As Regulators Stonewall Libra, Facebook Rolls Out New Payment System

As the Libra stablecoin project continues to face a hostile audience of regulators, Facebook launches a new fiat payment system called Facebook Pay. Empower people everywhere to buy and sell things online On Nov. 12, the social media giant announced that it is introducing Facebook Pay, a payment system that is designed to facilitate payments across Facebook, Messenger, Instagram, and WhatsApp. Deborah Liu, VP, marketplace & commerce at Facebook said: “People already use payments across our apps to shop, donate to causes and send money to each other. Facebook Pay…

Dutch Court Orders Facebook to Remove Fake Bitcoin Ads

A Dutch court has ruled that Facebook must remove Bitcoin (BTC)-related fraudulent investment ads following local billionaire and television producer John de Mol’s lawsuit against the company, Reuters reported on Nov. 11. De Mol initiated judicial proceedings against the social media giant in June 2019, claiming that Facebook failed to respond to multiple requests to remove ads of a scam that misused his and other celebrities’ images and eventually resulted in the loss of 1.7 million euros ($1.8 million) by investors. The ruling, fine and Facebook’s stance Following de Mol’s…

Cointelegraph Facebook Page Unpublished, One Month and Counting

Update: As of 09:30 PM UTC on Oct. 24, Cointelegraph’s access to its Facebook page has been restored. Cointelegraph’s official Facebook page, boasting more than 730,000 followers, has been banned by the social media giant, while the cause remains unclear. On Sept. 18, our page was removed from the platform’s search results. Consequently, Cointelegraph has been unable to publish anything on the account for over a month now, unable to reach the audience. Cointelegraph has reached out to Facebook for additional comments regarding the reason why the page has been…

Visa Still Interested in Developing Libra With Facebook

Alfred F. Kelly, CEO of major payment processor Visa, has said that the company is still in discussions with Facebook on the Libra project. In an interview with finance and economics-focused publication Economic Value on Oct. 24, Kelly assured the interviewer that Visa still maintains a close relationship with Facebook on the subject, as it believes that digital currencies provide safer payments to more people and places. Kelly said: “As a curious and open company — and given the leadership we have in the payments ecosystem — we want to…

Zuckerberg: Facebook Would Quit Libra if the Association Launched Prematurely

WASHINGTON – Facebook CEO Mark Zuckerberg told lawmakers that the company would pull out of the Libra Association in the event the consortium launched its proposed cryptocurrency without all needed regulatory approvals. In a hearing of the House Financial Services Committee Wednesday, Zuckerberg fielded pointed questions on a variety of controversial issues around the social network, from election meddling to housing discrimination to deepfakes. But Libra, the proposed price-stable cryptocurrency Facebook conceived and set up the association to run, was the foremost item on the agenda And many of the…

Facebook Will Not Launch Libra Without US Approval

Mark Zuckerberg, the founder of social media giant Facebook, plans to tell United States Congress that Libra will not launch anywhere in the world until U.S. regulators approve it. Libra won’t launch anywhere without Congressional approval Per Zuckerberg’s prepared remarks released on Oct. 22 in advance of planned hearings before the U.S. House Financial Services Committee, the Facebook CEO wants to assuage regulatory concerns over the launch of the coming stablecoin. He said: “Facebook will not be part of launching the Libra payments system anywhere in the world until US…

Banks May Cut Ties With Facebook if Libra Is Launched: ING CEO

Banks may be bound to stop working with social media giant Facebook if the firm launches its Libra stablecoin, according to ING CEO Ralph Hamers. Bank can choose to “not accept the client” Financial news outlet Financial Times reported on Hamers’ remarks on Oct. 22. Per the report, he explained that institutions like ING have to guard the financial system to prevent criminal activity. Because of this, concerns over Libra’s potential for illegal use may result in a response from the banks: “We can take measures and exit the client,…

Facebook Could Use Fiat-Pegged Stablecoins for Libra

Facebook is reportedly open to the idea of using national currency-pegged stablecoins for its forthcoming Libra project. According to Reuters on Oct. 20, David Marcus, the head of the Libra project for Facebook and CEO of Facebook’s wallet service Calibra, said that Libra could use various fiat-based stablecoins, instead of the initially proposed token.  Speaking at a banking seminar on Sunday, Marcus reportedly stated that the main goal of the project was to create a more efficient payment system and that it was not opposed to looking at alternative approaches.…

What Facebook CEO Mark Zuckerberg Said in His Defense of ‘Free Expression’

Facebook CEO Mark Zuckerberg defended free expression in a speech at Georgetown University on Thursday. “[The internet] allows people to share things that wouldn’t have been possible to share before,” he said. However, “we’re seeing people across the spectrum try to define more speech as dangerous because it may lead to political outcomes that they see as unacceptable.” Freedom of expression and censorship-resistance may be sacrosanct for cryptocurrency advocates. But Zuckerberg did not link his free-speech concerns to his company’s Libra cryptocurrency project, nor did he stake out an entirely…

Facebook Officially Launches Libra Despite High-Profile Departures

Libra, the highly-scrutinized planned cryptocurrency led by Facebook (NASDAQ:FB), officially launched in Geneva yesterday despite several high-profile defections from the project last week. Libra Launches With 21 Chartered Members The Libra Association, the non-profit governing body of the digital currency, officially signed on 21 charter members at a meeting at its Swiss headquarters. The association was originally made up of 27 members; however, the high level of regulatory scrutiny leveled at the project led to several prominent defections in recent weeks. These include Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Mastercard (NYSE:MA),…