German government unimpressed by Facebook stablecoin’s rebrand
German finance minister says “A wolf in sheep’s clothing is still a wolf.” Go to Source Powered by WPeMatico
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Testnet of Facebook’s Much Vaunted Stablecoin Only Executes 6 Transactions per Second
The Facebook fronted stablecoin, Diem (formerly Libra)’s dismal testnet results undercut the assertion that the digital currency is a threat to global financial stability. This is the conclusion that can be deduced from a Diem blockchain explorer update which shows the network only processes an average of six transactions per second (tps), with the highest … Read more
Facebook’s Diem stablecoin is an existential threat to traditional banking
Stablecoins are an integral part of the future of the financial system. And Facebook’s Diem, formerly Libra, is part of that future. Go to Source Powered by WPeMatico
Congresspeople speak out against Tlaib’s anti-stablecoin bill
But the bill is unlikely to become law any time soon. Go to Source Powered by WPeMatico
Law Decoded: New threats to self-custody take shape in the US, Nov. 27-Dec. 4
Tentative clampdowns coming from both the Treasury and the House in the United States lead this week’s Law Decoded. Go to Source Powered by WPeMatico
New Draft U.S. Law Will Make It Illegal To Issue Stablecoins Without Federal Reserve Approval
Three U.S. lawmakers have introduced a bill that will force private stablecoin issuers to obtain a banking charter (or license) and approval from the Federal Reserve before they can issue a stablecoin. Instigated by Rep. Rashida Tlaib, with support from Reps. Jesús García and Stephen Lynch – all of them Democrats – the proposed law … Read more
Libra rebrands to Diem, hoping to shake off associations
The project is hoping that a new name will help people forget the mass regulatory panic that drowned out Libra’s initial announcement. Go to Source Powered by WPeMatico
European central bankers predict that the digital euro is at least five years away
Nobody seems to be in a rush to digitize the euro, but that could change given increasing global competition. Go to Source Powered by WPeMatico
Law Decoded: Cents and stability, Nov. 20–27
Stablecoins and CBDCs and their related issues of privacy and surveillance lead this week’s Law Decoded. Go to Source Powered by WPeMatico
Facebook’s Libra to reportedly launch in January 2021 as USD stablecoin
Libra will initially be pegged to just one fiat currency. Go to Source Powered by WPeMatico
