Cryptocurrency exchange Binance has said that it will learn from the regulatory issues that have plagued Facebook’s proposed Libra digital currency. In an interview, Aug 29, Binance co-founder He Yi claimed that the company will engage with regulators from day one regarding its Venus stablecoin project. He also confirmed previous rumors that Venus will be primarily geared towards non-Western countries. Learning from the mistakes of others Since Facebook announced its Libra stablecoin project back in June, it has faced tough scrutiny from regulatory bodies worldwide. Binance says that it will handle regulators better, by focusing on compliance from the start. …

Switzerland’s central bank, Swiss National Bank (SNB) is in close contact with the relevant authorities over Facebook’s Geneva-based crypto project Libra. The news comes from SNB vice-chairman Fritz Zurbruegg via a Reuters report from Aug. 27. Libra documentation still lack some details Zurbruegg said that it is still difficult to analyze the Libra project fully, citing the vague character of available documentation. He added that some details are still missing in the documents. The news follows a visit by United States lawmakers to Switzerland this month in order to clarify how various Swiss authorities would regulate Libra, as well as …

The Libra Association has opened its bug bounty program to the public to address security concerns in advance of Libra’s anticipated 2020 launch. Expanding the playing field The announcement comes via a post on Libra’s website on Aug. 27. The post emphasized that the expansion of the program would promote values critical to the Libra Association like “openness, transparency, and global access,” and ensure minimal issues come launch date. The association wrote that it expects opening the bug bounty program up to the public will encourage “many more people with diverse skills and backgrounds” to test the security of Libra’s …

Facebook has hired a Washington-based lobbying firm to help it grapple with the negative response to its planned Libra cryptocurrency. According to an O’Dwyer PR report published on Aug. 26, the social media giant is working with FS Vector — a consultancy firm that specializes in regulatory compliance, public policy, and business strategy for the fintech, cryptocurrency, blockchain and financial services sectors. The FS Vector Facebook account Facebook’s lobbying registration documents, filed with the United States Congress, reportedly reveal that the firm is retaining FS Vector for support on “issues related to blockchain policy.” Leading the Facebook account is FS …

Following a visit to Switzerland to meet with the country’s financial regulators, United States lawmakers are still concerned over Facebook’s proposed cryptocurrency project, Libra. Meetings with multiple agencies According to an official statement from Representative Maxine Waters published on Aug. 25, members of the U.S. House of Representatives Financial Services Committee met with multiple regulatory agencies and lawmakers. These included the State Secretariat for International Financial Matters, the Federal Data Protection and Information Commissioner, and the Financial Market Supervisory Authority. As announced earlier this month, the representatives aimed to clarify how various Swiss authorities would regulate Libra and learn more …

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Binance reveals “Venus” — its own project to rival Facebook’s Libra With Facebook tangled up in regulatory tape and putting Libra on ice, others are seizing the chance to leapfrog the social network and launch their own stablecoins. Walmart’s at it, the People’s Bank of China’s at it, and Binance is now throwing its hat …

United States Rep. Maxine Waters, chair of the United States House of Representatives’ Financial Services Committee, says the committee will continue to review Facebook’s proposed cryptocurrency Libra and the corresponding digital wallet Calibra. A priority for autumn 2019 Waters announced the committee’s priorities for fall 2019 on Aug. 23. According to the statement, the committee plans to receive the testimony and opinions from governmental officials and regulators. Specifically, Waters lists Treasury Secretary Steven Mnuchin, Consumer Financial Protection Bureau Director Kathy Kraninger, Federal Housing Finance Agency Director Mark Calabria, and Federal Reserve Vice Chairman Randal Quarles. Waters remains cautious on Libra …

Mark Carney, the Governor of the Bank of England, has suggested a transformation of the global financial system by replacing the United States dollar with a digital currency similar Facebook’s Libra. Delivering his speech at the U.S. Federal Reserve’s annual symposium in Jackson Hole, Wyoming, Carney said that a Libra-like digital currency could replace the U.S. dollar as the world’s reserve currency, Bloomberg reported on Aug. 23. Carney said that replacing the dollar with a digital currency would be a better option than allowing its reserve status to be replaced by another national currency such as China’s renminbi. He added …

Over the past few days, a number of Libra-related announcements have been made — only, they weren’t from Facebook, the Libra Association, Calibra wallet or any other party involved in its development. First, top crypto exchange Binance announced a project called “Venus” — coincidentally, another astrology-themed name — which will focus on developing “localized stablecoins” worldwide; the People’s Bank of China (PBoC) said it is almost ready to launch its government-backed digital currency, reportedly admitting that Libra prompted it to speed up; and Erik Finman, ostensibly the youngest Bitcoin (BTC) millionaire, launched a crypto peer-to-peer (P2P) payment app, called “Metal” …

At least three of Facebook’s early backers for its planned Libra stablecoin launch are considering withdrawing their support in light of the fierce regulatory pushback. A report from the Financial Times on Aug. 23 alleges that two founding partners of Facebook’s Libra Association have held discussions about what their “right next steps” should be. One further — again unnamed — backer is purportedly concerned that their public support for Libra will draw unwanted regulatory scrutiny of their own, independent businesses. Blame games As previously reported, the Libra Association is the newly-established, independent governance consortium for Libra. It counts 28 founding …

Within the past 12 months, stablecoins have transformed from a niche idea to tackle the issues of a volatile market into methods of payment championed by some of the world’s biggest and most powerful tech companies. Facebook’s announcement that it would be supporting the launch of a reserve-backed stablecoin played a vital role in turning around the so-called “crypto winter” by boosting Bitcoin (BTC) prices above $10,000 for the first time in over two years. Since then, the world’s number one cryptocurrency exchange, Binance, has thrown its hat into the ring with its own stablecoin development project, “Venus.” Binance launches …

Taiwanese crypto exchange Maicoin is in talks with Facebook about becoming a member of the Libra Association. As local media outlet the Taipei Times reported on Aug. 21, Maicoin wants to join the nonprofit responsible for developing the social network’s long-awaited stablecoin. The company is specifically looking to operate a node on the blockchain-based network, which would validate and record transactions on the shared ledger. Participation in Libra development Maicoin CEO Alex Liu reportedly expressed confidence in the exchange’s chances for participating in the development of Libra, stating that: “When we reached Facebook and discussed getting involved in the project, …