Libra Should Not Scare Central Banks, Says Facebook

Libra, the cryptocurrency that is expected to be launched by Facebook (NASDAQ:FB) in 2020, has proven to be the biggest disruptor in the crypto sphere since June. Policymakers, central bankers, and even politicians have expressed their skepticism with regards to the project. Relief for Crypto Traders? The announcement in July created massive disruption in the crypto market, and it was around that time that Bitcoin lost its momentum. That being said, the troubles for Libra are not over yet as fresh fears have been raised whether the Facebook-backed stablecoin is…

Facebook Met British Authorities Prior to Libra’s Official Announcement

Facebook reportedly met British authorities and regulatory officials three times prior to publicly announcing plans for the Libra stablecoin project. As Reuters reported on Sept. 18, this spring Facebook had several appointments with officials at Britain’s finance ministry, the Financial Conduct Authority and the Bank of England. Reuters received details regarding the meetings after submitting freedom of information requests. At the meetings Facebook discussed its forthcoming digital currency Libra in a bid to get support from  authorities before the official announcement. Libra’s attempts to get regulatory approval Libra has been…

Facebook Libra Must Follow US Rules, Says Treasury Official

It was back in July that Facebook’s Libra was announced and ever since the announcement, it has become the subject of intense scrutiny from lawmakers. It has not only led to the scrutiny of the entire cryptocurrency project announced by Facebook (NASDAQ:FB) but that of the wider cryptocurrency market as well and consequently, it has proven to be a massive disruption. It also coincided with the point at which Bitcoin price started giving up the momentum that it had gained in the first half of the year. Key Details In a…

Facebook Libra to Be Pegged to Multiple Currencies as Stablecoin

One of the biggest disruptions to the crypto space this year has been the announcement of Libra from the tech giant Facebook (NASDAQ:FB) back in July. The white paper published by the company about its cryptocurrency resulted in a lot of chaos and eventually led to turmoil in the crypto market as lawmakers expressed their doubts about Libra quite vehemently. Key Updates The company was asked to clarify several aspects of the Libra project to United States senators. In a report by one of the leading business publications, the company…

Facebook Hires on New Lobbyists for Libra Stablecoin Project

Social media giant Facebook has hired two more lobbyists to aid the release of its forthcoming Libra stablecoin. As Bloomberg reported on Sept. 5, lobbying disclosures filed earlier this week revealed that William Hollier, the president of legislative and regulatory counseling firm Hollier Associates LLC, began lobbying for Facebook on blockchain policy, among other matters, in late August. Previously, Hollier worked for U.S. Republican Sen. Mike Crapo, who said at a hearing on cryptocurrencies and blockchain, “Facebook’s Libra project has generated renewed interest in digital currencies and blockchain […] with…

How Facebook Libra Is Seeking Compliance, but May Not Launch by 2020

For the cryptosphere, August was marked by the hotly debated announcements of world giants regarding the releases of international cryptocurrencies. The People’s Bank of China (PBoC) announced the imminent release of a national digital currency, Walmart began developing its own blockchain, Binance launching the Venus project, and Pavel Durov’s TON finally shared its release date. The race was also joined by Facebook, which kept the development of its cryptocurrency a secret until the very last second. At the moment, the company is actively hiring specialists who can convince financial regulators to…

Facebook Hires Lobbying Firm to Ease Regulatory Pressure on Libra

Facebook has hired a Washington-based lobbying firm to help it grapple with the negative responses sparked by the announcement of its planned Libra cryptocurrency project. According to an O’Dwyer PR report published on Aug. 26, the social media giant is working with FS Vector — a consultancy firm that specializes in regulatory compliance, public policy, and business strategy for the fintech, cryptocurrency, blockchain and financial services sectors. The FS Vector Facebook account Facebook’s lobbying registration documents filed with the United States Congress reportedly reveal that the firm is retaining FS…

Facebook Libra Faces Another Setback From Global Regulators

Ever since Facebook (NASDAQ:FB) announced that it was going to come up with its own cryptocurrency last month, the company has faced a whole range of backlash from regulatory bodies not only in the United States but also in the rest of the world. The name of the cryptocurrency is Libra, and although the company is planning to launch it in 2020, the white paper has received its fair share of criticism. In a fresh development, privacy regulators in the United Kingdom, the United States, and the European Union have expressed…

Facebook Hires Former Aide to US Sen. Mike Crapo to Lobby for Libra

Facebook hired former assistant of United States Republican senator Mike Crapo, Susan Stoner Zook, to join the lobbying team for its Libra stablecoin. Facebook doubles down on Libra lobbying News outlet Politico reported on Aug. 5 that Zook had been hired onto Facebook’s team of lobbyists working to win lawmakers over to Libra. Per the report, she wrote in an email that she will focus her work at the company on lobbying Republican senators. As Cointelegraph reported in July, Crapo stressed the importance of building an overarching regulatory framework for…

Facebook Libra Would ‘Discipline’ Weak Economies: Ex Japan Central Banker

Any country seeing widespread use of Facebook’s proposed Libra digital currency could find that its central bank monetary policy is severely undermined. This is the view of Hiromi Yamaoka, former Bank of Japan executive, who oversaw research into digital currencies for the organization. “The emergence of Libra would pressure policymakers to discipline themselves” Issues are likely to arise “if Libra becomes more widely used than the sovereign currency of a particular country,” according to Yamaoka. But while this should not cause too much concern for countries with a strong market…