The Hill: Senators unload on Facebook cryptocurrency at hearing. “Facebook on Tuesday sought to defend its plans for a new global cryptocurrency at a contentious hearing as lawmakers aggressively blasted the project and questioned whether the embattled company should be in charge of launching such an ambitious venture.”
Bloomberg: Facebook Says Libra Won’t Launch Until Regulators Satisfied. “Facebook Inc. won’t launch Libra, the controversial cryptocurrency it’s planning to build with dozens of partner firms, until regulators’ concerns are fully addressed, according to the company’s top executive on the project.”
Neowin: Japan becomes the latest country to investigate Facebook’s Libra. “According to sources familiar with the matter who spoke to Reuters, Japan has begun to investigate the ramifications of Facebook’s upcoming Libra cryptocurrency which is scheduled to launch next year. The officials will be looking into what effect it could have on the country’s monetary policy and financial regulation in anticipation of the upcoming G7 finance ministers meeting which will be held in France next week.”
CNBC: The tech industry is starting to doubt Facebook will be able to launch its Libra currency by 2020. “Facebook unveiled its plans for a cryptocurrency called Libra less than a month ago, but already faces obstacles from regulators and lawmakers in Washington, D.C. As a result, some tech executives are expressing doubt that the project will launch by 2020.”
BBC: Will Facebook’s digital money Libra be good for Africa?. “As a Zimbabwean living in South Africa, I have become numb to the daylight robbery that ensues whenever I receive money from abroad or send cash to my family back home. As such, like many other cautious pragmatists, I relish the prospect of a network like Libra permanently disrupting the lucrative cash remittance businesses of large banks and money transfer services like Western Union and MoneyGram.”
The Verge: House lawmakers officially ask Facebook to put Libra cryptocurrency project on hold. “House Democrats are requesting Facebook halt development of its proposed cryptocurrency project Libra, as well as its digital wallet Calibra, until Congress and regulators have time to investigate the possible risks it poses to the global financial system.”
The Hill: Understanding what Facebook’s Libra is — and what it isn’t. “When Facebook announced its own blockchain and cryptocurrency (both referred to as ‘Libra’), everyone from late-night comedy hosts to mainstream media outlets to regulators offered possible interpretations, implications, use cases and reasons for both encouragement and prohibition. In order to determine the usefulness (or lack thereof) of Libra, it is helpful to quickly demystify what these things are. After all, Facebook claims Libra ‘will enable a simple global currency and financial infrastructure that empowers billions of people.’ That is quite the goal.