Libra Official Shares Project’s Expected Launch Date

A key official within the Libra association has revealed plans of the global project to be launched between the end of the first half and the end of the year 2020. The official revealed this during an interview in which he also shared opinions about Libra navigating through regulatory obstacles before the set launch period.
Libra About To Reach An Agreement With Swiss Regulators
Bertrand Perez, General Director of the Libra Association, in an interview with Les Echos recently aired some of the latest developments around Facebook’s controversial digital currency, which has been a source of debate and controversies globally.
The interview features many interesting points, but some of the most significant are around the issues of Libra’s compliance with regulatory demands in order for Libra to see the light of day. Perez maintained that Libra association was in constant dialogues with regulators and central banks. According to Perez,
The year we took before the launch serves to solve all these problems. In many countries, the regulatory framework for cryptos is still unclear. And we are firmly maintaining our launch schedule, between the end of the first half of the year and the end of 2020.
To achieve this goal, we still have work and especially with the regulators. We are about to get our approval, as a payment system, in Switzerland. We are fully aware of the issues related to money laundering and terrorist financing, and we will work with regulators to address them. (Google translation from https://www.lesechos.fr/finance-marches/marches-financiers/avec-le-libra-nous-nallons-pas-faire-de-creation-monetaire-1131256)
Official Says Libra Won’t Perform The Functions Of A Bank
Further answering some of the important questions put to him about Libra, Perez maintained that Libra would not perform functions of central banks. According to Perez,
We also assure central banks that we are not going to split: we are not going to make money creation. We are not here to do the work of the banks.
Recently, Libra was reported to have turned to Swiss FINMA for a payment system license. This news came after a group of delegates led by Congresswoman Maxine Waters visited Switzerland in order to make sure that appropriate regulatory measures were taken before Libra could be allowed to operate. Also, Coingape recently reported that Libra might not get approval for operating in Europe as the French Finance minister declared that Libra would not be allowed to operate on European soil.
The post Libra Official Shares Project’s Expected Launch Date appeared first on Coingape.
Source: CoinGape

There Are Many Requests from Interested Members, said Libra Association Director

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There Are Many Requests from Interested Members, said Libra Association Director
The Libra Association director granted an interview with a French news firm where he gave a bit more insight into the progress made so far including that the Libra will launch by the second half of 2020 with many members as well.
There Are Many Requests from Interested Members, said Libra Association Director

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Source: CoinSpeaker

Binance X’s head Teck Chia reveals that Venus is still in its experimental stage

Irrespective of entering the crypto space only in 2017,  Malta-based crypto exchange Binance has witnessed an array of developments. From the launch of its in-house token BNB to the recent announcement of Venus, a blockchain for fiat-backed stablecoins, Changpeng Zhao has accelerated the exchange’s popularity. Recently, in an aim to bolster the mass adoption of […]
The post Binance X’s head Teck Chia reveals that Venus is still in its experimental stage appeared first on AMBCrypto.
Source: AMB Crypto

Europe, Led by France, Set to Block Facebook’s Libra

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Europe, Led by France, Set to Block Facebook’s Libra
France warned that it will block the development of Facebook’s planned Libra cryptocurrency in Europe as it represents itself a threat for the “monetary sovereignty” of governments.
Europe, Led by France, Set to Block Facebook’s Libra

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Source: CoinSpeaker

China’s Digital Currency and Libra to Bring Significant Benefits for Financial Inclusion and Blockchain Tech

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China’s Digital Currency and Libra to Bring Significant Benefits for Financial Inclusion and Blockchain Tech
Both Facebook and the People’s Bank of China, have announced their digital currencies and are looking to release them to the public as soon possible. What does this mean for financial inclusion and the global blockchain industry?
China’s Digital Currency and Libra to Bring Significant Benefits for Financial Inclusion and Blockchain Tech

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Source: CoinSpeaker

Facebook: Libra Association responds to FINMA’s guidelines by filing for a license as a payment system

