Banks May Cut Ties With Facebook if Libra Is Launched: ING CEO

Banks may be bound to stop working with social media giant Facebook if the firm launches its Libra stablecoin, according to ING CEO Ralph Hamers. Bank can choose to “not accept the client” Financial news outlet Financial Times reported on Hamers’ remarks on Oct. 22. Per the report, he explained that institutions like ING have to guard the financial system to prevent criminal activity. Because of this, concerns over Libra’s potential for illegal use may result in a response from the banks: “We can take measures and exit the client,…

What Role Should Central Banks Have Launching Stablecoins Like Libra?

Ever since the vision for a Libra stablecoin was unveiled in its white paper back in June, Facebook has suffered a startling backlash from countries around the world. Some American politicians have claimed the digital currency has the potential to be more dangerous than 9/11. Lawmakers over in Europe haven’t been too kind either, with Germany’s finance minister warning he is “very, very skeptical” about the project. The main bone of contention with Libra has been the notion of a private company creating a currency designed to rival the likes of the dollar…

Facebook Could Use Fiat-Pegged Stablecoins for Libra

Facebook is reportedly open to the idea of using national currency-pegged stablecoins for its forthcoming Libra project. According to Reuters on Oct. 20, David Marcus, the head of the Libra project for Facebook and CEO of Facebook’s wallet service Calibra, said that Libra could use various fiat-based stablecoins, instead of the initially proposed token.  Speaking at a banking seminar on Sunday, Marcus reportedly stated that the main goal of the project was to create a more efficient payment system and that it was not opposed to looking at alternative approaches.…

Libra Surprise, Telegram Drama, Cointelegraph Blocked: Hodler’s Digest, Oct 14–20

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week New York district court postpones Telegram’s TON hearing to 2020 It looks like we’re all going to be waiting a while for the legal showdown between Telegram and the United States Securities and Exchange Commission. A district court in New York has said the next…

Libra Loses Key Members, Potentially Forked — Still Looks Confident

Earlier this week, initial members of the Libra Association formalized a governance structure after holding their inaugural meeting in Geneva. The transition happened just days after seven high-profile participants, including Visa, eBay and Mastercard, chose to leave the organization. Libra’s setback happened amid general regulatory upheaval in the crypto industry: In October alone, United States authorities fined EOS developer Block.One for holding an unregistered securities offering and halted TON — the largest private token offering — over similar charges. Related: TON’s ‘Force Majeure’ Clause — Is Telegram About to Refund…

German Minister Doubles Down on Statements Against Facebook’s Libra

German Federal Minister of Finance Olaf Scholz has doubled down on his previous statement that policymakers should prevent the issuance of Facebook’s Libra stablecoin. At the International Monetary Fund and World Bank fall meeting on Friday, Scholz stressed that stablecoins could pose international risks, Reuters reported on Oct. 18. Scholz expressed his utter skepticism regarding the social media giant’s plans, stating: “We will carefully monitor the situation with all the means at our disposal. I am not in favour of the successful creation of such a world currency because that…

Libra Gets First Major Political Backer in US Congress

Libra, the underfire planned cryptocurrency led by Facebook (NASDAQ:FB), has been dominating headlines in the world of crypto for all the wrong reasons. Regulators on both sides of the Atlantic have been staunchly opposed to the development of the coin, labeling it a threat to the economic and monetary sovereignty of nations. However, in a rare show of political support for Libra, Republican Senator for South Dakota Mike Rounds has written to Anchorage to endorse the project. Anchorage, a South Dakota-based trust fund, is one of the 21 founding chartered…

FATF Raises Money Laundering Concerns Over Libra and Stablecoins

Global monetary watchdog, the Financial Action Task Force (FATF), has added its voice to the growing chorus of concerns over Facebook’s Libra and other stablecoins. Mass adoption of such currencies could hinder efforts to detect and stamp out money laundering and terrorist financing, Reuters reported on Oct. 18. Managing the potential risks of mass adoption Speaking to reporters in Paris, FATF president Xiangmin Liu said that both stablecoins — and the companies behind them — would be subject to global standards on cryptocurrencies and traditional financial assets: “If stablecoins were…

Nearly 75% of German Consumers Would Reject Facebook’s Libra: Survey

Almost three-quarters of German consumers would not use Facebook’s planned digital currency, Libra, according to a recent poll. Only 27 percent considers using Libra On Oct. 17, Cointelegraph auf Deutsch reported that out of 2000 questioned Germans, aged 16 and over, only 27 percent would ever consider using Facebook’s Libra stablecoin as a means of payment at home or abroad. The poll was conducted on behalf of the Wirtschaftswoche business news magazine and Creditplus Bank AG. The results indicate that 73 percent completely reject the idea of Libra as a…

Facebook’s Libra Just Got Its First Major Supporter in Congress

Amid a sea of scorn, one U.S. Senator is praising Libra. Sen. Mike Rounds (R-S.D.) wrote a letter to Libra Association member Anchorage, a South Dakota-based trust company, endorsing the Facebook-led project and citing it as an example of a technological advance he feels is needed to aid U.S. consumers. Rounds also pushed back against a more “ominous” letter penned by Senators Brian Schatz (D-Hawaii) and Sherrod Brown (D-Ohio), warning the CEOs of Mastercard, Visa and Stripe that they may come under increased regulatory scrutiny should they continue participating in…