Libra is a blockchain project proposed by Facebook, designed to be a stable digital cryptocurrency that will be fully backed by a reserve of fiat currencies. The goal of the Libra Blockchain is to serve as a solid foundation for financial services, including a new global currency, which could meet the daily financial needs of billions of people.
The project is in the test phase and expected to be launched by 2020.
There’s a very interesting saying that almost every culture uses and that’s “Fighting fire with fire”. This phrase has not been more relevant than in the United States-China trade war that has been going on for a couple of months now. It seems that the trade negotiations have been boiled...
Nearly after a month since the remaining 21 Libra association members signed the charter, the Libra team released an update of its progress. The Libra association shared the update in a blog post that since Sept 17, Libra’s testnet network has logged over 51,000 transactions with 7 nodes supporting the...
Stablecoin including Facebook-initiated Libra could come under securities market regulation principles and standards. The conclusion of applying securities rule to stablecoin was decided in a meeting on 30th October in Madrid by the Board of the International Organization of Securities Commissions (IOSCO).
The recent developments hint Facebook may be moving away from Libra Association. As one of the association members confirmed the BBC: “We’ve seen Facebook start to move away from the association a little bit, maybe, but it’s still a challenge for them, definitely.” When asked about Libra testnet by the...
Ahead of Oct 23 hearing, Mark Zuckerberg has shared his testimony with the U.S. House of Representatives Committee on Financial Services addressing several concerns lawmakers have expressed over the launch of the Libra project. In his testimony, Zuckerberg assures the committee members that “Facebook will not be a part of...
Libra Association may consider launching a series of stablecoins based on national currencies such as the dollar, euro, instead of the previously proposed synthetic one, a basket of fiat currencies which includes U.S. Dollar, Euro, Japanese Yen, British Pound, and Singapore dollar. Source: Reuters. “[Libra association] is open to looking...
Libra council members meeting on 14th Oct in Geneva, Switzerland was attended by all remaining 21 members. The members formally signed the charter. Additionally, the council appointed the board of directors for the Libra project. The 5 person board includes: Calibra cofounder David Marcus, Andreessen Horowitz general partner Katie Haun,...
As things were just starting to settle down, Facebook’s initiated Libra stablecoin lost another key founding member, Booking Holdings, an online travel company that operates websites Booking.com, Kayak.com, and Priceline.com. Additionally, warning from G7 members that the stablecoins must not go ahead until the company proves it is safe and...
In a draft report from G7 nations, the group says that the stablecoins must not go ahead until the company proves it is safe and secure. The warning applies to all stablecoin projects including Facebook’s Libra. Source: BBC news. The report from G7 adds that even if stablecoins backers satisfy...
Just days before Facebook’s planned Libra association members meeting, eBay, Visa, Mastercard, Stripe and Mercado Pago have made the decision to not move forward with the Facebook initiated Libra cryptocurrency project. Just last week, PayPal announced its withdrawal from Libra Association. Now other payment firms (Visa, Mastercard, Stripe and Mercado Pago) also leaving,...
