Everything you need to know about Libra, Facebook’s ambitious cryptocurrency – The Verge

Jack Dorsey says ‘hell no’ to joining Libra

2019-10-24T16:55:14-04:00

Twitter will never join Libra, CEO Jack Dorsey said today at a Twitter media event in New York City. He said "hell no" when asked if he would join and explained that the Facebook-created cryptocurrency initiative didn't need to be a cryptocurrency to pull of its broader goals of democratizing the financial system. "I don't know if it's a gimmick," Dorsey said, "but a cryptocurrency wasn't necessary to make that work"

"It's not an internet open standard that was born on the internet," Dorsey said. "It was born out of a company's intention, and it's not consistent with what I personally believe and what I want our company to stand for."

"Hell …

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Senators pressure Visa and Mastercard over work on Facebook’s blockchain project

2019-10-09T11:31:15-04:00

Lawmakers have begun actively pressuring members of the Libra Association, the international blockchain payments project led by Facebook, to reconsider their involvement with the group.

In a new letter sent to the CEOs of Visa, Mastercard, and Stripe, Sens. Brian Schatz (D-HI) and Sherrod Brown (D-OH) warn of enormous risks inherent in the Libra project, including facilitating criminal and terrorist financing and destabilizing the global financial system. The letter also suggests the companies would face increased oversight from financial regulators in their conventional, non-blockchain businesses if they continue with the association.

"Thi …

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Apple CEO Tim Cook slams Facebook’s Libra cryptocurrency as a power grab

2019-10-04T16:43:01-04:00

Apple CEO Tim Cook had some choice words when asked about Facebook's controversial blockchain project Libra, with the chief executive openly characterizing the company's plans to launch a cryptocurrency as a blatant power grab. Speaking with the French newspaper Les Echos, Cook shot down any notion that Apple might be considering launching a digital currency of its own, given its recent investments in digital wallets, mobile payments, and consumer credit with the new Goldman Sachs-backed Apple Card.

"No. I really think that a currency should stay in the hands of countries. I'm not comfortable with the idea of a private group setting up a co …

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PayPal withdraws support for Facebook’s Libra cryptocurrency

2019-10-04T16:03:31-04:00

PayPal has decided to withdraw from the Libra Association, the 28-member nonprofit organization formed in June 2019 to oversee the cryptocurrency's creation and eventual consumer rollout.

The company doesn't cite a specific reason, saying only in a statement to The Verge that it decided "to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations."

"We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the fut …

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‘I don’t think you should launch Libra at all,’ congresswoman tells Facebook

2019-07-17T11:55:26-04:00

On Wednesday, Facebook cryptocurrency chief David Marcus faced Congress for a second round of questioning, this time from the House Financial Services committee. As in Tuesday's Senate hearing, Marcus faced deep concerns over Facebook's previous privacy issues, but there was also new skepticism over the nature of the Libra project itself.

"I don't think you should launch Libra at all," Rep. Carolyn Maloney (D-NY) told Marcus in one exchange, "because the creation of a new currency is a core government function and should be left to democratically accountable institutions, that are accountable to the American people. But at the very least, y …

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Senators aren’t sold on Facebook’s Libra project

2019-07-16T12:06:15-04:00

On Tuesday, Facebook's head of blockchain projects David Marcus appeared before the Senate Banking Committee to explain Facebook's controversial Libra project. But while the arcane details of blockchain governance were difficult to pin down, the committee quickly zeroed in on a simpler question: Can we trust Facebook to run its own currency?

Sen. Sherrod Brown (D-OH) led off the hearing with a blistering rebuke of the company, putting the new project in the context of a string of scandals ranging from Cambridge Analytica to racial massacres in Myanmar.

"Facebook has burned down the house over and over, and called every arson a learning expe …

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House Democrats are considering a bill to ban Facebook from the finance industry

2019-07-15T15:51:06-04:00

Democrats in Congress are considering a new bill that would stop Facebook's cryptocurrency plans in its tracks. Dubbed the Keep Big Tech Out of Finance Act, the new bill would explicitly ban large platform companies from performing banking functions. The bill would be a direct rebuke to Facebook's plans with the Libra cryptocurrency, which would likely have to be severed from the company if the bill were introduced and passed.

The bill has not yet been introduced to Congress, and as a result, its contents are far from final. Still, it has been the subject of significant interest as representatives from Facebook appear before the House Banki …

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Facebook tells Congress how it thinks Libra should be regulated

2019-07-15T12:20:26-04:00

Facebook will not launch the cryptocurrency Libra until it has "fully addressed regulatory concerns," according to David Marcus, the head of Facebook's Calibra. The remarks are prepared testimony he plans to give tomorrow, in front of the US Senate Banking Committee.

The testimony outlines how Facebook believes Libra - the cryptocurrency it plans to launch next year, with an initial focus on transferring money - will be regulated across the globe. It comes in response to concerns from top lawmakers, who have called on Facebook to testify about its plans to offer banking-related services. It also comes just days after President Trump indicat …

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Libra, explained

2019-06-26T09:00:00-04:00

What is Libra?

It's an excellent book by Don DeLillo, the American master. Published in 1988, it is a fictional account of the life of Lee Harvey Oswald, President John F. Kennedy's eventual assassin. It's better than White Noise but not as good as Underworld.

Liz.

Fine. It's Facebook's new cryptocurrency. The point is that you can send money all over the world with lower fees than if you were to engage, say, Western Union.

It's shady as hell, though. You remember Tyler and Cameron Winklevoss? The twins from whom Mark Zuckerberg ripped the initial idea for Facebook? Yeah, so they have a cryptocurrency exchange called Gemini. As any astro …

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Vergecast: Facebook’s Libra, Section 230 in jeopardy, and RCS in the hands of Google

2019-06-21T11:28:02-04:00

This is the third Vergecast episode of the week, but we've still got a lot of news to talk about. Host Nilay Patel warms up the show with some fun-yet-depressing gadget fails and then shifts gears into the larger news events in technology that have been unveiled over the past few days.

Our expert panelists break it all down for you. Paul Miller explains what Facebook's new cryptocurrency, Libra, actually is and how it differs from bitcoin. Adi Robertson expounds upon Sen. Josh Hawley's (R-MO) move to amend Section 230 of the Communications Decency Act. Finally, Dieter updates us with how Google is taking charge of RCS and messaging for Andr …

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