Klaytn Blockchain Ahead of Facebook’s Libra Network, Says Kakao CEO

Yeo Min-soo, the CEO of South Korean internet giant Kakao, said that his firm’s Klaytn blockchain is similar to Facebook’s Libra except it is way ahead in its development. According to the Korea Herald on Nov. 28, Min-soo lauded Klatyn’s development during the first Klaytn Governance Council Summit held in Seoul: “Facebook’s Libra launched last month with aims to recruit 100 partners. Libra is taking a similar approach to ours, but it has yet to experience the milestones we have crossed. […] Next year, Klaytn will become Asia’s biggest blockchain…

Facebook’s Announcement of Libra Was ‘Ridiculously Stupid’

CEO of blockchain firm R3 has ridiculed the way Facebook introduced its yet-to-be-released Libra stablecoin. Skepticism surrounding Facebook’s forthcoming Libra stablecoin continues growing as David Rutter, the CEO of enterprise software firm R3, said that the announcement of Libra this summer was “ridiculously stupid,” Financial News reported on Nov. 18. “Really naïve” Rutter delivered comments during a recent company conference in London, admitting that Facebook’s plans to issue their own cryptocurrency made policy makers and financial regulators have sped up the process of examination of blockchain and cryptocurrency applications. However,…

Fed Must Launch FedNow Ahead of Facebook’s Libra, Says Gov’t Official

A senior United States federal official has argued that Facebook’s Libra highlights the need for the Federal Reserve (Fed) to act urgently and launch its own real-time payments system. In a letter addressed to the Federal Reserve’s Board of Governors on Nov. 7, Rohit Chopra —  a commissioner at the United States Federal Trade Commission — expressed his support of the central bank’s proposal to launch a new, round-the-clock real-time payments system dubbed “FedNow Service.” A potential “shadow global central bank” In his letter, Commissioner Chopra argued that the central…

EU Reaffirms Potential Move to Block Facebook’s Cryptocurrency

The European Union is doubling down on its commitment to block the launch of Facebook’s Libra should it deem the project to present “unmanageable or excessive risks.” A draft document to be discussed at a meeting of E.U. finance ministers this Friday states that “all options should be on the table” — including impeding the stablecoin’s very development. The news was reported by EU policy site EurActiv on Nov. 6. Libra’s lack of clarity makes decision “impossible” The document is an initial text prepared by Finland, which currently holds the…

Facebook’s Sandberg: Political Ads Are Important Part of the Dialogue

Oct.30 — Facebook Inc. Chief Operating Officer Sheryl Sandberg talks about the company’s financial results, its strategy for political advertising and its proposed global cryptocurrency, Libra. Facebook’s third-quarter sales rose a better-than-projected 29%, weathering a period full of regulatory challenges and criticism by boosting advertising revenue and adding 35 million new users to its main social network. Sandberg speaks with Caroline Hyde on “Bloomberg Daybreak: Australia.” source

Tencent Admits Facebook’s Libra Is a Threat to WeChat Pay

Facebook’s Libra stablecoin would be a serious threat to WeChat Pay, the payment service’s parent company Tencent admitted in a recent blockchain whitepaper. Asian news outlet EjinSight reported on Oct. 24 that in the document Tencent acknowledges that international expansion of Chinese mobile payments offerings would be threatened if Libra launched. In the newly released whitepaper, Tencent illustrated the effectiveness of Libra’s expansion strategy: “It’s a safe play resorting to the strategy of ‘encircling the cities from the rural areas,’ in which Libra coin could quickly enter markets with underdeveloped…

Facebook’s Libra May Cause Banks to Cut Financing to the Company

Ever since the potential launch of Facebook’s Libra was announced by the social media behemoth, the company’s cryptocurrency project has lurched from one problem to the next. Regulators from different parts of the world had voiced their concerns about the Libra cryptocurrency, and even the President of the United States slammed Facebook in one of his famous tweets. New Trouble? In a new development, it has now emerged that if Facebook (NASDAQ:FB) does not take care of the regulatory issues with regards to Libra, then banks might refuse to provide…

German Minister Doubles Down on Statements Against Facebook’s Libra

German Federal Minister of Finance Olaf Scholz has doubled down on his previous statement that policymakers should prevent the issuance of Facebook’s Libra stablecoin. At the International Monetary Fund and World Bank fall meeting on Friday, Scholz stressed that stablecoins could pose international risks, Reuters reported on Oct. 18. Scholz expressed his utter skepticism regarding the social media giant’s plans, stating: “We will carefully monitor the situation with all the means at our disposal. I am not in favour of the successful creation of such a world currency because that…

Nearly 75% of German Consumers Would Reject Facebook’s Libra: Survey

Almost three-quarters of German consumers would not use Facebook’s planned digital currency, Libra, according to a recent poll. Only 27 percent considers using Libra On Oct. 17, Cointelegraph auf Deutsch reported that out of 2000 questioned Germans, aged 16 and over, only 27 percent would ever consider using Facebook’s Libra stablecoin as a means of payment at home or abroad. The poll was conducted on behalf of the Wirtschaftswoche business news magazine and Creditplus Bank AG. The results indicate that 73 percent completely reject the idea of Libra as a…

Facebook’s Libra Just Got Its First Major Supporter in Congress

Amid a sea of scorn, one U.S. Senator is praising Libra. Sen. Mike Rounds (R-S.D.) wrote a letter to Libra Association member Anchorage, a South Dakota-based trust company, endorsing the Facebook-led project and citing it as an example of a technological advance he feels is needed to aid U.S. consumers. Rounds also pushed back against a more “ominous” letter penned by Senators Brian Schatz (D-Hawaii) and Sherrod Brown (D-Ohio), warning the CEOs of Mastercard, Visa and Stripe that they may come under increased regulatory scrutiny should they continue participating in…