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What Libra IS & What It IS NOT - 0 views

tabbforum.com/...what-libra-is-what-it-is-not

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shared by John Kiff on 21 Jun 19 -

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John Kiff on 21 Jun 19

In many respects, he says, Libra is like an ETF for a basket of currencies, except that Libra will not trade on regulated exchanges. In fact, it is so much like an ETF, the US SEC is likely to at least contemplate asserting jurisdiction over the tokens.

<div class="cArrow"> </div><div class="cContentInner">In many respects, he says, Libra is like an ETF for a basket of currencies, except that Libra will not trade on regulated exchanges. In fact, it is so much like an ETF, the US SEC is likely to at least contemplate asserting jurisdiction over the tokens.</div>

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Facebook's Crypto Libra Won't Be Legalized in Russia: State Press - 0 views

www.ccn.com/...21

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John Kiff on 21 Jun 19

Russian government-owned news agency TASS has reported that Russia will not legalize Libra.

<div class="cArrow"> </div><div class="cContentInner">Russian government-owned news agency TASS has reported that Russia will not legalize Libra.</div>

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Facebook co-founder: Libra coin would shift power into the wrong hands - 0 views

www.ft.com/...20-91a0-11e9-8ff4-699df1c62544

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shared by John Kiff on 21 Jun 19 -

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John Kiff on 21 Jun 19

"A liquid, stable currency would be attractive to many in emerging markets. So attractive, in fact, that if enough people trade out of their local currencies, they could threaten the ability of emerging market governments to control their monetary supply, the local means of exchange, and, in some cases, their ability to impose capital controls."

<div class="cArrow"> </div><div class="cContentInner">"A liquid, stable currency would be attractive to many in emerging markets. So attractive, in fact, that if enough people trade out of their local currencies, they could threaten the ability of emerging market governments to control their monetary supply, the local means of exchange, and, in some cases, their ability to impose capital controls."</div>

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France creates G7 cryptocurrency task force as Facebook's Libra unsettles governments - 0 views

www.reuters.com/...s-central-banker-idUSKCN1TM0SO

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shared by John Kiff on 21 Jun 19 -

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John Kiff on 21 Jun 19

France is creating a G7 task force to study how central banks ensure cryptocurrencies like Facebook's Libra are governed by regulations. Governor Francois Villeroy de Galhau said the task force would be led by Benoit Coeure, a ECB board member.

<div class="cArrow"> </div><div class="cContentInner">France is creating a G7 task force to study how central banks ensure cryptocurrencies like Facebook's Libra are governed by regulations. Governor Francois Villeroy de Galhau said the task force would be led by Benoit Coeure, a ECB board member.</div>

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Launching a Global Currency Is a Bold, Bad Move for Facebook - 0 views

www.nytimes.com/...facebook-currency-libra.html

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shared by John Kiff on 21 Jun 19 - No Cached

John Kiff on 21 Jun 19

What happens if all users want to sell their Libra currency at once, causing the Libra Reserve to hold a fire sale of assets? If the Libra system becomes intertwined in our global economy in the way Facebook hopes, we would need to consider a public bailout of a privately managed system.

<div class="cArrow"> </div><div class="cContentInner">What happens if all users want to sell their Libra currency at once, causing the Libra Reserve to hold a fire sale of assets? If the Libra system becomes intertwined in our global economy in the way Facebook hopes, we would need to consider a public bailout of a privately managed system.</div>

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What Facebook's new currency means for the banking system - 0 views

www.economist.com/...y-means-for-the-banking-system

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shared by John Kiff on 21 Jun 19 - No Cached

John Kiff on 21 Jun 19

Individual Libra-holders face risks. One is currency fluctuations. If, say, the yen rises against the basket to which Libra is pegged, Japanese holders of Libra will lose out. The new currency will not yield interest (though neither do many bank deposits nowadays).

