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Facebook is reportedly shifting its plans to launch a new digital currency following widespread criticism of its Libra cryptocurrency project. The technology giant will now open the payments network to support digital versions of existing currencies, such as the US dollar, Euro and pound sterling. Since announcing the project in June last year, Facebook has…
Vodafone has become the latest major company to withdraw from Facebook’s Libra cryptocurrency project. The telecoms firm joins eBay, Mastercard, PayPal, Stripe and Visa in quitting the association set up to develop a new global currency that would work across Facebook’s suite of apps. “We have said from the outset that Vodafone’s desire is to make…
Facebook‘s controversial cryptocurrency project has “failed” in its current form, according to the Swiss president. Ueli Maurer, who also serves as Switzerland’s finance minister, said that Facebook’s Libra would not be accepted by central banks and therefore not work as a currency. “I don’t think [Libra will succeed], because central banks will not accept the basket…
During the crypto hype bubble and Bitcoin’s meteoric rise, speculation ran wild due to the incredible potential the emerging technology could bring to the world, if only the technology could find its “killer app” – something that makes the technology a must-have addition to daily life. While a clear killer app never arrived, there’s evidence…
Most of the angst against the crypto industry this year has been instigated by one company. The major economies of the world have collectively given the bird to Facebook and its plans on crypto domination through its own centralized digital coin. The social media giant is now scrambling to launch an alternative payments platform. Facebook…
As the pressure continues to pile on Facebook, the social media giant is still determined to forge ahead with its grand crypto ambitions. As it realizes that the journey ahead is not going to be a smooth one the company is looking at alternative ways of getting its own currency off the ground and a…
Social media giant Facebook has certainly rattled the regulatory feathers of global regulators with its grand plans for cryptocurrency world domination. Politicians and citizens alike are right to question Libra and those that will be pulling the strings behind it. The G7 group of economic powerhouses agrees that such stablecoins should not be allowed to…
The majority of US politicians are anti-crypto and Bitcoin. Either through fear, or lack of knowledge, they view digital currencies as a threat to their own system which is highly controlled and often manipulated. One congressman however thinks Facebook should dump Libra in favor of Bitcoin. Libra is Still a “Shitcoin?” Ohio state congressman Warren…
The golfing analogy was not lost as Facebook gets buried deeper in the digital rough while its crypto project partners run for the hills. In an interview with CNBC yesterday, US treasury secretary Steven Mnuchin said they may have feared heavy regulatory pressure. Threats For Crypto Consortium Speaking on CNBC’s ‘Squawk Box’, Mnuchin stated that…
Following the news that PayPal, MasterCard, Visa, eBay, and Stripe pulled out of Facebook’s foray into the crypto asset space, Booking Holdings Inc. has also withdrawn from the Libra project. The company operates both the Kayak.com and Priceline.com travel websites. Libra has faced intense regulatory scrutiny since it was first detailed this summer. Such pressures…