Facebook’s Libra stablecoin would be a serious threat to WeChat Pay, the payment service’s parent company Tencent admitted in a recent blockchain whitepaper. Asian news outlet EjinSight reported on Oct. 24 that in the document Tencent acknowledges that international expansion of Chinese mobile payments offerings would be threatened if Libra launched. In the newly released whitepaper, Tencent illustrated the effectiveness of Libra’s expansion strategy: “It’s a safe play resorting to the strategy of ‘encircling the cities from the rural areas,’ in which Libra coin could quickly enter markets with underdeveloped financial infrastructure, especially those that do not have a credible …

Zeeshan Feroz, United Kingdom CEO of Coinbase, has argued that we need centralized entities like central banks and Facebook to support the crypto ecosystem. In an interview with CNBC published on Oct. 24, Feroz said he saw two ways for cryptocurrency to go mainstream: central bank digital currency (CBDC) issuance and Facebook’s Libra. Central banks will catalyze adoption better than Silicon Valley As distinct from cryptocurrencies, a CBDC is a digital currency issued by a central bank, whose legal tender status depends on government regulation or law. CBDCs such as a digital US dollar or British pound, Feroz argued, could …

At Vanity Fair’s New Establishment Summit, Coinbase CEO Brian Armstrong said that Coinbase has generated close to $2 billion in trading fees since it launched in 2012. On Oct. 23, the co-founder and CEO of major United States cryptocurrency exchange and wallet provider Coinbase told Vanity Fair that technology has always been the focus of Coinbase, which, in part, is the reason why the company has remained profitable. Coinbase has been profitable since 2017 and has generated close to $2 billion in trading commissions since the company launched back in 2012. Armstrong added: “Most of these profits we’re plowing back …

Following testimony before the United States House of Representatives Financial Services Committee earlier today, lawmakers are still concerned about the possible launch of the Libra stablecoin. On Oct. 23, legislators heard statements from Facebook CEO Mark Zuckerberg and posed questions covering a variety of topics from Libra to Facebook's data policies and reaction to possible foreign influences on the platform. Following the hearing, the committee's chair, Maxine Waters, told Cointelegraph, "I don't support Libra at all at this point." Waters added: "And it's not as if I support it if it does this or if it does that. At this …

Facebook CEO Mark Zuckerberg testified before the United States House of Representatives Financial Services Committee today regarding the Libra stablecoin project. Facebook’s Libra vs. China’s digital renminbi During the much-anticipated hearings before Congress on Oct. 23, lawmakers and the CEO discussed the growing competition with China on the economic and geopolitical stage. In his prepared statements to the Committee, Zuckerberg stated that the project would ensure that the U.S. stays a financial leader globally: "China is moving quickly to launch a similar idea in the coming months. We can't sit here and assume that because America is today the leader …

The United States Department of the Treasury has agreed to the need for an investigation into Facebook’s forthcoming Libra stablecoin following a letter from Representative Emanuel Cleaver. Per a press release published on Congressman Cleaver’s website on Oct. 22, the Treasury provided an affirmative response to Cleaver’s appeal to examine Libra and its corresponding wallet Calibra for potential systemic risk. Cleaver sent the letter to Facebook, Calibra, the Financial Stability Oversight Council (FSOC), and the Office of Financial Research in August. In September, Facebook stated that it would postpone the Libra launch until U.S. regulators approve it. Questioning regulators’ ability …

Facebook could withdraw from the Libra Association — the governing body of the eponymous stablecoin project — should it launch without approval from regulators in the United States. Libra could lose its primary member In a Congressional hearing on Oct. 23, Facebook CEO and founder Mark Zuckerberg reiterated the company’s commitment to not launch its planned cryptocurrency project until it receives the green light from U.S. regulators. Zuckerberg delivered his statements before the House of Representatives Financial Services Committee, where lawmakers grilled him on various aspects of the company’s activities including Libra, data practices and the handling of hate speech …

Disclaimer: This article will be updating live for the duration of the Oct. 23 hearing. Please check in for the latest from the hearing. In Advance: In a much-anticipated meeting of politics and tech, Facebook CEO Mark Zuckerberg has finally made his way to United States regulators. He will be testifying before the House Financial Services Committee on Facebook’s Libra. The planned stablecoin has been the subject of much controversy since it’s June whitepaper. Days after, Chairwoman of the committee Maxine Waters called for a moratorium on Libra’s development. According to Zuckerberg’s prepared remarks released yesterday, he plans to assure …

Today, Oct. 23, Facebook CEO Mark Zuckerberg will testify before the United States House of Representatives Financial Services Committee regarding Libra — the company’s stablecoin project that has been facing major regulatory backlash since the day it was announced. While Libra was previously represented in front of the U.S. lawmakers by the head of the coin’s native Calibra crypto wallet, David Marcus, this will be the first time Zuckerberg himself will represent the project in Congress. So, could the Facebook CEO have any tricks up his sleeve, and how beneficial will such a hearing be for Libra? Brief recap of …

None of the 21 founding members of the Libra Association, except Facebook, have yet committed any money to support Libra, according to the BBC. $10 million investment initially required Since the announcement of the Libra Association Council in June 2019, no financial agreement for the founding partners has been made to date, BBC reports Oct. 23, citing several unspecified sources. Alongside the release of the Libra whitepaper in June, Facebook announced that each of the founding members was required to make a minimum investment of $10 million in order to seal the position and secure a vote on the council. …

United States Congress is considering a draft bill that claims all managed stablecoins must be seen as investment contracts and therefore as securities. Libra in the United States The U.S. Representative for Texas's 29th congressional district, Sylvia Garcia, introduced a draft bill to the House Financial Services Committee on Oct. 18. The draft bill, called the ‘‘Stablecoins are Securities Act of 2019,” seeks to regulate stablecoins under the Securities Act of 1933. This entails “amending statutory definitions of the term security” to include the term “managed stablecoins.” The proposed bill seems to be directed at Facebook’s Libra stablecoin, which is …

Mark Zuckerberg, the founder of social media giant Facebook, plans to tell United States Congress that Libra will not launch anywhere in the world until U.S. regulators approve it. Libra won’t launch anywhere without congressional approval According to Zuckerberg’s prepared remarks released on Oct. 22 in advance of planned hearings before the U.S. House Financial Services Committee, the Facebook CEO wants to assuage regulatory concerns over the launch of the coming stablecoin. He said: “Facebook will not be part of launching the Libra payments system anywhere in the world until US regulators approve.” However, that this phrasing is not the …