Libra Association Sets Up Five Member Oversight Committee

The Libra Association, the non-profit organization overseeing Libra, has established a five-member Technical Steering Committee (TSC) to oversee and coordinate the technical design and development of the Libra network. The responsibilities of the TSC are to direct the technical roadmap of the Libra network, form working groups to fast track research into specific issues, guide codebase development, and build a healthy and engaged community of developers. The association has said that the establishment of the oversight committee is an important step forward in realizing its vision of a self-governing and…

Libra Association Forms Steering Committee to Guide Technical Development

The Libra Association — the government body of the eponymous stablecoin introduced by Facebook in late 2019 — has formed a new committee to guide the network’s technical development.  According to an announcement on Jan. 16, the Libra Association has voted to establish the five-member Technical Steering Committee which comprises leading experts from various firms in the fintech and blockchain industries.  The members are: Calibra core product lead George Cabrera III, Anchorage co-founder Diogo Monica, Union Square Ventures partner Nick Grossman, Bison Trails CEO and founder Joe Lallouz, and Mercy…

Facebook’s Zuckerberg Highlights Digital Commerce, But Not Libra, in 2030 Vision

Mark Zuckerberg’s new 10-year vision says a lot about Facebook’s plan for financial services – and nothing whatsoever about Libra.  Unveiling a vision for 2030, the Facebook CEO unveiled a laundry list of decade’s-end aims for his social media goliath, including an extensive “opportunity” for Facebook to “decentralize” finance and business. “Over the next decade, we hope to build the commerce and payments tools so that every small business has easy access to the same technology that previously only big companies have had,” Zuckerberg said in the post. That vision…

Australians Won’t Use Libra, Believes Central Bank

The Reserve Bank of Australia (RBA) has expressed doubt over whether cryptocurrencies, including Libra and central bank digital currencies (CBDCs), will ever become viable solutions. In a submission (pdf) to the Select Committee on Financial Technology and Regulatory Technology just before Christmas, RBA officials were skeptical that cryptocurrencies, in their current and future forms, would ever replace government-issued money. Although newer initiatives like Libra and CBDCs could promote financial inclusion, the bank’s current assessment is that innovation in the broader fintech space will make these solutions redundant. “In Australia, it is…

Libra Exec Boasts Project’s Benefits Over Bitcoin at CES 2020

The vice-chairman of the Libra Association has been touting the benefits of the project over Bitcoin at the Consumer Electronics Show (CES) in Las Vegas. Dante Disparte, the vice-chairman of the non-profit organization overseeing the proposed digital currency led by Facebook (NASDAQ:FB), was speaking at the Digital Money Forum of the CES, where he emphasized Libra’s advantages over Bitcoin, the largest cryptocurrency in the world. “Bitcoin as an asset class has proven that mathematical scarcity can support an incredibly exciting asset,” said Disparte, before adding, “It’s not a means of…

Libra Association Exec: World Needs Us Because Bitcoin Is ‘Not a Means of Payment’

LAS VEGAS — “Bitcoin as an asset class has proven that mathematical scarcity can support an incredibly exciting asset,” Dante Disparte, vice chairman of the Libra Association, said Tuesday. “It’s not a means of payment. It just isn’t.” Disparte spoke at the Digital Money Forum at the Consumer Electronics Show (CES) in Las Vegas, making his argument to gadget fans and technology’s early adopters. “The bottom rung of the ladder of economic mobility is payment access,” Disparte said. And so far, he said, crypto just isn’t cutting it on payments. Disparte…

How Libra Failed, and How It Could Succeed in 2020

This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Richie Hecker is an entrepreneur, and management consultant at Traction & Scale.  2019 was the year of Libra rising – an attempt led by Facebook to create a new form of digital currency and banking system. Transformative in potential and huge in aspirations, Libra was the seminal crypto event of 2019. Yet, like most of the ICOs that predated it, Libra is doomed to…

Libra Has ‘Failed’ in Its Current Form Says Swiss Finance Minister

Libra, the much-scrutinized proposed cryptocurrency from Facebook (NASDAQ:FB), has “failed in its current form,” according to Swiss President and Finance Minister Ueli Maurer. Swiss President Critical of Libra Basket Maurer, who is in the final days of his year-long term as President of the Swiss Confederation, was speaking to the country’s national TV network SRF when he said, “I don’t think (Libra has a chance in its current form), because central banks will not accept the basket of currencies underpinning it,” adding that “the project, in this form, has thus…

Facebook’s Libra Has Failed in Current Form, Says Swiss President

The basket of assets backing Facebook’s Libra stablecoin needs to change in order for the project to be accepted by regulators, according to Switzerland’s President. “Central banks will not accept the basket of currencies underpinning it” Reuters reported on Dec. 27 that Swiss finance minister and outgoing president Ueli Maurer said that Libra won’t be approved because central banks won’t accept the basket of currencies behind it.  He concluded: “The project, in this form, has thus failed.” Libra’s conflict with regulators Earlier this month, Libra’s whitepaper was updated to remove…

Unlike Libra, Digital Yuan Will Not Need Currency Reserves To Support Value: PBOC Official

The head of the People’s Bank of China’s (PBOC) digital currency research subsidiary, Changchun Mu, said China’s cryptocurrency will not need a currency basket to maintain a stable value. Speaking to reporters at The China Finance Association Academic Annual Meeting and China Finance Forum Annual Meeting in Beijing Saturday, Mu said the digital yuan would be distinct from other forms of cryptocurrencies, including Libra. “The [digital yuan] currency is not used for speculation. The RMB is used to spend, not for speculation. It does not have the characteristics of bitcoin…