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libra

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About libra ℹ️

Libra is a cryptocurrency project originally proposed by Facebook, now known as Meta Platforms, Inc. The project was announced in June 2019 with the goal of creating a global digital currency that could facilitate low-cost, cross-border payments and financial transactions. The Libra cryptocurrency was designed to be backed by a reserve of assets, including traditional currencies such as the US dollar, euro, and yen, as well as government securities. This was intended to provide stability and mitigate the volatility commonly associated with other cryptocurrencies like Bitcoin. One of the unique aspects of Libra was its governance structure, which was initially planned to be overseen by the Libra Association, a consortium of companies and organizations from various industries. However, due to regulatory concerns and pushback from regulators around the world, several prominent members, including PayPal, Visa, and Mastercard, withdrew from the association, leading to significant changes in the project's direction. In December 2020, Libra rebranded as Diem and announced plans to launch a stablecoin tied to the US dollar. The project aims to provide a digital payment infrastructure that is accessible to users around the world, particularly those in underserved regions with limited access to traditional banking services. Despite its ambitious goals, the Libra/Diem project has faced numerous regulatory challenges and setbacks, leading to delays in its launch and significant changes to its original vision. Nevertheless, the project continues to evolve, and its success could have far-reaching implications for the future of digital finance and payments.

Mark Zuckerberg: digital space must be self-regulated

Mark-Zuckerberg-digital-space-must-be-self-regulated Mark Zuckerberg | Facebook CEO

Facebook CEO Mark Zuckerberg believes digital space needs to be regulated, but self-regulation is the best solution.

"One of the big questions for the next decade is: how should we govern the large new digital communities that the internet has enabled," Zuckerberg said in a Facebook post.

David Marcus: Existing payment systems are very limited

David-Marcus-Existing-payment-systems-are-very-limited David Marcus | The head of the blockchain division of Facebook

The head of the blockchain division of Facebook, David Markus, in his blog spoke about the shortcomings of traditional payment systems and why you need to switch to systems based on the blockchain.

"As I've been traveling around the world meeting with key stakeholders, it became clear to me that the advantages of digital currency transmitted over a blockchain — notably when it comes to broadening access and lowering costs of financial services — weren't as evident to others as I assumed they were," Marcus began his story.

Mark Carney: cryptocurrency like Libra should become the global reserve currency

Mark-Carney-cryptocurrency-like-Libra-should-become-the-global-reserve-currency Mark Carney | The Head of The Bank of England

The Head of The Bank of England Mark Carney said the US dollar, which is the global reserve currency, needs to be replaced with a digital currency similar to Libra.

According to Carney, trade wars are detrimental to growth and disrupt multilateral cooperation, while central banks live in a world with low interest rates as they struggle to recover from inflation.

Mark Zuckerberg: we will launch Libra only after all issues have been resolved with the regulators

Mark-Zuckerberg-launch-Libra-after-all-issues-resolved Mark Zuckerberg | CEO of Facebook

Mark Zuckerberg, CEO of the largest social networking site Facebook, said the company is ready to resolve all issues with Libra's regulators.

At a conference on the results of the second quarter of 2019, Zuckerberg stressed that several years ago Facebook would launch a new product without asking permission from regulators. But now the company's policy has changed.

Mark Carney recognized the potential of Libra to solve some financial problems

Bank of England Chairman Mark Carney stressed that society needs to recognize the problems that Facebook is trying to solve with the help of the Libra project.

"It's way too expensive to do domestic payments. It's way too slow, and that hurts consumers and businesses. It stifles innovation, and it's far too expensive to send money cross-border, and there are huge financial inclusion issues related to that and costs related to that. So, while we are trying to address all these issues, we have to absolutely acknowledge the problem that they're trying to solve. And if it's not this, we'd better have some answers for what else it is," Carney said at a press conference.

Deutsche Bank: aggressive policies of central banks led to the growth of Bitcoin

Deutsche-Bank-central-banks-led-to-the-growth-of-Bitcoin Jim Reid | Top manager at Deutsche Bank

Jim Reid, a top manager at Deutsche Bank, the largest bank in Germany, said that the US Central Bank reduced the refinancing rate one of the reasons for the rise in Bitcoin.

"If central banks are gonna be this aggressive, then alternative currencies do start to become a bit more attractive," said Deutsche Bank's global fundamental credit strategy head in an interview with CNBC.

The US Senate will hold a hearing on the Libra cryptocurrency in July

Senate-hearing-on-the-Libra-cryptocurrency The US Senate will hold a hearing on the Libra cryptocurrency in July

The US Senate Committee on Banking, Housing and Urban Affairs on July 16 will hold a hearing on the new Libra cryptocurrency being developed by Facebook.

A hearing entitled "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations" was scheduled after calls from members of Congress to study the Libra project and its potential risks more carefully. There were even calls to stop the work on the project before the hearing.

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