‘Libra Will Never See The Light Of Day’: Monetary Historian

UC Berkeley professor Barry Eichengreen argues that Facebook’s planned Libra stablecoin faces too many “insoluble” problems, and too much resistance from governments, to ever launch. “Libra is an interesting idea that will never see the light of day,” he told the Unitize conference on July 10. Eichengreen asserts that the stablecoin sector is largely ignorant of monetary economics and history. He said his economic work had led to invitations “to a series of lunches at excellent San Francisco restaurants with the founders and funders of prospective stablecoins.” “My conclusion was…

Gov’t Was Concerned Libra Could Displace Dollar

David Weild IV, who is known as the father of the JOBS Act, believes that the U.S. government had to move to stamp out Facebook’s Libra stablecoin. Facebook: Number of Active Users. Source: Statista. ‘Government’s got to do something’ In an interview with Cointelegraph, Weild said that when he first heard about Zuckerberg’s initiative, he knew right away that the government needed to step in: “When I heard what Zuckerberg was going to do (and this was before the government clamped down), I said ‘the government’s got to do something…

WhatsApp Debuts Fiat Electronic Payments While Libra Remains Stuck in Regulatory Maze

WhatsApp has premiered fiat electronic payments on its platform, with Brazil becoming the first country to experience a nationwide release. According to a statement released by WhatsApp earlier today, users who have Visa and Mastercard debit or credit cards from Banco do Brasil, Nubank, and Sicredi can now attach instant payments to their messages. There’s an unspecified monetary limit imposed due to AML and CFT concerns. Additionally, WhatsApp users in Brazil cannot make more than 20 in-app transactions per day. WhatsApp is reported to have over 120 million users in…

Libra Continues Path Forward, Announces New Brass

The Libra Association, the group behind Facebook’s digital asset endeavor, unveiled an update to its brass.  The association announced Sterling Daines as the chief compliance officer of the outfit, said a statement provided to Cointelegraph staff. Daines will leave his post at Credit Suisse at some point in 2020 to assume his role at the Libra Association.   Daines comes on board to ensure safety “I am pleased to join the Libra Association as it works to transform the digital payment space to empower billions of people,” Daines said in the statement,…

a16z Predicts Libra Competitors in the Race for a Global Digital Currency

Although a global digital currency has been enticing for regulators, Libra has failed to convince they’ll earn the world’s favor. Key Takeaways The announcement of Celo Network earlier this year marked the first true rival for Facebook’s Libra. a16z believes more competitors could emerge, putting stress on Libra, forcing regulators to take action. Libra’s failure thus far stems from Facebook’s scandalous past and its initial plan of introducing a new currency. The winner of this race will likely be the one that operates without threatening the state’s monopoly over the…

Goldman Scandal, BTC Bull Trap Fears, How Libra Will Make Money: Hodler’s Digest, May 25–31

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Goldman Sachs butts heads with Bloomberg over Bitcoin One of the world’s biggest investment banks caused a stink this week when it declared cryptocurrencies are not an asset class. In a leaked PowerPoint presentation, Goldman Sachs warned Bitcoin doesn’t provide diversification benefits, dampen volatility in…

Libra Will Allow Facebook to Spike Ad Prices, Zuckerberg Reportedly Says

The proposed Libra cryptocurrency will allow Facebook to increase ad prices, the social network’s CEO Mark Zuckerberg said at the annual shareholder meeting on Wednesday, according to Cnet.  At the event, Zuckerberg was reportedly asked how Facebook plans to profit from integrating Libra into its services.  Introducing a new cryptocurrency will make commerce more beneficial for businesses, and thereby increase ad revenue for Facebook, Zuckerberg reportedly replied. Last year, the social network earned around $69.6 billion from selling ads, which constituted more than 98% of their total income in 2019.…

Calibra Rebrands as Novi to Avoid Confusion With Libra

Facebook-owned digital wallet Calibra rebranded itself as Novi earlier today, sharing new details about the project. The primary reason for the name change was to avoid the confusion with the Libra cryptocurrency, a representative for Novi told Cointelegraph. “When we announced Libra and Calibra last June, we wanted to demonstrate that Calibra, the digital wallet, was closely linked to Libra, the global payment system. Both brands were born out of the same vision, to give people more access to the global economy. However, we’ve found that Calibra and Libra sounded…

Libra Exec Hirings Suggest Commitment to Anti-Crypto Regulations

Following a big-time update to its white paper in mid-April, the Libra Association has over the past couple of weeks made a string of striking new additions to its core governance team, including appointing Robert Werner as its general counsel and Stuart Levey as its CEO. Before joining the Libra Association, Werner served as the director of the Financial Crimes Enforcement Network, known as FinCEN, as well as holding a number of top leadership positions at financial firms such as HSBC, Goldman Sachs and Merrill Lynch. Similarly, Levey most recently…

Libra Association Appoints Former FinCEN Head as General Counsel

On May 19, the Libra Association, the organization behind Facebook’s Libra stablecoin project, announced the appointment of Robert Werner as its general counsel, in what seems to be a continuing strategy to reconcile with regulators. Werner brings vast experience from both the public and private sectors, including serving as the director for the Finance Crimes Enforcement Network (FinCEN) and overseeing both HSBC and Goldman Sachs’ enterprise executive for policy and regulations. Former FinCEN head joins Libra In its latest high-profile appointment, Robert Werner has been announced as general counsel to…