<div class="cArrow"> </div><div class="cContentInner">Individual Libra-holders face risks. One is currency fluctuations. If, say, the yen rises against the basket to which Libra is pegged, Japanese holders of Libra will lose out. The new currency will not yield interest (though neither do many bank deposits nowadays).</div>

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Facebook wants to create a global currency - 0 views

www.economist.com/...ts-to-create-a-global-currency

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shared by John Kiff on 21 Jun 19 - No Cached

John Kiff on 21 Jun 19

Were every Western depositor to move a tenth of their bank savings into Libras, its reserve fund would be worth over $2trn, making it a big force in bond markets. Banks that suddenly saw lots of deposits leave for Libras would be vulnerable to a panic over their solvency; they would also have to shrink their lending. And the prospect of huge sums flowing across borders will worry emerging countries with a fragile balance of payments

<div class="cArrow"> </div><div class="cContentInner">Were every Western depositor to move a tenth of their bank savings into Libras, its reserve fund would be worth over $2trn, making it a big force in bond markets. Banks that suddenly saw lots of deposits leave for Libras would be vulnerable to a panic over their solvency; they would also have to shrink their lending. And the prospect of huge sums flowing across borders will worry emerging countries with a fragile balance of payments</div>

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Global Policy Makers Are Up in Arms About Facebook's Libra Coin - 0 views

www.ccn.com/...18

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shared by John Kiff on 21 Jun 19 - No Cached

John Kiff on 21 Jun 19

"What are they doing with the money, if I give them some dollars to buy the Libra, they're kinda being fuzzy about that in their whitepaper…The strength of the collateral is a question I would have about it."

<div class="cArrow"> </div><div class="cContentInner">"What are they doing with the money, if I give them some dollars to buy the Libra, they're kinda being fuzzy about that in their whitepaper…The strength of the collateral is a question I would have about it."</div>

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Paysend Launches Pays XDR - the Stable Coin - 0 views

thefintechtimes.com/paysend-launches-pays-xdr

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shared by John Kiff on 20 Jun 19 -

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John Kiff on 20 Jun 19

UK-based Paysend Group is launching a new global digital currency, Pays XDR. This stable coin is 100% backed by cash reserves and the reserves are matched in the exact proportion of the IMF's Special Drawing Rights.

<div class="cArrow"> </div><div class="cContentInner">UK-based Paysend Group is launching a new global digital currency, Pays XDR. This stable coin is 100% backed by cash reserves and the reserves are matched in the exact proportion of the IMF's Special Drawing Rights.</div>

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Eight ways FinTech adoption remains on the rise - 0 views

www.ey.com/...h-adoption-remains-on-the-rise

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shared by John Kiff on 20 Jun 19 -

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John Kiff on 20 Jun 19

This year, in the EY third biennial FinTech adoption trends survey, 96% of the 27,000 consumers surveyed (across 27 global markets) reported they were at least aware of a FinTech transfer or payments service - and 75% had used one.

<div class="cArrow"> </div><div class="cContentInner">This year, in the EY third biennial FinTech adoption trends survey, 96% of the 27,000 consumers surveyed (across 27 global markets) reported they were at least aware of a FinTech transfer or payments service - and 75% had used one. </div>

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Facebook Has Not Applied for RBI Approval to Operate Libra in India: Report - 0 views

cointelegraph.com/...-operate-libra-in-india-report

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John Kiff on 20 Jun 19

Facebook's Libra may not be available in India due to the current ban of blockchain-based currency transactions. Apparently, Facebook has not applied for approval with the Reserve Bank of India to operate its digital currency in the country.

<div class="cArrow"> </div><div class="cContentInner">Facebook's Libra may not be available in India due to the current ban of blockchain-based currency transactions. Apparently, Facebook has not applied for approval with the Reserve Bank of India to operate its digital currency in the country.</div>

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Enable, empower, ensure: a new finance for the new economy - speech by Mark Carney - 0 views

www.bankofengland.co.uk/...e-bankers-and-merchants-dinner

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shared by John Kiff on 20 Jun 19 - No Cached

John Kiff on 20 Jun 19

The Bank of England announced plans to consult on opening access to its balance sheet to new payment providers. Allowing all payment providers to store funds overnight in interest-bearing accounts at the central bank would help achieve the goal that similar activities should be regulated consistently.

