Douglas W. Arner :: SSRN
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.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Regulation#Libra#DFC
·papers.ssrn.com·
Regulating LIBRA: The Transformative Potential of Facebook’s Cryptocurrency and Possible Regulatory Responses by Dirk A. Zetzsche, Ross P. Buckley, Douglas W. Arner :: SSRN
Kenyan regulators oppose M-Pesa split plan
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.
#Fintech#Stablecoins#Regulation#DFC
·www-businessdailyafrica-com.cdn.ampproject.org·
Kenyan regulators oppose M-Pesa split plan
Digital currencies: An exploration into technology and money
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”.
#Fintech#CryptoAssets#AltCoins#Stablecoins#eMoney#DFC
·economie.gouv.fr·
Digital currencies: An exploration into technology and money
There’s a big problem with Facebook’s Libra cryptocurrency
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.
#Fintech#CryptoAssets#AltCoins#Stablecoins#Facebook#Regulation#Taxation#Libra#DFC
·arstechnica.com·
There’s a big problem with Facebook’s Libra cryptocurrency