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Big Banks, Tech Giants, Regulators and Crypto Startups: Who Are the Libra Killers?

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Perhaps the most over-hyped crypto project to make headlines, Facebook’s Libra hasn’t even set a release date yet but has received an onslaught of praise and criticism from the crypto community and regulators alike. The rapid influence Libra has had on the blockchain ecosystem is staggering, causing established blockchain companies to rapidly accelerate their plans in order to be first to market and not let the tech behemoth’s planned foray into the space steal all the limelight, however warranted. Any such plans have yet to be nailed down and are not likely to come to fruition for the best part of a year.

Since the news broke, there has been a wave of industry announcements. Binance revealed an open blockchain project called Venus, which will focus on developing localized stablecoins on a global level while China’s central bank, the People’s Bank of China (PBoC) is reported to have fast tracked the development of its central bank-issued digital currency (CBDC) after Libra was revealed.

The youngest Bitcoin millionaire, Erik Finman similarly felt the industry aftershocks from Libra, launching crypto P2P payment app Metal Pay, which he referred to in a Twitter post as “the Libra killer”.

Regulators are human too

While the reaction from regulators was expected in the crypto space, it came about faster with Libra, as a company like

Facebook stepping into the crypto space put the entire industry under the spotlight and heightened scrutiny. We actually feel this is positive as it will speed up the process of adoption and awareness towards blockchain technology.

Generally speaking, the natural human reaction to something we don’t fully understand is fear and rejection and we are simply going through that process. Think about the reaction of the guy riding his horse once he saw a car passing by for the first time. Now imagine that this guy was a horse wagon seller, the biggest one in town. The next phase is all about helping external parties to fully understand the technology and creating a legal framework to support it.

Nothing new to see here

The Libra concept is quite innovative from the standpoint of a huge company like Facebook driving it. The idea itself is something that humans have been researching for decades and was first widely adopted through Bitcoin, so nothing new here. There are still many issues to be addressed if we were to use a cryptocurrency as legal tender and a means of exchange. It is only a matter of time before a decentralized currency – whether a currency issued by Libra or a currency issued by a central bank – will be widely adopted. Which cryptocurrency will eventually achieve mainstream adoption? It’s simply too early to tell.

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Latest News and Top Headline for Facebook Libra, January 18th, 2020

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  • Facebook’s Libra Association appoints Committee to Pilot Technical Growth of the stablecoin
  • Regulators Keep Going Back and Forth

Regardless of the issues Facebook’s proposed coin Libra is facing with Regulations, the company is still making plans to enhance the smooth sailing of the coin once it is released. Libra Association, the ruling body of the Libra coin proposed by Social media giant Facebook, recently established a new committee to run the technical aspect of Libra coin.

According to the official press release, Libra Association had chosen to establish a team of five members to run is the technical wing. These five members comprise of prominent experts from several organizations in the financial technology

and blockchain sector.

The committee is made up of Bison Trails CEO and founder Joe Lallouz, Anchorage co-founder Diogo Monica, Calibra core product lead George Cabrera III, Union Square Ventures partner Nick Grossman, and Mercy Corps director of emerging technology Ric Shreves.

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By supervising the procedures underlying the Libra network’s innovation, the committee will develop the technical roadmap for the Facebook Libra ecosystem. Also, they aim to create working groups to give priority to assigned ways of study. Similarly, they are to govern the production of a codebase and facilitate an active community in the Libra community.

The official declaration confirms that the development of a distinct committee is in aligns with the Libra venture’s objective of veering into a decentralized and self-governing “independent of anyone organization’s control.” commenting on this, the newly formed committee states that it will publish its rules relevant to technical administration and other relevant records by the end of first Quarter of this year.

Regulators Keep Going Back and Forth

In 2019, Facebook’s assertion on Libra Stablecoin and payment ecosystem, concerning the Calibra wallet steered a ruse in the crypto sphere. It instantly became a vital subject of interest among regulators and legislators as the Social media giant Facebook has a dent in its history of handling data and specifically, user information. Also, Marcus assured that all information associated with Libra coin will be handled separately from data associated with its social media platform Facebook.

Regulators have been going back and forth to determine the right way to categorize the new asset. Sometime in November 2019, U.S regulators released a new law that would place the coin under securities rules. After the bill was passed, the Libra Association secretly amended the proposed coin’s paperwork. The major change was the end of profits that will be paid to early investors. The modification devoid of likely contradictory interests between the Libra Association members and end-users of the coin, but could answer to concerns that Facebook Libra could be classified as a security.

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Anchorage, Bison Trails Execs to Helm Libra’s New ‘Technical Steering Committee’

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The Libra Association announced Thursday it had formed a technical steering committee to coordinate the design of the Libra platform.

The new committee, composed of Anchorage co-founder Diogo Monica, Calibra core product lead George Cabrera III, Bison Trails founder Joe Lallouz, Union Square Ventures partner Nick Grossman and Mercy Corps emerging technology director Ric Shreves, was formed on Dec. 16, 2019, according to an announcement on the Libra developers page. It’s the latest incremental update to the Libra roadmap following a wave of founding member defections last October.

The newly-announced group will oversee the project’s technical roadmap, guide codebase development and try to build a developer community around the Libra project. Prior to the stablecoin’s public debut in June 2019, Facebook developers established the project’s technical underpinnings. Many of those staffers have since been transferred to Facebook’s crypto subsidiary, Calibra, including Facebook’s former blockchain lead, David Marcus, and tech lead Ben Maurer.

