Why Facebook Libra is built on blockchain
Dave Marcus has explained the reasoning behind Facebook’s choice to develop Libra on blockchain instead of traditional banking systems.
Dave Marcus has explained the reasoning behind Facebook’s choice to develop Libra on blockchain instead of traditional banking systems.
The governor of the People’s Bank of China, Yi Gang, doused any further speculation, saying China’s cryptocurrency project did not “have a timetable.”
Facebook’s plans for Libra have been met with a further setback today, after the central bank of Japan called for “global cooperation” in regulating the stablecoin.
The currency will be backed by several fiat currencies from different parts of the world, but adds that there won’t be any support for China’s yuan.
Reuters learned Facebook had met with the Bank of England, the Treasury and regulatory officials before going public with its planned launch.
Facebook Libra’s prospects in the European Union were dealt another blow today with the unveiling of Germany’s new comprehensive blockchain strategy.
The internal settlement service will rely on the Wells Fargo Digital Cash, an internal stablecoin that will be pegged to the U.S. dollar.
David Marcus feels that Libra would not be a threat to any nation’s sovereignty, but many have not yet been convinced that this is true.
Germany is the latest to take a firm stance against the Facebook's digital currency and this is going to have serious implications on Libra’s future.
Criticizing what he called the “privatisation of money,” French Finance Minister Bruno Le Maire said Facebook Libra’s risks were too many and severe to be tolerated by regulators in the European Union.
The Libra Association has submitted a request to Switzerland’s Financial Market Supervisory Authority for clarification on how the regulator would classify Facebook Libra.
While the use of cryptocurrencies has continued to surge in recent years, the president of the Swiss National Bank doesn’t think they’ll ever be used widely as money in Switzerland.