[ad_1] It has been a few months since Facebook officially announced its “Libra” cryptocurrency push with support from some big names including Visa and Mastercard. Since then we’ve heard little about it other than increasing scrutiny from regulators, bankers and politicians around the world, while those partners have mostly remained quiet. The Wall Street Journal […]
Category: libra
Facebook’s Libra currency will get half its backing from the US dollar
[ad_1] This isn’t surprising given Facebook’s home turf and the usual strength of the US dollar. The absence of certain currencies might work in Libra’s favor, too. The absence of China’s yuan could appease American politicians scrutinizing the currency by assuaging their fears of Chinese influence. US officials have long accused China of softening the […]
Central banks to question Facebook over Libra cryptocurrency
[ad_1] In response, Libra reiterated its earlier stance that it “welcome[s] this engagement” with politicians and regulators, and that it “deliberately” set out a long launch schedule to discuss issues and modify its plans based on feedback. The conversation might not go the way Facebook and the Libra team hope. Coeuré in particular has warned […]
France says it will block Facebook’s Libra cryptocurrency in Europe
[ad_1] Speaking at an OECD conference in Paris on Thursday, French finance minister Bruno Le Maire said Libra would put the sovereignty of governments at risk. “All these concerns around Libra are serious,” he said, according to a translation by CNBC. “So I want to say this with a lot of clarity: In these conditions, […]
Telegram hasn’t given up on its ‘Gram’ cryptocurrency
[ad_1] The currency — which has been rumored for a while — will operate with a decentralized structure similar to Bitcoin. The coins will apparently be stored in a Gram digital wallet, which Telegram plans to offer to its 200 million global users. However, the cryptocurrency has largely been born of 2018’s $1.7 billion investment […]
Facebook’s Libra Association is being investigated by EU antitrust regulators
[ad_1] The investigation, still in its early stages, is examining the governance structure and membership of the Libra Association. The purpose-built, independent nonprofit is meant to govern the digital currency. Founding members include the likes of MasterCard, PayPal, Visa, eBay, Spotify, Uber and Lyft. According to Bloomberg, regulators fear that the way information will be […]
IRS reminds 10,000 taxpayers that cryptocurrency is subject to taxes
[ad_1] In a press release, IRS Commissioner Chuck Rettig said: “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties. The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing […]
US Treasury has ‘serious concerns’ Libra could be used for terrorism
[ad_1] According to Mnuchin, the US has been at the forefront of regulating entities that provide cryptocurrencies. It has also seen cryptocurrencies exploited to support illicit activities including cyber crime, tax evasion, extortion, ransomware, human trafficking and more. Still, Mnuchin said the US “welcomes responsible innovation, including new technologies that may improve the efficiency of […]
Lawmakers want to block tech giants from offering digital currency
[ad_1] In addition to blocking Facebook’s plans for Libra, the “Keep Big Tech Out of Finance Act” would prevent other firms (those mainly offering an online platform service with at least $25 billion in annual revenue) from launching similar cryptocurrencies. Companies that violate the rules could be fined as much as $1 million per day. […]
US lawmakers tell Facebook to halt the launch of its Libra cryptocurrency
[ad_1] “We write to request that Facebook and its partners immediately agree to a moratorium on any movement forward on Libra — its proposed cryptocurrency and Calibra — its proposed digital wallet,” the committee wrote. “It appears that these products may lend themselves to an entirely new global financial system that is based out of […]