Earlier today, the Swiss Financial Market Supervisory Authority [FINMA] released guidelines on regulating stable coins. The guideline detailed how the regulatory authority will classify and regulate stablecoins based on its nature. Importantly, the guidelines outlined how Libra would be classified by FINMA. The blog post stated, “The Libra Association asked FINMA for an assessment of […]
The post Facebook: Libra Association responds to FINMA’s guidelines by filing for a license as a payment system appeared first on AMBCrypto.
Source: AMB Crypto

Circle CEO Thinks China’s Cryptocurrency Will Lead the Crypto Competition

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Circle CEO Thinks China’s Cryptocurrency Will Lead the Crypto Competition
Circle CEO Jeremy Allaire said that China’s research and development on CBDC outclass its peers and the digital version of Chinese Yuan could possibly bypass the Western banking system.
Circle CEO Thinks China’s Cryptocurrency Will Lead the Crypto Competition

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Source: CoinSpeaker

FAANG Stocks Seem to be Dropping the Ball, Could This Company Pick It Up?

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FAANG Stocks Seem to be Dropping the Ball, Could This Company Pick It Up?
Five of the biggest stocks in the market, FAANG, aren’t performing as well as they used to and expectations by market analysts seem to be lowering consistently. Are the glory days officially over and can FAANG really be replaced?
FAANG Stocks Seem to be Dropping the Ball, Could This Company Pick It Up?

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Source: CoinSpeaker

Facebook’s Libra could become ‘systematically important very quickly,’ claims Fed Chair Jerome Powell

2019 has been an incredibly important year for digital currencies. The collective cryptocurrency market broke away from the bearish winter and digital assets have again started to gain attention from various financial institutions and personalities. In fact, the President of the United States also called out Bitcoin and Facebook’s Libra at one point of time, […]
The post Facebook’s Libra could become ‘systematically important very quickly,’ claims Fed Chair Jerome Powell appeared first on AMBCrypto.
Source: AMB Crypto

The New Facebook Dating is a Great App Unfortunately Made by Facebook Itself

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The New Facebook Dating is a Great App Unfortunately Made by Facebook Itself
Facebook Dating is now available in the U.S., and even though it is a separate app from Facebook, it still somehow – isn’t separate at all. Privacy advocates say users are likely better off meeting potential love interests on other apps.
The New Facebook Dating is a Great App Unfortunately Made by Facebook Itself

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Source: CoinSpeaker

PBOC’s Cryptocurrency is Meant to Complement China’s Current Fiat

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PBOC’s Cryptocurrency is Meant to Complement China’s Current Fiat
People’s Bank of China (PBOC) central bank digital currency (CBDC) will allegedly be backed 1:1 by renminbi fiat as well as follow a two-tiered structured system with the bank, commercial banks, and retail market participants.
PBOC’s Cryptocurrency is Meant to Complement China’s Current Fiat

