Facebook’s Libra hires former OCC prosecutor and central bank expert
The Libra Association has made a key hire in its pursuit of a new cryptocurrency and payments system. The Libra Association, which manages Facebook’s quiet cryptocurrency project, has appointed a general counsel to oversee the development of its forthcoming payment system. In an official press release, the Libra Association Wednesday introduced Saumya Bhavsar as the new general counsel of Libra Networks, the entity charged with operating the blockchain-based payment system. Bhavsar comes with two decades of experience in the financial services industry serving in various legal, regulatory....
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Timothy Lane says the central bank is developing a CBDC at "a good pace.” According to an Oct. 15 report from The Canadian Press, the Bank of Canada, or BoC, deputy governor Timothy Lane said central banks should have their own digital currency ready should regulators block Facebook’s Libra token. They also noted such an asset's potential importance as a possible solution for the economic realities of COVID-19.Lane spoke at an online panel discussion hosted by the Central Bank Payments Conference, stating that the Bank of Canada has been developing a central bank digital currency, or CBDC,....
Stablecoins are an integral part of the future of the financial system. And Facebook’s Diem, formerly Libra, is part of that future. Facebook, it is reported, could launch its long-awaited digital currency as early as January 2021 in the form of a U.S. dollar-backed stablecoin. Central banks and regulators have been galvanized into action since Facebook first announced its intentions by publishing a white paper in 2019. They are right to be concerned, as stablecoins — particularly ones such as the rebranded Diem that have the potential for massive network effects — bring new risks to....
There are two big questions on everyone’s lips now: What exactly is Facebook’s Diem, and what it will offer its potential 2 billion users? The year 2021 seems to be a big year for the blockchain world as several projects, such as nonfungible tokens (NFTs) and centralized decentralized finance exchanges (CeDeFis), are taking the central stage. Also at the forefront is Facebook’s Libra.Not too long ago, the media was rife with the news that the world’s largest social media network was developing plans for a global digital currency. Then, after a while, it looked like Facebook shelved plans....
Facebook’s libra cryptocurrency is reportedly preparing to launch with a single cryptocurrency, a scaled-down version of its original plan. The launch date for Facebook’s libra could be as early as January. Launch Date for Facebook’s Libra The cryptocurrency libra, proposed by social media giant Facebook, is reportedly preparing to launch as early as January next year. However, only a limited version of the libra cryptocurrency will launch at that time. According to the revised libra whitepaper, the Libra Association intended to initially launch with some of the....
PwC US FinTech lead Jeremy Drane has officially left the 'Big four' firm to serve as chief commercial officer for blockchain startup Libra. Formerly a startup offering tax compliance and reporting software to bitcoin users, the moves comes amid a transition at Libra that finds the startup seeking to establish itself as a "management information layer" for blockchain technologies. In accordance with this goal, Libra used the announcement to highlight other recent hires from the enterprise finance sector, noting its COO Dave Albert was formerly with BNY Mellon, while VP of product....