Libra’s critics are missing the forest for the trees

But Facebook is probably not the right actor to spearhead this initiative Nik Milanovic 8 hours Nik Milanovic Contributor Nik Milanovic is a fintech and financial inclusion enthusiast, with a decade of work across mobile payments, online lending, credit and microfinance. More posts by this contributor What money should be The Third Age of credit […]

Libra claims 180 potential replacements for 7 mutineers

Attempting to signal its popularity despite high-profile defections from Visa, Stripe and more, the Facebook-led cryptocurrency Libra Association announced that 1,500 organizations have expressed interest in joining the Libra project — 180 of those meet eligibility requirements to become members, which could replace the seven companies that dropped out of the Association this month, including […]

Pegging Libra to just the $ could soothe regulators, a16z says

What if Libra wasn’t backed by a basket of international currencies, but only the dollar? Regulatory pushback to the Facebook -led cryptocurrency Libra has caused major partners — including Visa, Mastercard, PayPal and eBay — to pull out of the Libra Association. But one of the remaining members has floated a major change to the […]

Facebook fails to keep Messenger Kids’ safety promise

Facebook’s messaging app for under 13s, Messenger Kids — which launched two years ago pledging a “private” chat space for kids to talk with contacts specifically approved by their parents — has run into an embarrassing safety issue. The Verge obtained messages sent by Facebook to an unknown number of parents of users of the […]

Congressional testimony reveals some faults in Facebook’s digital currency plans

As Facebook continues to lay the foundation for getting some of the world’s largest payment processing and technology companies a seat at the global monetary policy table, the company faces significant obstacles to enacting its plans from both sides of the Congressional aisle. In the second of what’s sure to be many (many many many) […]

Facebook’s regulation dodge: Let us, or China will

Facebook is leaning on fears of China exporting its authoritarian social values to counter arguments that it should be broken up or slowed down. Its top executives have each claimed that if the U.S. limits its size, blocks its acquisitions or bans its cryptocurrency, Chinese company’s absent these restrictions will win abroad, bringing more power […]

Facebook reportedly hasn’t contacted the regulator it says will oversee Libra’s privacy and data security

A Swiss regulatory agency that Facebook executive David Marcus said in congressional testimony would be responsible for overseeing data and privacy protections for the company’s newly launched cryptocurrency, Libra, has not been contacted by Facebook, according to a report. CNBC is reporting that the Swiss Federal Data Protection and Information Commissioner, who Marcus said would […]

Highlights from Facebook’s Libra Senate hearing

Facebook will only build its own Calibra cryptocurrency wallet into Messenger and WhatsApp, and will refuse to embed competing wallets, the head of Calibra David Marcus told the Senate Banking Committee today. While some, like Senator Brown, blustered that “Facebook is dangerous!,” others surfaced poignant questions about Libra’s risks. Calibra will be interoperable, so users […]

Facebook’s testimony to Congress: Libra will be regulated by Swiss

The head of Facebook’s blockchain subsidiary Calibra David Marcus has released his prepared testimony before Congress for tomorrow and Wednesday, explaining that the Libra Association will be regulated by the Swiss government because that’s where it’s headquartered. Meanwhile, he says the Libra Association and Facebook’s Calibra wallet intend to comply will all U.S. tax, anti-money […]

We still don’t know how much of Libra Facebook owns

The $10 million entry fee to join the Facebook-developed cryptocurrency’s Libra Association is merely a minimum. Members who’ll verify transactions can opt to invest more in exchange for more Libra Investment Tokens that will earn them dividends from the interest earned by the Libra Reserve after it pays for infrastructure and operations costs. If regulators […]