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Facebook-Led Libra Forms Governing Council After Big-Name Departures

GENEVA — Twenty-one organizations have signed the Libra Association charter, days after a slew of high-profile defections from the cryptocurrency project started by Facebook. The Libra Association also named its board of directors and formalized the consortium’s executive team following a meeting in Geneva, Switzerland. Facebook still remains a key player in the project with Calibra CEO and former Facebook blockchain lead David Marcus taking a seat on the five-person board. Other board members include …

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Facebook’s Calibra Sued by Mobile Banking App Over Similar Logos

Facebook’s Calibra is being sued for trademark infringement by mobile banking app Current, adding a potential legal showdown to the beleaguered Libra digital currency project’s growing list of woes. The complaint, filed Thursday in the U.S. District Court for the Southern District of New York, alleges that the Calibra logo is too similar to Current’s own, which the fintech firm has been using since August 2016. Calibra is developing the Libra project’s digital wallet. Current …

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Visa, Mastercard, eBay, Stripe Follow PayPal in Quitting Facebook’s Libra Project

UPDATE (Oct. 11, 2019, 20:27 UTC): Mastercard and Visa have also confirmed they will not be joining the Libra Association. UPDATE (Oct. 11, 2019, 22:57 UTC): Payments platform Mercado Pago confirmed to CoinDesk that it, too, would “suspend its participation” in the Libra Association. Mastercard, Visa, digital auction company eBay, payments firm Stripe and Mercado Pago have all pulled out of the Facebook-led Libra Association. The Financial Times reported Friday that eBay and Stripe dropped out of …

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Bank of England Sets Out Rules for Libra Launch in the UK

The Bank of England has finalized a set of principles the Facebook-led Libra cryptocurrency project must adopt before going live in the UK. Calling the payment network a potentially “systemically important payment system,” the BoE’s Financial Policy Committee released the October Financial Policy and Summary report this week. “The FPC judges that such a system would need to meet the highest standards of resilience and be subject to appropriate supervisory oversight,” the committee says in …

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German Finance Minister Supports Digital Euro, But ‘Very Critical’ of Libra

Germany’s federal finance minister has come out in support of digitizing the euro, but is against private currency projects like Facebook’s Libra. Speaking with local business news source Wirtschafts Woche, Minister Olaf Scholz said he remains “very, very critical” of Libra. However, an e-euro would be good for Europe’s financial system, particularly in the wake of economic globalization. “Such a payment system would be good for the [European] financial center and its integration into the world financial …

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US House Committee Pressuring Zuckerberg to Testify on Libra: Report

Facebook CEO Mark Zuckerberg is facing pressure to testify before U.S. lawmakers on the firm’s cryptocurrency project Libra. According to a report from The Information on Friday, Sheryle Sandberg, chief operating officer of the social media giant, was invited to testify before the U.S. House of Representatives Financial Services Committee on October 29 concerning the new payment network. However, the body will not finalize the hearing until Zuckerberg also agrees to testify before January 2020, the …

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PayPal Might Withdraw From Libra Association: Report

One of the founding Libra Association members may be on the verge of pulling out. The Financial Times reported Thursday that payments firm PayPal is considering leaving the Facebook-initiated crypto project due in part to the regulatory backlash Libra has received in recent months. According to the Financial Times, PayPal representatives did not attend a Libra Association meeting on Thursday, in what may be a sign of the broader turmoil. Facebook first revealed Libra in …

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American Banking Giants Sound Off Against Libra as Monetary Threat

As if the financial establishment has not been vocal enough about its resistance against Libra, their displeasure was noted in an official complaint to the central bank. Executives from some of the biggest American banks told the Federal Reserve that Facebook’s cryptocurrency Libra would pose a threat on monetary policies in the US, Bloomberg reported. “Facebook is potentially creating a digital monetary ecosystem outside of sanctioned financial markets — or a ‘shadow banking’ system,” banks …

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Does Crypto Always Mean Decentralization?

Cryptocurrencies are based on decentralized technologies, but there is a big difference in terms of what they are, how they are used, and what it means for the projects — and now, governments — that are engaging in these technologies.  With recent events such as the Libra announcement, the emergence of a proposed Chinese national digital currency, and other sovereign state crypto announcements, there is a very real possibility of a large segment of the …

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Swiss Regulator FINMA Won’t Impede Libra’s Development

As European watchdogs send troubling signals towards the Facebook-led Libra cryptocurrency, Switzerland remains willing to listen. According to a Reuters report on Tuesday, Mark Branson, CEO of the Swiss Financial Market Supervisory Authority (FINMA), said, “We are not here to make such projects impossible.” “We will respond to them with an open mind, with an attitude that same risks require same rules,” Branson said at a Bloomberg event in Zurich. The statement comes on the heels of …

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