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…

France’s Le Maire Attacks Facebook’s ‘Political’ Ambitions With Libra

France’s economic and finance minister says Libra is “unacceptable,” calling it an intrusion into the state’s political sovereignty. Writing in a Financial Times op-ed on Thursday, Bruno Le Maire said the Facebook-led project is usurping the sovereign right of states to issue their own currencies, which will have dramatic and unforeseen repercussions. The Libra Association signed its formal charter earlier this week in Geneva along with 20 other members. When the euro was created in 1999, member nations surrendered aspects of their sovereignty to a greater European project. To allow Facebook and…

Founder of Alternative to Facebook’s Libra Exaggerates ‘Partnerships’

The founder of the OpenLibra project, Lucas Geiger, reportedly misrepresented some of the organizations involved in the project. OpenLibra founder apologized through Telegram On Oct. 11, Coindesk reported that at least four individuals and organizations denied the fact that they support the OpenLibra project. Others are minimizing their involvement in OpenLibra, which aims to become an alternative to Facebook’s Libra. Ethereum developer Lane Rettig excitedly took to Twitter on Oct. 8 to share Geiger’s announcement of OpenLibra at the Ethereum developer conference Devcon 5, in Osaka, Japan, adding: “Seeing #openlibra…

Visa, EBay, Stripe and Mastercard Abandon Facebook’s Libra Project

Visa, EBay, Stripe and Mastercard have all announced that they are dropping out of Facebook’s Libra Association and its associated stablecoin project. Four companies abandon ship On Oct. 11, Bloomberg reported that Ebay, Stripe and Mastercard had decided to drop out of Facebook’s Libra cryptocurrency project. Within minutes, Visa said it had also decided not to join the Libra Association, according to The Block. The news comes one week after payment processor PayPal announced its withdrawal from the Libra stablecoin project as regulators continue to scrutinize the project. The companies…

US Senators Warn Three Facebook’s Libra Backers of Membership Risks

Three backers thought to be reconsidering their involvement in Facebook’s digital currency Libra have received warnings from the United States’ politicians over participating. Senate Letter: Facebook’s problems are your problems According to Bloomberg’s article published on Oct. 9, a letter to Visa, Mastercard and Stripe was sent by two U.S. senators. In it, they are reportedly pressuring the three payment giants to look closer at the regulatory implications of Libra. The report comes a week after the rumors started to spread about the companies’ cold feet over Facebook’s digital currency.…

Now Traders Can Make Bets on When Facebook’s Libra Will Launch

Crypto futures exchange CoinFLEX is issuing derivatives linked to the launch of the Facebook-led Libra cryptocurrency project. Dubbed an Initial Futures Offering (IFO), the exchange launched similar derivatives products for both the blockchain interoperability project Polkadot and cloud computing network Dfinity before their mainnets were live, Bloomberg reports on Monday. The Libra IFO, a physically settled product, allows investors to bet if Libra will launch before the settlement date of Dec. 30, 2020. The futures product will be available Oct. 24 and will pay out in Libra tokens. Libra’s launch date –…

‘Very, Very Skeptical:’ German Finance Minister Opposes Facebook’s Libra

Germany’s finance minister Olaf Scholz sees uses for an electronic version of the euro but believes Facebook should stay away from money issuance.  Scholz: Germany wants E-euros, not Libra Speaking to local financial news outlet WirtschaftsWoche on Oct. 3, Scholz revealed that he would be keen on seeing a so-called E-euro, adding: “A payment system like that would be good for Europe as a financial center and its integration into the world financial system.” By contrast, Scholz has stated that he is “very, very skeptical” of Facebook’s digital currency, Libra,…

US Response to Facebook’s Libra Is ‘Ridiculous,’ says Coinbase CEO

Brian Armstrong, CEO and co-founder of major crypto exchange Coinbase, tweeted on Oct. 5 that he expects the United States to react to China’s stablecoin project by reconsidering its response to Facebook’s Libra digital currency. The U.S. government wants to be left behind In his tweet, Armstrong said he believes that “the way the U.S. government reacted it’s like they almost want to be left behind.” He also voiced overall concerns over the United States possibly becoming obsolete due to innovation obstruction in a subsequent tweet: “The way for countries…

PayPal Might Quit Facebook’s Libra Project

When it comes to the payments space, there is no other company that has a reputation as big as that of PayPal (NASDAQ:PYPL). Hence, when it emerged that the payments giant was going to be a part of the Libra Association, there was a lot of anticipation about the sort of product Libra was going to be. Key Details However, according to the latest reports, it has emerged that PayPal is now considering pulling out of the Libra Association. The reason behind the decision is tied to the regulatory issues…