<div class="cArrow"> </div><div class="cContentInner">The Bank of England announced plans to consult on opening access to its balance sheet to new payment providers. Allowing all payment providers to store funds overnight in interest-bearing accounts at the central bank would help achieve the goal that similar activities should be regulated consistently.</div>

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A Chinese-style payment network to challenge Visa and Mastercard is taking shape in Europe - 0 views

finance.yahoo.com/...twork-challenge-103921593.html

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shared by John Kiff on 20 Jun 19 -

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John Kiff on 20 Jun 19

A new initiative plans to make six of Europe's smartphone wallets interoperable with each other, creating a total network of 5 million users in 10 European countries. Notably, they are working with Chinese fintech giant Alipay to develop a unified QR code.

<div class="cArrow"> </div><div class="cContentInner">A new initiative plans to make six of Europe's smartphone wallets interoperable with each other, creating a total network of 5 million users in 10 European countries. Notably, they are working with Chinese fintech giant Alipay to develop a unified QR code.</div>

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Coinbase expands its cryptocurrency debit card to Europe - 0 views

www.cnbc.com/...ency-debit-card-to-europe.html

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shared by John Kiff on 20 Jun 19 -

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John Kiff on 20 Jun 19

The Coinbase Card will be available in Spain, Germany, France, Italy, Ireland and the Netherlands. The card allows users with Coinbase accounts to spend cryptocurrencies in stores and online at any merchant that accepts Visa.

<div class="cArrow"> </div><div class="cContentInner">The Coinbase Card will be available in Spain, Germany, France, Italy, Ireland and the Netherlands. The card allows users with Coinbase accounts to spend cryptocurrencies in stores and online at any merchant that accepts Visa.</div>

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QuadrigaCX CEO Set Up Fake Crypto Exchange Accounts With Customer Funds - 0 views

www.coindesk.com/e-accounts-with-customer-funds

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shared by John Kiff on 20 Jun 19 -

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John Kiff on 20 Jun 19

QuadrigaCX's Gerald Cotten, who *apparently* died last December, transferred millions of dollars in crypto out of customer accounts and into other exchanges, with the funds being used to furnish his personal lifestyle and trading habits.

<div class="cArrow"> </div><div class="cContentInner">QuadrigaCX's Gerald Cotten, who *apparently* died last December, transferred millions of dollars in crypto out of customer accounts and into other exchanges, with the funds being used to furnish his personal lifestyle and trading habits.</div>

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Crypto Exchanges Are Facing Biggest Regulatory Hurdle Yet - 0 views

www.bloomberg.com/...-biggest-regulatory-hurdle-yet

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shared by John Kiff on 20 Jun 19 -

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John Kiff on 20 Jun 19

On June 21, the Financial Action Task Force will publish a note to clarify how participating nations should oversee virtual assets. The new rules will apply to businesses working with tokens and cryptocurrencies, such as exchanges and custodians and crypto hedge funds.

<div class="cArrow"> </div><div class="cContentInner">On June 21, the Financial Action Task Force will publish a note to clarify how participating nations should oversee virtual assets. The new rules will apply to businesses working with tokens and cryptocurrencies, such as exchanges and custodians and crypto hedge funds.</div>

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Don't let Facebook capture the monetary system - 0 views

www.ft.com/...f0-9101-11e9-aea1-2b1d33ac3271

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shared by John Kiff on 20 Jun 19 -

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John Kiff on 20 Jun 19

Regulators and central banks should immediately address the real problems Facebook has identified. Central bank digital currencies would quite easily do so. Governments have been remiss by dragging their feet on this - in part because of deference to the established banking industry; but they no longer have any excuse to do so.

