Libra

Friday, Apr 26, 2024 | Last Update : 10:45 PM IST

“Today various payments features exist across our apps, and we want to make sure decision making, execution and compliance are not fragmented,” Facebook said. “We want to be able to give people the ability to make a payment however they choose—debit, credit or Libra digital currencies.” (Photo | AFP)

Facebook carves out a unit focused on its financial payments businesses

Facebook Financial will handle management and strategy for all payments and money services across the Silicon Valley company’s platform.

11 Aug 2020 8:36 PM

The initiative aims to serve an estimated 1.7 billion people who lack access to digital financial services.

Google ties up with Gates Foundation on digital payments for the unbanked, rivaling Facebook Libra

The open source software, Mojaloop, first established by Gates Foundation in 2017, is being tweaked for use by disadvantaged communities.

07 May 2020 2:03 PM

The Swiss-based Libra association, which includes Facebook and a variety of partners, said a shift to using individual currencies was made after hearing comments and complaints on its original proposal.

Facebook-backed Libra returns with new 'stablecoins' linked to single currency like Dollar or Euro

Central bank officials and others have expressed concern about a blow to their sovereignty from Libra coins pegged to a basket of currencies

16 Apr 2020 9:06 PM

Facebook-backed Libra back with new 'stablecoins' linked to single currency like Dollar or Euro

Central bank officials and others have expressed concern about a blow to their sovereignty from Libra coins pegged to a basket of currencies

16 Apr 2020 9:06 PM

Villeroy said the proposals were not a reaction to Facebook’s plan, responding instead to fast-evolving technology and some banks’ need for digital currency.

Digital currency cannot be private

Central banks worldwide are looking into the possibility of issuing digital money to prevent the loss of state control over money.

27 Jan 2020 7:24 AM

Global use of Libra, other stable coins could curb currency's internationalisation

They could also weaken the effects of capital controls and lead to volatile asset prices.

24 Dec 2019 2:00 PM

The world over, central banks and the governments are against private digital currency because currency issuance is a sovereign function and it has to be done by the sovereign, said RBI governor Shaktikanta Das. (Photo: File | PTI)

No way privately-issued digital currencies can be allowed: RBI Gov Das

The comments come a year after government tagged Bitcoins and other cryptocurrencies illegal and the RBI banned their trade.

05 Dec 2019 5:48 PM

Facebook’s plans to launch Libra have raised concerns.

Facebook's Libra could come under some existing rules

The watchdog said an assessment of stablecoins found they can potentially offer benefits as well as pose risks.

05 Nov 2019 7:57 AM

David Marcus, who heads the Libra project for Facebook, told a banking seminar the group’s main goal remained to create a more efficient payments system.

Facebook open to currency-pegged stablecoins for Libra project

Marcus said he was not suggesting currency-pegged stablecoins were the group’s new preferred option.

22 Oct 2019 9:14 AM

France and Germany have said that Libra, whose size would dwarf cryptocurrencies such as bitcoin, could limit their monetary sovereignty.

Spooked by Libra, EU pledges to regulate digital currencies

Lawmakers had previously considered regulation of cryptocurrencies a marginal issue, until the emergence of talks about launching Libra.

09 Oct 2019 12:24 PM

“The goal is still to launch Libra next year,” Facebook’s David Marcus told NZZ in an interview published on Friday. “Until then, we’ll need to address all questions adequately, create a suitable regulatory environment.”

Undeterred, Facebook to press on with Libra launch next year: executive

Since the US tech company unveiled its plans in June, its proposed cryptocurrency has met with regulatory and political scepticism.

21 Sep 2019 12:19 PM

Digital currencies such as Facebook’s Libra will disrupt the financial system, either by forcing central banks to innovate or by grabbing a global role that could challenge the dominance of the dollar, ECB board member Benoit Coeure said on Tuesday.

Facebook's Libra will be disruptive, says ECB's Coeure

Facebook announced plans to create the Libra 'stablecoin' by 2020, scaring global regulators who now scramble to come up with regulation.

18 Sep 2019 9:43 AM

The statement is signed by a cross section of authorities representing millions of people in Europe, the Americas, Africa and Australasia. (Photo: ANI)

UK data watchdog demands more clarity over Facebook’s crypto

The statement also asks for assurances that only the minimum required data will be collected.

06 Aug 2019 9:48 AM

This is because the nonprofit Libra Association, which Facebook had set up to oversee the currency, is based in Geneva.

Switzerland awaits details on Facebook’s crypto plan

Facebook in mid-June announced plans to launch Libra next year as it expands to e-commerce and digital payments.

24 Jul 2019 1:35 PM

"Digital currencies will likely recover with bitcoin returning to a USD 11,000-USD 12,000 trading range," Sweeting said.

Bitcoin tumbles as US senators grill Facebook on crypto plans

David Marcus, the company’s top executive overseeing the planned Libra project, answered questions from the Senate Banking Committee.

17 Jul 2019 2:23 PM

The Treasury Department has warned Facebook that it must enact proper safeguards against illicit use such as money laundering, he said at a White House press conference. (Photo: ANI)

Facebook crypto riding shotgun against money laundering

The company is a “long way away from” securing approval from US regulators or launching the cryptocurrency in the United States.

16 Jul 2019 9:35 AM

The strong comments from the most powerful US financial regulator underscored the growing regulatory hurdles facing the proposed cryptocurrency, which has drawn scrutiny from policymakers globally.

Facebook’s cryptocurrency project ‘Libra’ halted

US Federal Reserve Chairman Jerome Powell says that Facebook’s plan to build a digital currency called Libra “cannot go forward”.

11 Jul 2019 2:17 PM

The big new tech news recently has been the launch of Libra; a Block-chain-based payment system and currency unit promoted by Facebook.

The mystery coin

Libra is very very far from a proper Crypto currency structure.

07 Jul 2019 8:31 AM

Crucial decisions on such projects lie with lawmakers, the Bank for International Settlements (BIS), an umbrella group for central banks, has warned.

Facebook’s crypto needs deep thought and detail before launch

The coin would mark the social media giant’s entry into one of the least-regulated areas of finance.

03 Jul 2019 12:21 PM

Details about the hub were limited, and the BIS said it was not able to provide details on investment or staffing levels. (Photo: Pixabay)

World's central banks tackle technology with innovation hub

Facebook’s plan to expand into payments and launch its own Libra cryptocurrency were not mentioned in the BIS statement.

01 Jul 2019 7:52 AM

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Sunil Gatade