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Source: CoinSpeaker

This is How Binance is Planning to Get Governmental Acceptance for Venus

Major cryptocurrency exchange, Binance’s co-founder He Yi has said that the exchange has learnt from Libra’s mistake and will be doing things differently for the launch of Venus, its own ‘independent regional version’ of Libra. The strategy Binance is adopting is to make Venus, government and regulatory compliant. While this sounds simple, given the challenges Facebook’s Libra has faced, it might be easier said than done.
Binance’s Venus Might Face Regulatory Problems
Last week, Binance unveiled plans to develop stablecoins, which, unlike Bitcoin and other cryptocurrencies, will be backed by various fiat currencies. Yi admits that the idea behind Venus was inspired by Facebook’s Libra and it has learnt from the various regulatory issues Libra has faced from its announcement date.
Speaking to Bloomberg, Yi said the exchange would ensure that it complies with regulations in any country it plans to launch in. “If we want to launch Venus in a country, we’ll make sure it complies with regulations,” she said.
Facebook’s proposed cryptocurrency, Libra has faced huge resistance from governments around the world and come under increased scrutiny from various regulatory bodies. President of the United States, Donald Trump made scathing comments about cryptocurrency after Facebook’s announcement of Libra. According to the President who reiterated his stance that bitcoin and cryptocurrencies are not money and are also too volatile, “Facebook’s Libra’s virtual currency will have little standing or dependability.”
Source: Twitter
Libra’s announcement may have also spurred China’s Central Bank PBoC to hasten the launch of their own fiat-backed digital currency.
Crypto researcher and founder of TokenInsight Hu Tao, however, thinks that Venus will face the same problems Libra is facing because governments are still wary and skeptical “In theory, Binance will face the same challenges as Facebook. So far, regulators around the world can’t gauge precisely the potential risks stable coins will bring to the financial systems, and that is why they are very careful about Libra-like currencies,” Tao said.
A Conservative Approach
Binance’s major strategy to avoiding the troubles currently faced by Libra is to ensure that their project, Venus, is compliant with the regulations in various countries. The co-founder says that Binance will adopt a “more conservative” approach in gaining acceptance for the Venus project from governments and regulatory bodies. The project, Yi said, will focus more on meeting regulatory standards than ‘technological developments’
Binance’s stance on regulatory compliance for the Venus project is indicative of the exchange’s willingness to grow government relations, compared to how it has operated in the past. The exchange which operates out of Malta has in the past avoided countries with strict regulations; it even left China to set up base in Malta.
Binance will not be using its already existing blockchain, Binance Chain, for Venus as it plans on having an open-sourced blockchain for the currency. This, they hope, will attract more partners for the Venus project. While there is no definite launch date for the currency, Yi said that more updates and partnerships will be released in the coming days.
The post This is How Binance is Planning to Get Governmental Acceptance for Venus appeared first on Coingape.
Source: CoinGape

Facebook Declares Bug Bounty Program for its Libra Cryptocurrency

Facebook has announced that despite regulatory issues, it will be moving forward with its Libra project and is partnering with HackerOne on a bug bounty project for applications that have been built on its blockchain. The media giant is offering up to $10,000 bounty to developers who are able to point out bugs and flaws in code on the blockchain’s testnet. The company has said it is doing this to demonstrate how serious they are about security and ensuring people find Libra safe enough to turn to at all times. 
Libra is Very Security Centered
In a statement on the bounty, Dante Disparte who is the Head of Policy and Communications at Libra said,
“we are launching this bug bounty now, well before the Libra blockchain is live. Our hope is that people around the world can turn to Libra for their everyday financial needs, so the infrastructure must be dependable and safe”
Disparte also clarified doubts on if the company would be ignoring regulatory concerns raised by the US government and going ahead with the launch. According to him,
“Libra Blockchain remains in testnet, which is an early-stage version of the code that is far from final. We remain committed to taking the time to get this right and we will not launch the Libra Blockchain until regulatory concerns have been taken into account and required regulatory approvals have been received.”
Even though Libra is not set to launch till 2020, the Libra Association thinks it is not too early to show the public they are committed to ensuring the platform is secure enough for people to use and has declared the bounty program open to the public. 
The security program was launched in June but was only open to 50 selected security researchers. Michael Engle who is Head of Developer Ecosystem at Libra Association in a blogpost explained that the bug bounty program is
“designed to encourage members of the security community to dig deep, helping us find even the most subtle bugs. We want to help our researchers uncover issues while the Libra Blockchain is still in testnet and no real money is in circulation.”
Engle also reiterated that the Association recognizes that Libra is a global project and would be patient enough to take the required time needed to build it. 
That Libra is crowdsourcing security concerns do not come as a shock to anybody familiar with Facebook whose founder also owns Libra. Facebook is well known for crowdsourcing its security problems and has dolled out millions of dollars in rewards. 
Bounty Program Premature
As earlier reported, Libra has come under serious scrutiny from various regulatory bodies and there is a possibility the project might not get the required approvals from the various parties involved. President Trump also made very scathing comments after Libra was announced, further reducing the chances of acceptance. While the Libra Association’s optimism is applauded, the bug bounty might just have been opened a little too soon.
The Libra Association is backed by more than 20 companies including Mastercard, PayPal, and Uber.
The post Facebook Declares Bug Bounty Program for its Libra Cryptocurrency appeared first on Coingape.
Source: CoinGape

