EU Antitrust Boss Flags Facebook Crypto Libra for Monopoly Risks

EU regulators are investigating if the Facebook Libra “cryptocurrency” poses a threat to competition by being a potential monopoly. Margrethe Vestager is the outgoing antitrust chief of the European Union. She’s gravely concerned that Libra could violate antitrust laws. EU: Facebook Libra must not stifle competition To address this, Vestager says European regulators are examining … Read more

Jeremy Allaire’s Circle the Latest to Distance Itself from Facebook’s Libra

Jeremy Allaire’s Circle issued a U.S. dollar-backed stablecoin before stablecoins were cool. Now that Facebook has joined the fray with its Libra coin, which is designed to be backed by a basket of fiat currencies (and maybe other financial instruments), the spotlight on stablecoins has grown brighter. But Allaire, who is testifying in front of … Read more

The Mother of Central Banks Sounds the Alarm on Facebook’s Cryptocurrency Libra

The Bank for International Settlements (BIS), an institution owned by the world’s central banks, has issued a stark warning about the likes of Facebook, Alibaba, and Google disrupting the established financial system. In its annual economic report, titled Big Tech in Finance: Opportunities and Risks, the BIS – commonly seen as the central bank of … Read more

Crypto Unicorn Circle Shutters Payment App to Focus on Stablecoins

By CCN.com: Crypto unicorn Circle is shutting down its Circle Pay app in July to focus on stablecoins and developing new wallet services. The parent company of crypto exchange Poloniex made the surprise announcement on its website on June 13. Circle says now is the appropriate time to retire Circle Pay because fiat tokens and … Read more

Facebook Recruits Bank Lobbyist for Regulatory Assist with Crypto GlobalCoin

By CCN.com: Facebook has just hired a senior UK bank lobbyist ahead of GlobalCoin launch to help the company cope with European regulations. According to the Financial Times, Facebook will employ Standard Chartered European Head of Corporate and Public Affairs Ed Bowles from September as its London-based director of public policy. Bowles leaves Standard Chartered … Read more

Facebook’s Cryptocurrency Will Pay Interest to Users, Predicts Blockchain Regulator

By CCN.com: Facebook’s GlobalCoin cryptocurrency will likely pay interest to its users. That’s the prediction of Wyoming Blockchain regulator and crypto champion Caitlin Long. The social media company is gearing up to announce its much-hyped cryptocurrency this month, but very little is still known about the project, known internally as Project Libra. On Sunday, Long shared … Read more

China Dominates Stablecoin Crypto Appetite with Over 50% of Global Trading

By CCN.com: Chinese trading and stablecoin volume account for over half of the transactions sent and received by known parties, in the entire world, according to the latest issue of Diar. China Dominates Global Tether, Crypto Trading Trends Previous research showed certain Western countries far in the lead as far as Bitcoin exchange transaction volume. … Read more

Facebook Unexpectedly Plants Its Flag in Crypto-Friendly Switzerland

By CCN.com: Facebook has reportedly set up a fintech company dubbed Libra Networks in Switzerland. The move clearly correlates with the social media giant’s Project Libra. According to Reuters, the focus of the fintech is on the blockchain, payments, data analytics, and investing. Libra Networks, which was registered in Geneva on May 2, will provide … Read more