Libra reinvents itself in bid to overcome ‘fatal’ flaw
Pivot to present more of a payment-network image could save libra from regulatory haranguing
In September 2019, David Marcus, chairman of Facebook’s cryptoassets arm, set out to debunk the notion that a new ‘currency’ called libra could threaten the sovereignty of nations when it comes to money. Marcus said libra was designed to be a payment network that would be superior to those that currently exist and would operate with ‘one-for-one backing’ of a ‘basket of strong currencies’.
In effect, libra would exist by being supported by an equivalent value in its reserves and no money would
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Crypto Assets
US requests three-year prison sentence for Binance founder
World’s largest crypto exchange agreed to pay $4.3 billion for violating money laundering laws
Book notes: Number go up: inside crypto’s wild rise and staggering fall, by Zeke Faux
The book would be a great, comic obituary of crypto, if only crypto were dead
Public perception is key for stablecoin peg – BIS paper
Market sentiment is important in determining whether currencies remain at par with fiat money
Venezuela shuts down state cryptocurrency
Petro overseer had been embroiled in scandals, including over $21.2 billion of missing oil payments
US monetary policy drives defi credit cycles, HKMA study finds
Automatic liquidation could amplify shocks and trigger runs, author say
HKMA proposes strict stablecoin regime
Algorithm-based stablecoins likely to be excluded under new rules, Hong Kong authorities say
Basel Committee to consult on stablecoin capital requirements
Feedback also sought on interest rate risks and G-Sib “window dressing”
Small Swiss city accepts invoice payments in bitcoin and tether
Crypto accepted for taxes, fines and services, regardless of the amount
Most read
- ECB says iPhone is currently incompatible with digital euro
- Supervisors grapple with the smaller bank dilemma
- ‘Do I die, or do I survive?’ Officials reflect on Basel III complexity