Strategy

Facebook’s plan to revolutionise how money works, and why companies and lawmakers are so worried about it, explained in 30 seconds

Facebook is trying to launch its own cryptocurrency: Libra. Libra will be managed by the independent, nonprofit Libra Association and transferred on digital wallet Calibra, a subsidiary of Facebook. Lawmakers are wary of a corporation’s attempt to create its own currency, and Facebook has assured the government that it will […]
Facebook’s plan to revolutionise how money works, and why companies and lawmakers are so worried about it, explained in 30 seconds
Tech

Lawmakers just grilled Mark Zuckerberg about his company’s big plan to upend the way we send money around the world — but the questions he didn’t answer dominated the conversation

FacebookCEO Mark Zuckerberg testified before the House Financial Services Committee on Wednesday to answer questions from lawmakers about its ambitions in the finance sector through the Libra currency it announced earlier this year. The hearing comes after key partners like Paypal, Visa, and Mastercard backed out of the initiative earlier […]
Lawmakers just grilled Mark Zuckerberg about his company’s big plan to upend the way we send money around the world — but the questions he didn’t answer dominated the conversation
Markets

Facebook’s Libra is the US’s best shot at beating China to become the dominant digital currency for emerging economies, analyst says

Facebook‘s Libra might be the best chance the US has to beat China to become the dominant digital cryptocurrency for emerging markets, according to RBC Capital Markets. If US policymakers fail to draft legislation to encourage crypto innovation, China’s upcoming digital token is well-positioned to expand through Alipay, WeChat, and […]
Facebook’s Libra is the US’s best shot at beating China to become the dominant digital currency for emerging economies, analyst says
Tech

Facebook said its Libra cryptocurrency will be regulated by Swiss authorities — but that was news to those Swiss authorities

David Marcus, head of Facebook’s cryptocurrency efforts, testified at a Senate Committee on Banking, Housing, and Urban Affairs hearing about Libra, the social network’s new cryptocurrency push. Marcus stated that the Libra Association, which will oversee Libra and be headquartered in Switzerland, will be regulated by the Swiss Federal Data […]
Facebook said its Libra cryptocurrency will be regulated by Swiss authorities — but that was news to those Swiss authorities