CNBC Analyst Slams Facebook Libra, Champions Bitcoin

Since the announcement of Facebook’s Libra cryptocurrency, the crypto market and even the tech sector has never been the same. It’s got regulators up in arms about Bitcoin, crypto assets are crashing, and the project may not ever even see the light of day. Even partners have started to abandon the project.
The topic came up during a recent segment on CNBC’s Squawk Box, and one of the show’s hosts went on a rant, slamming Facebook’s crypto project while championing Bitcoin for having more desirable qualities than Libra.
Joe Squawk: Bitcoin is Decentralized, Libra Is Controlled By Zuckerberg
Bitcoin is arguably the most powerful piece of technology the world has ever seen. Its significance is undeniable, and those who are skeptical tend to come around eventually once they dive under the surface and gain a deeper understanding of the crypto asset’s potential.
Related Reading | CNBC Host Pushes Bitcoin, Cites Halving and Scarcity As Catalyst for $55K BTC 
CNBC Squawk Box host Joe Kernen is the perfect example of a Bitcoin skeptic turned believer. The once crypto pessimist has been recently seen defending Bitcoin and talking of the next potential price peak occurring around the next halving in May 2020.

The many reasons why @JoeSquawk hates libra and (presumably) loves bitcoin #btc #decentralized #facebook #privacy $FB pic.twitter.com/PTPEZQguRf
— Squawk Box (@SquawkCNBC) August 23, 2019

In the latest segment of CNBC’s Squawk Box, the discussion turned to the topic of Facebook’s Libra cryptocurrency – a polarizing project from the social media powerhouse that’s got financial regulators in defense mode.
Kernen says he’s never understood the project and doesn’t like it “one bit.”  He doesn’t like that its “centralized”, and like many, doesn’t like it because it’s “Facebook.”

“I don’t like anything about it,” Kernen said.

He warns that although Facebook claims it will have a positive impact on the unbanked, the company is an intermediary, and will take a cut from its users even if its feeless – by stealing “all your private data and know all about your bank account.”
Facebook has faced a number of privacy-related lawsuits and recently was ordered to pay an unprecedented $5 billion penalty over privacy issues. Bestowing the company with any personal data is a risk, let alone sharing monetary and transaction data with the corporation.
Kernen turns the conversation toward Bitcoin, claiming it has an unforgeable value similar to gold, or antiques – things that cannot be duplicated. Bitcoin’s hard-coded digital scarcity gives the crypto assets an attribute similar to gold.
Related Reading | CNBC Analyst Calls Secretary Mnuchin Out on Bitcoin Criticism
In the past, Kernen has argued that decentralized networks offer more inherent value than even governments due. Facebook’s Libra is the perfect example of how a centralized crypto asset offers the controlling party too much power over its users. Bitcoin was designed to be the first-ever decentralized asset that cannot ever be controlled, nor can it ever be stopped.
The post CNBC Analyst Slams Facebook Libra, Champions Bitcoin appeared first on NewsBTC.
Source: New feedNewsBTC.com

Facebook’s Libra Gets Support From ZenGo Wallet Already Before Launch

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Facebook’s Libra Gets Support From ZenGo Wallet Already Before Launch
ZenGo crypto wallet has announced the support for Facebook’s Libra testnet which gives its users a first-hand experience of using Facebook’s native cryptocurrency.
Facebook’s Libra Gets Support From ZenGo Wallet Already Before Launch

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Source: CoinSpeaker