Bundesbank President wants to slow down Libra: Facebook’s Libra continues to receive negative feedback from the regulatory sector, this time, with German Central Bank’s President Jens Weidmann.
Facebook’s stablecoin Libra continues to give nightmares to government officials and banks across the world as a policymaker from the European Central Bank (ECB) and President of the German central bank, Jens Weidmann, urges European banks to bring about cheaper, faster and more secure alternative to Libra, reports a German news outlet on 2nd January 2020.
The world is inevitably becoming more and more digital, and Facebook’s digital currency dubbed Libra is a step toward this future.
UK-based blockchain firm Saga just launched a new token called Saga (SGA) token.
Facebook’s Libra white paper that was published earlier this year has been silently updated.
Facebook into cryptocurrency: plans to launch ‘GlobalCoin’ in 2020.
The move confirms the bloc’s tough line on Libra, which has attracted criticism from global regulators over its possible impact on the financial system since it was announced last June
Libra could face even more stringent requirements as U.S. lawmakers introduce a bill seeking to classify stablecoins as securities.
The Libra Association released on Friday a developer update, saying that Facebook’s cryptocurrency project has been running for “five months and growing strong.” In a blog post, Libra Association developer Michael Engle said that the Libra testnet has registered more than 51,000 transactions since it was reset in September.
Developers have also developed 34 projects on the testnet, including 10 wallets and 11 blockchain explorers.
The Libra Association has also launched a so-called “pre-mainnet,” which is a replica of the actual mainnet for testing purposes. The update stated that the pre-mainnet now has 7 nodes in operation, with 14 more in process.
Mastercard and Visa also rumoured to be reevaluating their involvement in controversial currency
“This (Libra) will not be something that spreads like social networking,” Facebook executive Kevin Weil said, as quoted by CNBC, Wednesday (11/06/2019).
“Such risks, including in particular those related to money laundering, illicit finance, and consumer and investor protection, need to be evaluated and appropriately addressed before these projects can commence operation.”
The news follows a recent report by the G7 task force stating that stablecoins such as Facebook’s Libra present a significant risk to the global financial system.
In the report requested by the G7 finance ministers and central bank governors, the task force confirmed that the group of the seven wealthiest nations would not allow any global stablecoin to launch without addressing related challenges and risks.