FSB Recommends Stablecoin (Libra) Safeguards as G7 Continues Blockade
Finance officials never once named Libra. But they didn't have to; the proposed stablecoin's shadow still loomed.
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The G7's recent rejection of Libra doesn’t seem to have slowed them down. The Libra Association, which oversees the as-yet unreleased Libra cryptocurrency, has chosen a chief financial officer and chief risk officer for the project. Ian Jenkins, who touts experience from HSBC, Santander, and Credit Suisse, will supervise the Libra Network’s finances and risk management, according to an Oct. 15 announcement.The news comes only days after the multi governmental group G7 explained that the project needed proper regulatory measures in place prior to launch. “The G7 continues to maintain that....
Libra might eventually get off the ground as early as January albeit in a more limited format.
The Libra Association is rebranding itself as Diem to distance itself from the original multi-currency stablecoin vision as it prepares for a possible 2021 launch.
“No global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements.” In a draft of a statement expected to be released tomorrow, countries representing the world’s largest economies said that they would initially oppose the launch of Facebook’s Libra project.According to an Oct. 12 report from Reuters, central bankers and finance ministers from the United States, Canada, Japan, Germany, France, Italy, and the U.K (also known as the Group of Seven, or G7), said it would halt global stablecoin projects pending appropriate....
Argentinian authorities have ordered a full national blockade of Polymarket after it predicted inflation data. An Authoritarian Crypto Ban? Argentinian outlets reported this Monday that a court ruling in Buenos Aires ordered a nationwide blockade of Polymarket, one of the largest crypto prediction market platforms globally. The blockade will be enforced via the Ente Nacional […]