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Fed to Hold Facebook’s Crypto Coin to ‘High’ Bar: Powell

“The U.S. Federal Reserve is looking carefully at Facebook’s planned cryptocurrency Libra, and will hold it to high standards regarding protecting consumers and regulation, Federal Reserve Chairman Jerome Powell said on Tuesday. “Libra’s a new thing; we are looking at it very carefully,” Powell said in response to an audience question after a talk at […]

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House Lawmakers Officially Ask Facebook to Put Libra Cryptocurrency Project on Hold

“House Democrats are requesting Facebook halt development of its proposed cryptocurrency project Libra, as well as its digital wallet Calibra, until Congress and regulators have time to investigate the possible risks it poses to the global financial system . Rep. Maxine Waters (D-CA), the chairwoman of the House Financial Services Committee, hinted at a move […]
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Companies

Regulators Have Doubts About Facebook Cryptocurrency. So Do Its Partners.

“One of the biggest selling points of Facebook’s ambitious plans for its new cryptocurrency, Libra, was that the social media company had 27 partners, including prominent outfits like Visa, Mastercard and Uber, helping out on the project. But some of those partners are approaching Libra warily. They signed nonbinding agreements to join the effort partly […]
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The Ties That Bind Facebook’s Libra

“As one member among many, Facebook’s role in governance of the association will be equal to that of its peers,” Marcus continued. “Facebook will have only one vote and will not be in a position to control the wholly independent organization.” But a WIRED analysis finds that 15 of the 27 founding members of the […]
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Banks Stay on Sidelines for Facebook Coin After Apple Pay Struggle

“The Libra Association, the governing body for the coin, is in talks with lenders around the world to join its ranks. Banks are mostly keeping their distance after seeing tepid consumer reaction to digital wallets such as Apple Pay and regulatory scrutiny of digital currencies.    “If Facebook is able to create mass adoption on […]
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Companies

Why Each Libra Member’s Mutiny Hurts Facebook

“There’s a strategic cost to the defection of Visa, Stripe, eBay, and more from the Facebook-led cryptocurrency Libra Association. They’re not just names dropping off a list. Each potentially made Libra more useful, ubiquitous, or reputable. Now they could become obstacles to the token’s launch or growth. Fearing regulators’ inquiries not just into their Libra involvement […]
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Companies

Libra Association Forms Steering Committee to Guide Technical Development

“The Libra Association — the government body of the eponymous stablecoin introduced by Facebook in late 2019 — has formed a new committee to guide the network’s technical development. According to an announcement on Jan. 16, the Libra Association has voted to establish the five-member Technical Steering Committee which comprises leading experts from various firms in the fintech […]
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Companies

Facebook Pay Launches on Facebook and Messenger, Instagram and WhatsApp to Follow

“Facebook has unveiled a unified payments service designed to provide “a convenient, secure and consistent payment experience across Facebook, Messenger, Instagram and WhatsApp”. “People already use payments across our apps to shop, donate to causes and send money to each other,” the company says. “Facebook Pay will make these transactions easier while continuing to ensure […]
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Companies

Shopify Joins Libra, Defying a Wave of Defections From the Crypocurrency Venture

“The controversial Libra cryptocurrency project gained a new member Friday with Shopify Inc.’s announcement it will join the Libra Association , the governing body for the fledgling venture. Shopify’s decision comes in the face of a string of eight high-profile defections from the association since October, including decisions by Mastercard Inc., PayPal Holdings Inc., Stripe […]