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…

German Finance Minister Says Gov’t Must Reject Facebook’s Libra Coin

German Finance Minister Olaf Scholz stated that policymakers cannot accept parallel currencies such as Facebook’s proposed Libra stablecoin. Prevent stablecoins from becoming alternative currencies As reported by Reuters, on Sept. 17, German Vice Chancellor and Finance Minister Olaf Scholz said during a panel discussion in Berlin that Facebook’s planned crypto coin Libra will be clearly rejected. He said: “We cannot accept a parallel currency. […] You have to reject that clearly.”  According to a document seen by Reuters, German regulators are working closely with their European and international allies to…

International Central Banks to Question Libra Over Security Concerns

Libra, the planned cryptocurrency led by Facebook, is to be questioned by officials from 26 central banks in Switzerland today. Representatives from the heavily scrutinized project will face a grilling by officials from central banks, including the US Federal Reserve and the Bank of England, over the cryptocurrency’s “scope and design.” Since being announced in June, Libra has come in for significant perusal from government officials and regulators around the world due to concerns regarding the security of the Facebook-led coin. Libra to Be Blocked in Europe? Today’s meeting of the…

Libra Does Not Threaten Sovereignty of Nations, Says Calibra CEO

CEO of Calibra, Facebook’s digital wallet for its proposed Libra stablecoin, has attempted to debunk the notion of Libra’s threat to the global financial system. Not new money but a better payment network Amid the ongoing meeting between Libra founders and 26 global central banks in Basel, Calibra CEO David Marcus has stepped up to protect the position of the Libra Association on Twitter on Sept. 16. In a Twitter thread titled “About monetary sovereignty of Nations vs. Libra,” Marcus wrote: “Recently there’s been a lot of talk about how…

‘A Lot of Work’ Still Needs to Happen for Libra to Become Real

PayPal representatives have said they remain cautious about the future of Facebook’s planned stablecoin Libra, according to a Sept. 14 report from Agence France Press (AFP). PayPal investor relations vice president Gabrielle Rabinovitch reportedly emphasized that the firm’s membership of the Libra Association represents a “non-binding commitment,” noting that: “Obviously, I think there’s a lot of work to happen before we get to that point where it [Libra] becomes something more than just a very exciting idea.” “Democratizing access to capital” As previously reported, the Libra Association is an independent,…

Libra Confident, France Angry, Domino’s BTC Prize: Hodler’s Digest, Sept. 9–15

Top Stories This Week Facebook’s crypto launching in H2 2020, says Libra Association chief The head of the not-for-profit driving Facebook’s Libra digital currency has said he is confident that seemingly endless regulatory difficulties can be ironed out — paving the way for the token to launch in the second half of 2020. Bertrand Perez’s comments came on Thursday — the same day French Finance Minister Bruno Le Maire warned “we cannot authorize the development of Libra on European soil.” He fears that the stablecoin puts monetary sovereignty of European…

Central Banks to Meet With Libra Founders in Switzerland on Monday

Officials from the European Central Bank (ECB) and 25 global central banks will meet with Libra to assess the financial stability risks of the project. Central bank forum to challenge Libra On Sept. 16, Libra representatives will meet with the Committee on Payments and Market Infrastructure (CPMI), a part of the Bank of International Settlements (BIS), in Switzerland, the Financial Times reports on Sept. 14. The CPMI, a BIS international standard setter and a member of the Financial Stability Board, consists of 28 member banks, including the Bank of England,…

France Pushes to Block Development of Libra in Europe

France’s Minister of the Economy and Finance has said the country will block the development of Libra in Europe as it threatens “monetary sovereignty.” Bruno Le Maire stated that he had serious concerns about the disruption the planned Facebook-led cryptocurrency could have on governments’ economic power at a meeting of the Organisation for Economic Co-operation and Development in Paris. “This eventual privatization of money contains risks of abuse of dominant position, risks to sovereignty and risks for consumers and for companies,” said Le Maire on the subject of Libra. Libra would be decentralized like…

German Gov’t Speaks Against Approval of Facebook’s Libra in Europe

The government of Germany has spoken against the authorization of the development of Facebook’s forthcoming Libra stablecoin in the European Union. As German weekly news magazine Spiegel reported on Sept. 13, the Christian Democratic Union (CDU) parliamentarian Thomas Heilmann — who is responsible for the blockchain policy of the CDU and Christian Social Union in Bavaria set to be approved later in September — the government will deny projects like Libra. “Not to allow market-relevant private stablecoins” Heilmann stated that it was agreed in the grand coalition “not to allow…

EU Needs Own Digital ‘EuroCoin’ to Compete With Libra, Says France

French Finance Minister Bruno Le Maire has said that Europe should consider its own “public digital currency” that could challenge Facebook’s Libra. The minister’s remarks — the latest in a series of vocal misgivings about the social media giant’s cryptocurrency plans — were reported by Reuters on Sept. 13.  “EuroCoin”? At a meeting of EU finance ministers in Helsinki, Le Maire told reporters that he would be discussing the potential for a European public digital currency with his counterparts on the continent next month.  He also reiterated his concerns that the proposed…