Bitcoin 

Facebook Should Add Bitcoin, Not Create Libra

United States Rep. Warren Davidson (R) has said that Facebook adding Bitcoin (BTC) to its Calibra wallet would be a “way better idea” than creating its new currency, Libra. In an interview for the Noded Bitcoin podcast on Oct. 11, the Congressman said that “part of the beauty” of Facebook’s unveiling its proposed Libra stablecoin is that it crystallized all of the problems that already exist on the social media platform today. “Do we want filtered transactions or freedom?” Davidson argued that the Congressional hearings devoted to Libra this July…

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Cryptocurrency 

How Facebook Libra Is Seeking Compliance, but May Not Launch by 2020

For the cryptosphere, August was marked by the hotly debated announcements of world giants regarding the releases of international cryptocurrencies. The People’s Bank of China (PBoC) announced the imminent release of a national digital currency, Walmart began developing its own blockchain, Binance launching the Venus project, and Pavel Durov’s TON finally shared its release date. The race was also joined by Facebook, which kept the development of its cryptocurrency a secret until the very last second. At the moment, the company is actively hiring specialists who can convince financial regulators to…

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Cryptocurrency 

Facebook Warns Investors That Libra Stablecoin May Never Launch

Facebook has warned its investors that its Libra stablecoin may never be released, CNBC reports on July 29. Engaging with regulator “critical to Libra’s success” Facebook told its investors in its latest quarterly report that — while the firm expects to launch Libra next year — some factors could prevent its release. Iin the risk factors section of the document, the company admits that it recognizes the significance of the pushback shown by regulators towards Libra.  CNBC also reported that a Facebook spokesperson told the outlet on Monday that: “Engaging…

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Ethereum 

Why Wait for Facebook? China Can Issue Its Own ‘Libra’

The CEO of Chinese tech giant Huawei thinks that China can compete with Facebook for market share by issuing its own digital currency. Huawei CEO: ‘Why wait for others to issue it?’ As national news outlet Sina reported quoting a press conference in Italy on July 18, Ren Zhengfei believes China can easily create a digital currency with the same value proposition as Facebook’s Libra. “China can also issue such a currency by itself. Why wait for others to issue it? The power of a country is always stronger than…

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Cryptocurrency 

Crypto Community Reaction to Facebook Libra US Congressional Hearings

As countless eyes watched and followed the recent U.S. congressional hearings regarding Facebook-backed cryptocurrency Libra, it was evident that it will not be easy for the social media giant and the Libra Foundation to find a way of convincing the regulators of the merits their product could bring to the world. David Marcus, head of Facebook’s Calibra wallet that is built on blockchain technology, who has long been a leader in the centralized digital currency space, testified before the Senate Committee on Banking as well as the House Financial Services…

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Bitcoin 

Facebook Libra Not Avoiding U.S. Regulators, Switzerland a Better Fit

Among all the issues cropping up in Facebook’s recent hearing in the United States Congress regarding its new Libra cryptocurrency, the matter of location was perhaps the thorniest. Testifying before various banking and financial committees, Libra co-creator David Marcus was repeatedly questioned as to why Facebook had decided to establish the subsidiary behind its newfangled stablecoin in Switzerland rather than good ol’ America. Reps. Patrick McHenry, Josh Gottheimer and Bill Huizenga, for instance, all asked queries touching on the decision to set up abroad, insinuating in the process that Facebook…

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Ethereum 

Facebook and Instagram Now Have a Problem With Scam Libra Ads

While Facebook is struggling to agree on its crypto project Libra, a wave of fake Libra accounts have come up online, including on Facebook itself. According to a report by The Washington Post on July 22, nearly a dozen fake Libra pages have circulated across Facebook and its social photo-sharing app Instagram, posing as official entities for the much-discussed digital currency. Facebook removed Libra scam pages only after alerted by Washington Post As said in the report, a number of those fake Facebook and Instagram accounts were removed on July…

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Cryptocurrency 

US Regulator CFTC in Talks With Facebook Over Rumored Crypto Plans

United States regulator the Commodity Futures Trading Commission (CFTC) is in talks with Facebook about its upcoming stablecoin launch, the Financial Times (FT) reported on June 2. Citing chairman J. Christopher Giancarlo, the publication revealed that Facebook is attempting to smooth out the regulatory landscape ahead of the asset, currently dubbed GlobalCoin, allegedly going live next year. “We’re very interested in understanding it better,” the FT quoted Giancarlo as saying, himself adding that at present, no formal request for regulatory clearance had appeared. “We can only act on an application,…

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