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

Ripple’s Brad Garlinghouse: Nobody is in a position to manipulate XRP prices

On the 12 September 2019, Ripple’s CEO, Brad Garlinghouse, was interviewed on CNN International by Julia Chatterley on her show, First Move. During the interview, Garlinghouse said Ripple is seeing more momentum than ever with regard to people using XRP to make transactions. He also mentioned how people speculate on different asset classes and that […]
The post Ripple’s Brad Garlinghouse: Nobody is in a position to manipulate XRP prices 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

France Says No to Facebook’s Libra

France has publicly revealed that Facebook Libra project cannot be allowed to thrive in any European country. This was made known by French Finance Minister Bruno Le Maire on Thursday while speaking at an OECD conference in Paris.
France Disapproves Of Libra
France is currently leading the pack of European countries that are striking at big tech companies. It passed a 3% digital tax on several U.S. firms like Facebook, Amazon, and Google. According to the French Finance minister, Bruno Le Maire,
“All these concerns around Libra are serious. So I want to say this with a lot of clarity: In these conditions, we cannot authorize the development of Libra on European soil.”
Le Maire stated concerns around the possibilities of Libra undermining the sovereignty of other nations’ currencies and also issues regarding terrorism financing and money laundering.
Libra Constantly Failing Regulatory Tests
Facebook Libra has fallen into choppy waters with many regulatory bodies across Europe and the United States since it was announced in June. Security, privacy and concerns around possible illicit use of the global digital currencies are blocking Facebook in developing the proposed controversial project. Recently, popular jurist and European Central Bank’s (ECB) legal official, Yves Mersch, made a comment on Facebook’s controversial proposed global digital currency project calling it “beguiling but treacherous.” According to Yves,
I sincerely hope that the people of Europe will not be tempted to leave behind the safety and soundness of established payment solutions and channels in favor of the beguiling but treacherous promises of Facebook’s siren call, ”
Also, earlier this week, the Libra association was reported to have turned to Swiss FINMA for a payment system regulatory approval. According to a statement released by the association,
“Switzerland offers a pathway for responsible financial services innovation harmonized with global financial norms and strong oversight,”
“We are engaging in constructive dialogue with FINMA and are encouraged to see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system,”
The post France Says No to Facebook’s Libra appeared first on Coingape.
Source: CoinGape

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

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

Bitcoin Gets Rejected In China Again As Libra Is Compared To Alipay And Wechat Pay

China has once again shown pessimism on Bitcoin. This time, according to Globaltimes, bitcoin fell short of recognition amongst the likes of Libra, Alipay and Wechat Pay.
China said a few good comments about Libra this week, and according to report, the country has considered it to be very similar to payment systems like their locally used alternatives like Wechat Pay and Alipay.
In a globaltimes report which explicated on the obvious similarities between Chinese payment systems and Libra as well as the various uses cases of the highly controversial Facebook project, Libra was expressed to be “independent,” “stable,” “convenient,” and “safe.”
Further, “Libra, unlike other cryptocurrencies, has a stable currency value and is convenient and safe to use in cross-border transactions,” writes Li Daokui, author of the op-ed. “In fact, Libra is in many ways the same as Alipay and WeChat Pay. The difference is that Alipay and WeChat Pay are directly pegged with the yuan – 1 yuan in an Alipay or WeChat Pay account equals 1 yuan of fiat money – while Libra is pegged with a basket of currencies. This difference indicates Libra is an independent currency and one that could very well grow into an important super-sovereign currency.”
Although this consideration does not particularly mention any cryptocurrencies like bitcoin, it does consider the immutability of sovereign currencies of which Libra shows similar qualities. Further speaking on the matter, Li Daokui maintained that,
“China should take advantage of WeChat Pay and Alipay, among other technological innovations, to increase the cross-border use of the yuan and accelerate the yuan’s internationalization,” he says. “The nation should also take an active role in the operation and management of Libra, to establish a foothold in the future international currency battlefield.”
Bitcoin Always Falls Short Of China’s Recognition
This news comes after China, earlier this year, placed other cryptocurrencies like EOS ahead of bitcoin on their list of top cryptocurrencies. Bitcoin also fell short of recognition as it couldn’t make the top 10 of the list where Ethereum had also managed to secure a spot.
The post Bitcoin Gets Rejected In China Again As Libra Is Compared To Alipay And Wechat Pay appeared first on Coingape.
Source: CoinGape