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,…

Libra Network Logged Over 30 Projects in Past Two Months of Testing

The Libra Association, the entity behind Facebook’s forthcoming eponymous stablecoin, has logged over 30 projects and 51,000 transactions on the Libra network during the past two months. Despite global regulators’ controversial stance towards Libra and the loss of a one-fourth of its founding partners, the Libra Association continues to develop the stablecoin’s network and has plans to introduce a range of new features in the upcoming months, which it set forth in a press release published on Nov. 15. Ten wallets, 11 blockchain explorers, one integrated development environment, one application…

Libra Testnet Surpasses 50,000 Transactions Since September Launch

The Libra testnet has logged over 51,000 transactions since it was reset in September, with 34 projects having been developed on the network according to an update released by The Libra Association last week. In a blog post titled “Five months and growing strong: the Libra project,” the project’s lead developer, Michael Engle, said, “It’s been just five months since we announced the Libra project on June 18, 2019, and nearly a month since the Association charter was signed by its members in Geneva. We’ve been working diligently to build the…

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…

Libra Would Be Trusted If Run by IMF

The former head of People’s Bank of China (PBoC), Zhou Xiaochuan has argued that the Libra stablecoin would be more readily trusted if it were in the hands of an organization like the International Monetary Fund (IMF). Zhou is the longest-serving governor of China’s central bank to date, having held the role between 2002 and 2018. During his tenure, China soared to become one of the world’s leading economies. Zhou made his comments during a speech delivered in Beijing as part of the 10th Caixin Summit on Nov. 8, according…

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…