Novi users will lose all access to the wallet in September as Meta urges them to withdraw their funds, ending the roller coaster that has been the Diem project.
Facebook has faced an uphill task bringing regulators onboard with its Diem payment system, even after pouring millions into lobbying and rebranding efforts.
A staunch critic of Silicon Valley, writer and journalist David Gerard offers a stinging critique of Facebook’s cryptocurrency project.
The STABLE Act seeks to treat stablecoin issuers as banks, requiring them to obtain a banking charter and abide by all the current baking regulations.
Facebook will be launching the first Libra-issued digital asset in early 2021, it will be a stablecoin backed 1 to 1 with the US dollar
The Libra Association has announced Saumya Bhavsar as the general counsel for its payment subsidiary, Libra Networks.
The Bank for International Settlements (BIS) has said regulation could be embedded into private global stablecoins, such as Facebook’s Libra.
Financial regulators in the world’s seven biggest economies will continue to oppose the launch of Facebook’s digital currency Libra until proper regulations are in place.
Stevan E. Bunnell, former general counsel for the U.S. Department of Homeland Security, has taken up post as Facebook Libra’s chief legal officer.
Facebook Financial—to be known internally as F2—aims at making the social media giant a big player in the payments industry.