Facebook’s Calibra is being sued for trademark infringement by mobile banking app Current, adding a potential legal showdown to the beleaguered Libra digital currency project’s growing list of woes.
Facebook open to currency-pegged stablecoins for Libra project
WASHINGTON (Reuters) - Facebook Inc (FB.O), facing growing skepticism about its digital currency project Libra, on Sunday said the initiative could use cryptocurrencies based on national currencies such as the dollar, instead of the synthetic one it initially proposed.
"We could do it differently," he said. "Instead of having a synthetic unit ... we could have a series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stable coin, etc," Marcus told the panel.
global stablecoins could be used for cross-border payments and remittances by a large number of users in different countries could provide benefits to the financial system.
Governments race to beat Facebook's cryptocurrency, libra, at its own game
"There's a whole class of crypto assets called stablecoins," said Wilkins last week. "What's exciting about it is the fact that these kinds of innovations can address what I think are important issues in global payment systems, particularly the cost of cross-border payments." https://www.cbc.ca/news/business/libra-digital-money-1.5342570
Facebook's Libra could come under some existing rules
LONDON (Reuters) - Existing securities rules could apply to "stablecoin" digital currency initiatives such as Facebook's Libra project to help realise its benefits, global securities watchdog IOSCO said on Monday as policymakers examine whether new regulation is needed.
The FSB, chaired by Randal Quarles, the Fed's vice chair for supervision, is looking at whether there are regulatory "gaps" around global stablecoins.
European Union to Regulate Stablecoins, Not Issue Its Own
The declaration is being developed in response to Libra, the global stablecoin project introduced by Facebook in June. Despite regulatory qualms about the stablecoin, Libra has so far proceeded, with its governing council formally signing onto the project last month. https://www.coindesk.com/eu-to-regulate-stablecoins-not-issue-its-own-source
Benoit Coeure, an outgoing member of the executive board of the European Central Bank (ECB), is to lead a new global effort by central banks to research the benefits of fintech such as digital currencies.
The Bank for International Settlements (BIS) announced the news on Sunday,
Among the areas of focus are central bank digital currencies, global stablecoins and other payment innovations. According to its website, the group will also look at regtech, electronic markets, the digitization of trade finance and “the impact of big tech on financial intermediation,” (which, at a guess, includes the Facebook-led Libra project).