Facebook Kisses up to Banks as Pushback Threatens Libra Crypto

The conspicuous absence of even a single bank as a founding member of Facebook’s cryptocurrency project was never “intentional," according to the co-creator of  Libra, David Marcus. Facebook, he said, would love to have banks involved. No banks in Libra Association? No worries In an interview with Swiss newspaper Neue Zurcher Zeitung, Marcus revealed that banks were […]

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Facebook Was Wooing Regulators Before Controversial Libra Reveal

Facebook sat down with the United Kingdom's finance ministry, the central bank, and other regulatory officials in what was presumably a pre-emptive move to win favor before announcing its own self-titled cryptocurrency, Libra. This new revelation comes from Reuters, which received the details from freedom of information requests and claims that the responses illustrate an […]

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Swiss Central Bank Dreads Scary Foreign Stablecoin Crypto

Switzerland’s central bank is fretting over the possibility of stablecoins pegged to foreign currencies eroding its ability to use its monetary policy tools effectively, further complicating the path for cryptocurrency projects such as Libra. This was revealed by the chairman of the governing board of the Swiss National Bank, Thomas J. Jordan, in a speech […]

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Facebook’s Crypto Scheme Triggers Massive Regulatory Backlash

Following reports earlier today that dozens of state attorney generals were set to officially commence antitrust investigations into Big Tech behemoths Facebook and Google, New York Attorney General Letitia James confirmed that at least one of the companies would indeed face government scrutiny. Unsurprisingly, it's the one that recently revealed its ambitious - and controversial […]

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EU Antitrust Boss Flags Facebook Crypto Libra for Monopoly Risks

EU regulators are investigating if the Facebook Libra "cryptocurrency" poses a threat to competition by being a potential monopoly. Margrethe Vestager is the outgoing antitrust chief of the European Union. She's gravely concerned that Libra could violate antitrust laws. EU: Facebook Libra must not stifle competition To address this, Vestager says European regulators are examining […]

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Amazon’s Secretive Crypto is Facebook Libra’s Biggest Threat: Report

Since Facebook announced the Libra cryptocurrency, a couple of other similar projects have been unveiled with all of them being dubbed potential ‘Libra-killers’. They include Venus, an initiative by Binance to 'develop localized stablecoins and digital assets pegged to fiat currencies across the globe', and Metal Pay. But according to analysts surveyed by financial analytics […]

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ECB Exec Rips ‘Cartel-Like’ Facebook Libra in Blistering Takedown

A member of the European Central Bank's executive board sounded the alarm on the "treacherous, cartel-like" Facebook Libra cryptocurrency. Yves Mersch issued a damning warning to not be fooled by Facebook's hollow promises of a decentralized ecosystem. Despite its noisy protestations, Mersh warns that the Facebook Libra network will be highly centralized. That's the opposite […]

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Find a Bug in Facebook’s Libra Crypto Software and Get Paid $10,000

Facebook’s cryptocurrency project is offering security researchers from anywhere in the world thousands of dollars to find bugs in its Libra cryptocurrency testnet. The Libra Association, which is in charge of the cryptocurrency project, will pay up to $10,000 for any critical vulnerabilities that will be discovered. These critical vulnerabilities include cryptographic implementation flaws which […]

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China’s Govt Crypto Readies Huge November Launch to Steal Libra’s Thunder

Facebook’s fears that the bottlenecks tech firms in the free world face in developing cryptocurrencies risks opening the door for more closed societies to take the lead have been confirmed. According to Forbes, China has already developed a state-backed cryptocurrency known as DC/EP (DC- Digital Currency, EP - Electronic Payments) that could be unveiled in […]

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