<div class="cArrow"> </div><div class="cContentInner">Regulators and central banks should immediately address the real problems Facebook has identified. Central bank digital currencies would quite easily do so. Governments have been remiss by dragging their feet on this - in part because of deference to the established banking industry; but they no longer have any excuse to do so.</div>

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Facebook Disputes FT's Claim that Libra is 'Not a Proper Blockchain' - 0 views

bitsonline.com/cebook-claims-libra-blockchain

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shared by John Kiff on 20 Jun 19 -

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John Kiff on 20 Jun 19

Facebook got in touch with the FT citing factual errors in Jemima Kelly's story on the basis of her interpretive analysis which critiqued the notion that libra was actually a blockchain or a cryptocurrency. "

<div class="cArrow"> </div><div class="cContentInner">Facebook got in touch with the FT citing factual errors in Jemima Kelly's story on the basis of her interpretive analysis which critiqued the notion that libra was actually a blockchain or a cryptocurrency. "</div>

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CME: Open Interest in Bitcoin Futures Contracts Hit All-Time High - 0 views

cointelegraph.com/...es-contracts-hit-all-time-high

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shared by John Kiff on 20 Jun 19 - No Cached

John Kiff on 20 Jun 19

According to CME, bitcoin (BTC) open interest spiked on June 17 with an all-time high of 5,311 contracts totalling 26,555 BTC, or approximately $246 million.

<div class="cArrow"> </div><div class="cContentInner">According to CME, bitcoin (BTC) open interest spiked on June 17 with an all-time high of 5,311 contracts totalling 26,555 BTC, or approximately $246 million.</div>

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The Ambitious Plan Behind Facebook's Cryptocurrency, Libra - 0 views

www.wired.com/...facebooks-cryptocurrency-libra

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shared by John Kiff on 19 Jun 19 - No Cached

John Kiff on 19 Jun 19

The White Paper vows that the Libra Association will move to a permissionless system, but the commitment is weak-just an intent to begin the transition within five years. But Facebook Chief Economist Christian Catalini notes that for now, no one knows how to build such a thing at a global scale

<div class="cArrow"> </div><div class="cContentInner">The White Paper vows that the Libra Association will move to a permissionless system, but the commitment is weak-just an intent to begin the transition within five years. But Facebook Chief Economist Christian Catalini notes that for now, no one knows how to build such a thing at a global scale</div>

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Fintech Daily Digest

What Libra IS & What It IS NOT - 0 views

Facebook's Crypto Libra Won't Be Legalized in Russia: State Press - 0 views

Facebook co-founder: Libra coin would shift power into the wrong hands - 0 views

France creates G7 cryptocurrency task force as Facebook's Libra unsettles governments - 0 views

Launching a Global Currency Is a Bold, Bad Move for Facebook - 0 views

What Facebook's new currency means for the banking system - 0 views

Facebook wants to create a global currency - 0 views

Global Policy Makers Are Up in Arms About Facebook's Libra Coin - 0 views

Paysend Launches Pays XDR - the Stable Coin - 0 views

Eight ways FinTech adoption remains on the rise - 0 views

Facebook Has Not Applied for RBI Approval to Operate Libra in India: Report - 0 views

Enable, empower, ensure: a new finance for the new economy - speech by Mark Carney - 0 views

A Chinese-style payment network to challenge Visa and Mastercard is taking shape in Europe - 0 views

Coinbase expands its cryptocurrency debit card to Europe - 0 views

QuadrigaCX CEO Set Up Fake Crypto Exchange Accounts With Customer Funds - 0 views

Crypto Exchanges Are Facing Biggest Regulatory Hurdle Yet - 0 views

Don't let Facebook capture the monetary system - 0 views

Facebook Disputes FT's Claim that Libra is 'Not a Proper Blockchain' - 0 views

CME: Open Interest in Bitcoin Futures Contracts Hit All-Time High - 0 views

The Ambitious Plan Behind Facebook's Cryptocurrency, Libra - 0 views

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