Blockchain 

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…

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Blockchain 

Libra Chief Praises Its Anti Money Laundering Standards

Libra Chief David Marcus has claimed that the Anti Money Laundering Standards of the underfire project are superior to any other payment networks on the market today. Libra Scrutiny Means Its On Track, Says Chief Marcus is the CEO of Calibra, the corresponding digital wallet of Libra, and previously served as president of PayPal and a member of the Board of Directors at Coinbase. Speaking at the Money 20/20 conference in Las Vegas, he said, “I want to say that the efficacy of sanction enforcing can be much higher on…

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Cryptocurrency 

Libra Will Not Hit the Market Without US Approval, Says Zuckerberg

The crypto sphere is known for being a disruptive force, but even this sector got a disruptive jolt of its own when Facebook (NASDAQ:FB) announced it would be launching its own cryptocurrency, Libra, in 2020. However, ever since the company announced the launch of its own stablecoin, it has come under fire from regulators from all over the world. Major Setback? As a matter of fact, even the United States President slammed the project and asked the company to instead apply for a banking license. It has now emerged that…

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Cryptocurrency 

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…

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Cryptocurrency 

Libra Gets First Major Political Backer in US Congress

Libra, the underfire planned cryptocurrency led by Facebook (NASDAQ:FB), has been dominating headlines in the world of crypto for all the wrong reasons. Regulators on both sides of the Atlantic have been staunchly opposed to the development of the coin, labeling it a threat to the economic and monetary sovereignty of nations. However, in a rare show of political support for Libra, Republican Senator for South Dakota Mike Rounds has written to Anchorage to endorse the project. Anchorage, a South Dakota-based trust fund, is one of the 21 founding chartered…

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Cryptocurrency 

Facebook Officially Launches Libra Despite High-Profile Departures

Libra, the highly-scrutinized planned cryptocurrency led by Facebook (NASDAQ:FB), officially launched in Geneva yesterday despite several high-profile defections from the project last week. Libra Launches With 21 Chartered Members The Libra Association, the non-profit governing body of the digital currency, officially signed on 21 charter members at a meeting at its Swiss headquarters. The association was originally made up of 27 members; however, the high level of regulatory scrutiny leveled at the project led to several prominent defections in recent weeks. These include Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Mastercard (NYSE:MA),…

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Cryptocurrency 

Mark Zuckerberg to Testify Before Congress Over Libra

Facebook CEO Mark Zuckerberg will defend the proposed Libra cryptocurrency in a testimony before the House Financial Services Committee on October 23. The highly scrutinized proposed cryptocurrency, which is being led by Facebook (NASDAQ:FB), has come under fire from regulators on both sides of the Atlantic due to its potential threat to monetary sovereignty. Now, Zuckerberg must defend the plans before US lawmakers for a third time when he speaks at a hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” Previously, Libra had…

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Blockchain 

Facebook’s Libra Cryptocurrency isn’t Actually Cryptocurrency

If you want a genuine cryptocurrency experience, don’t look to Facebook. The social media giant has lately made headlines around the world for introducing its Libra cryptocurrency and related nonprofit Libra Association. The popular understanding is that Libra is Facebook’s response to Bitcoin, Ether, and other popular crypto coins—it’s a new way to transmit value on the blockchain. It’s understandably being called a “cryptocurrency.” Except it’s not a standard cryptocurrency at all. Libra is a permissioned digital currency quite comparable to stablecoins that already exist There’s already a whole ecosystem…

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Blockchain 

Libra to Be at the Center of the EU’s New Crypto Regulations

Libra will be the focus of the cryptocurrency regulatory framework planned by the European Union’s finance commissioner Valdis Dombrovskis. “Common Approach” Needed, Says Commission VP The former Latvian Prime Minister has been the Vice President of the European Commission since 2014 and said in his bid to be reappointed that the EU needs to take a unified approach to regulating cryptocurrencies. “[…] we must address risks such as unfair competition, cybersecurity, and threats to financial stability. For instance, Europe needs a common approach on crypto-assets, such as Libra. I intend to propose…

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Blockchain 

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…

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