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American lawmakers have reportedly introduced a bill aiming to put Facebook’s Libra under the jurisdiction of the Securities and Exchange Commission (SEC). Two Texas representatives, Sylvia Garcia and Lance Gooden, have proposed legislation that would put even more regulatory scrutiny on Facebook’s not-yet-launched Libra stablecoin and related projects, CNBC
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Since Facebook’s announcement about the development of its own cryptocurrency called Libra in June, the cryptocurrency industry has struggled with many obstacles regarding its launch next year.Consumers are hesitant about the social media giant taking over a financial venture, claiming that tech companies should be utilizing the given cryptocurrencies in
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A senior United States federal official has argued that Facebook’s Libra highlights the need for the Federal Reserve (Fed) to act urgently and launch its own real-time payments system.In a letter addressed to the Federal Reserve’s Board of Governors on Nov. 7, Rohit Chopra — a commissioner at the
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France is leading a coalition of the top five economies of Europe that aims to make the launch of Facebook crypto project Libra in the region unsuccessful.Government representatives from France, Germany, Italy, Spain and the Netherlands have been gathering in backroom meetings to discuss the prospect of blocking Facebook’s launch
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The president of the European think tank, the Centre for Economic Policy Research (CEPR), told CNBC that although Facebook’s forthcoming digital currency Libra has not been approved yet, it could spark the creation of another global virtual currency.Since it was announced, Libra has faced a lot of criticism from multiple
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None of the 21 founding members of the Libra Association, except Facebook, have yet committed any money to support Libra, according to the BBC.$10 million investment initially requiredSince the announcement of the Libra Association Council in June 2019, no financial agreement for the founding partners has been made to
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Ever since the potential launch of Facebook’s Libra was announced by the social media behemoth, the company’s cryptocurrency project has lurched from one problem to the next. Regulators from different parts of the world had voiced their concerns about the Libra cryptocurrency, and even the President of the United States
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German Federal Minister of Finance Olaf Scholz has doubled down on his previous statement that policymakers should prevent the issuance of Facebook’s Libra stablecoin.At the International Monetary Fund and World Bank fall meeting on Friday, Scholz stressed that stablecoins could pose international risks, Reuters reported on Oct. 18. Scholz
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Almost three-quarters of German consumers would not use Facebook's planned digital currency, Libra, according to a recent poll.Only 27 percent considers using LibraOn Oct. 17, CryptoX auf Deutsch reported that out of 2000 questioned Germans, aged 16 and over, only 27 percent would ever consider using Facebook’s Libra stablecoin
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A member of the Federal Reserve’s Board of Governors has said that Facebook's Libra could pose risks to consumers due to a lack of clarity over their rights with respect to the token’s underlying assets and to the system overall.Lael Brainard — who chairs the Fed’s Committees on Financial
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