Facebook Libra

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Facebook revamps Libra cryptocurrency, says will be linked to individual national currencies and overseen by global watchdogs
News & Analysis

Facebook revamps Libra cryptocurrency, says will be linked to individual national currencies and overseen by global watchdogs

The revamp could allow governments to "directly integrate" any future CBDCs into its network, Libra said.

G20 sets out a rulebook for a common, international approach to regulating digital currencies like Facebook's Libra
News & Analysis

G20 sets out a rulebook for a common, international approach to regulating digital currencies like Facebook's Libra

The recommendations propose flexible, cross-border cooperation to avoid a stablecoin playing off one jurisdiction against another.

Could climate change be responsible for the next financial crisis? Yes, says a new report
Business

Could climate change be responsible for the next financial crisis? Yes, says a new report

Banks spent last decade pulling out their economies from 2008 financial crisis, might spend next decade dealing with climate change.

After Mastercard and Paypal, Vodafone Groups exits from Facebook's Libra project
News & Analysis

After Mastercard and Paypal, Vodafone Groups exits from Facebook's Libra project

Backers including financial companies Paypal Holdings Inc and Mastercard Inc also exited Libra project.

Swiss president says Facebook's Libra has failed in current form, needs reworking
News & Analysis

Swiss president says Facebook's Libra has failed in current form, needs reworking

Facebook Libra is to be backed by a reserve of assets such as bank deposits and government debt.

Facebook, Google, Amazon and other Big Tech could be forced to share data on fintech services customers
News & Analysis

Facebook, Google, Amazon and other Big Tech could be forced to share data on fintech services customers

The FSB said players including Microsoft, Amazon, eBay, Baidu, Apple, Facebook and Tencent, have massive databases, while some offer asset management, payments and lending.

China's digital currency will not seek full control of individuals' transaction details, says central bank official
News & Analysis

China's digital currency will not seek full control of individuals' transaction details, says central bank official

China is preparing to be the first country to roll out a digitised domestic currency, a development that is being closely watched by the world's financial services industries

Twitter CEO Jack Dorsey says 'hell no' to joining Facebook's Libra cryptocurrency program
News & Analysis

Twitter CEO Jack Dorsey says 'hell no' to joining Facebook's Libra cryptocurrency program

Dorsey says Libra is "not consistent with what I personally believe and what I want our company to stand for.”

Facebook CEO Mark Zuckerberg testifies before congress, admits Libra is a 'risky project'
News & Analysis

Facebook CEO Mark Zuckerberg testifies before congress, admits Libra is a 'risky project'

Facebook CEO was questioned on election interference, free speech, hate groups and fake news.

Facebook CEO Mark Zuckerberg will testify before Congress today for Libra
News & Analysis

Facebook CEO Mark Zuckerberg will testify before Congress today for Libra

Zuckerberg’s prepared statement was released before his hearing about Facebook’s Libra cryptocurrency.

Facebook is open to use a stablecoin instead of a synthetic unit for Libra
News & Analysis

Facebook is open to use a stablecoin instead of a synthetic unit for Libra

Facebook is open to looking at alternative approaches for the currency token it would use, says project head.

Libra shouldn't be launched until the international risks it poses are addressed: G7 nations
News & Analysis

Libra shouldn't be launched until the international risks it poses are addressed: G7 nations

Amid sharp regulatory scrutiny, the 21 firms backing Libra pledged to forge ahead with the project.

Facebook executive expects financial backers despite of big companies leaving
News & Analysis

Facebook executive expects financial backers despite of big companies leaving

Facebook’s ambitious efforts to establish a global digital currency have suffered severe setbacks in recent days.

Facebook's Libra must address a core set of legal and regulatory challenges: Brainard
News & Analysis

Facebook's Libra must address a core set of legal and regulatory challenges: Brainard

Libra backers need to answer how they would ensure the currency is not used for illegal activities.

Facebook launches cryptocurrency Libra, despite getting backlash from US regulators
News & Analysis

Facebook launches cryptocurrency Libra, despite getting backlash from US regulators

The Libra Association, the nonprofit that will govern the currency, officially signed on 21 charter members.

Facebook's Libra Association announces 21 founding members as Visa, Mastercard exit
News & Analysis

Facebook's Libra Association announces 21 founding members as Visa, Mastercard exit

The Libra Association's 21 founding members include Uber, Spotify, and Vodafone.

Visa, Mastercard may reconsider involvement in Facebook's Libra: Report
News & Analysis

Visa, Mastercard may reconsider involvement in Facebook's Libra: Report

The financial backers to Libra reportedly did not want to attract regulatory scrutiny and declined public support for the project.

Six things Facebook CEO Mark Zuckerberg talked about in the leaked internal meeting audio
News & Analysis

Six things Facebook CEO Mark Zuckerberg talked about in the leaked internal meeting audio

Zuckerberg addresses the government's attempt to break-up the company, it's competition with TikTok, Libra cryptocurrency, more.

Facebook Libra to be 50 percent US dollars, rest backed by euro, yen, sterling, Singapore dollar
News & Analysis

Facebook Libra to be 50 percent US dollars, rest backed by euro, yen, sterling, Singapore dollar

China’s yuan currency will not be included, which could help smooth Libra’s path in the US.

Facebook met UK Finance ministry officials thrice before making its Libra announcement
News & Analysis

Facebook met UK Finance ministry officials thrice before making its Libra announcement

Facebook met junior ministers and officials in charge of cryptocurrency policy at the UK finance ministry in April.