The Libra technical steering committee plans to publish a governance framework

The Libra Association announced Thursday it had formed a technical steering committee to coordinate the design of the Libra platform.

The new committee, composed of Anchorage co-founder Diogo Monica, Calibra core product lead George Cabrera III, Bison Trails founder Joe Lallouz, Union Square Ventures partner Nick Grossman and Mercy Corps emerging technology director Ric Shreves, was formed on Dec. 16, 2019, according to an announcement on the Libra developers page. It’s the latest incremental update to the Libra roadmap following a wave of founding member defections last October.

The newly-announced group will oversee the project’s technical roadmap, guide codebase development and try to build

a developer community around the Libra project. Prior to the stablecoin’s public debut in June 2019, Facebook developers established the project’s technical underpinnings. Many of those staffers have since been transferred to Facebook’s crypto subsidiary, Calibra, including Facebook’s former blockchain lead, David Marcus, and tech lead Ben Maurer.

The Libra technical steering committee plans to publish a governance framework before the end of March 2020, according to the announcement, which “will include the process by which the open source community can propose technical changes to the network and a transparent process for evaluating those proposals.”

While Libra originally envisioned a launch by mid-2020, regulatory pushback may delay this, Facebook CEO Mark Zuckerberg said during an interview late last year.

before the end of March 2020, according to the announcement, which “will include the process by which the open source community can propose technical changes to the network and a transparent process for evaluating those proposals.”

The Libra Association announced Thursday it had formed a technical steering committee to coordinate the design of the Libra platform.

The new committee, composed of Anchorage co-founder Diogo Monica, Calibra core product lead George Cabrera III, Bison Trails founder Joe Lallouz, Union Square Ventures partner Nick Grossman and Mercy Corps emerging technology director Ric Shreves, was formed on Dec. 16, 2019, according to an announcement on the Libra developers page. It’s the latest incremental update to the Libra roadmap following a wave of founding member defections last October.

The newly-announced group will oversee the project’s technical roadmap, guide codebase development and try to build a developer community around the Libra project. Prior to the stablecoin’s public debut in June 2019, Facebook developers established the project’s technical underpinnings. Many of those staffers have since been transferred to Facebook’s crypto subsidiary, Calibra, including Facebook’s former blockchain lead, David Marcus, and tech lead Ben Maurer.

The Libra technical steering committee plans to publish a governance framework before the end of March 2020, according to the announcement, which “will include the process by which the open source community can propose technical changes to the network and a transparent process for evaluating those proposals.”

While Libra originally envisioned a launch by mid-2020, regulatory pushback may delay this, Facebook CEO Mark Zuckerberg said during an interview late last year.

before the end of March 2020, according to the announcement, which “will include the process by which the open source community can propose technical changes to the network and a transparent process for evaluating those proposals.”

While Libra originally envisioned a launch by mid-2020, regulatory pushback may delay this, Facebook CEO Mark Zuckerberg said during an interview late last year.

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News Today – Top Headline for Facebook Libra, January 10th, 2020

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  • Facebook CEO Mark Zuckerberg omits Libra from his 2030 projection
  • Zuckerberg agrees to Government partnership for his company

Shocking how Libra is not part of Zuckerberg’s 2030 projection. The CEO of renowned social media app Facebook in a recent interview emphasize on digital commerce, but not for once did he mention his proposed digital currency Libra.

Mark Zuckerberg envisioned what is to come in 10years. His projection says a lot about Facebook’s plan for financial services. P.S – this does not in any way involve Libra. The CEO revealed a list of decades’send and for his social media Giant, involving a comprehensive prospect for Facebook to centralized finance and business. Commenting on this, Zuckerberg went thus:

“Over the next decade, we hope to build commerce and payment tools so that every small business has easy access to the same technology that previously only big companies have had.”

That vision includes technologies that Facebook has been pursuing like Messenger-based customer support, Instagram storefronts, remittances through Whatsapp. Zuckerberg’s aspiration is for his company’s efforts to “go a long way towards creating more opportunities around the world.”

In all his speech, Zuckerberg did not for once mention Libra, the vague stablecoin Facebook previously announced last summer. Not to be biased, Facebook’s crypto associate, Calibra is only one of the 20 partners supporting the stablecoin. Facebook states it will be hands-off with the cryptocurrency it created.

Zuckerberg agrees to Government partnership for his company

The Libra Association, the governing committee for the project flaunts itself as on a mission to “empower billions of people through the creation of a simple global currency and financial infrastructure.”

Previously, Zuckerberg kept his distance from the Libra, and since he does not run the association, it was easier for him. Regardless, he has still vouched before Congress about it, so as his deputy David Marcus. It appears that Zuckerberg speaks about Libra without actually mentioning its name. According to the other parts of his 10-year projection, Zuckerberg made mention of virtual reality without mentioning Facebook’s proposed digital currency Libra.

Though Zuckerberg evades Libra, he did not pass on the opportunity to address the barrage of criticism regulators around the globe have thrown his way. The proposed currency has been having regulatory issues since it was announced. Several policymakers and economic administrators have shared their thoughts on Libra. Most stated that the proposed currency is potentially disastrous to the financial world order.

Those criticisms are in addition to Facebook’s bombastic war on other regulatory fronts, including data privacy and election tampering. Here, Zuckerberg allows that the company should work in partnership with governments, as long as those governments remain afloat.

He stated: “As long as our governments are seen as legitimate, rules established through a democratic process could add more legitimacy and trust than rules defined by companies alone.”

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