Current and former central bankers in Jackson Hole, Wyoming, weren’t sure if Mark Carney’s idea for a virtual reserve currency is the answer, but they agree that the dollar’s dominance is a problem.
Mark Carney has laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a libra-like virtual one.
European Union antitrust regulators are already probing Facebook s two-month-old libra digital currency project.
The People’s Bank of China is “close” to issuing its own cryptocurrency, according to a senior official.
The group behind the Facebook-backed libra digital currency has said it will ensure it meets privacy standards after data protection authorities raised concerns about its design.
Regulators will need to “step up” to contain any dangers emanating from Facebook’s planned libra token, but shouldn’t attempt to crush the initiative, according to International Monetary Fund acting MD David Lipton.
Bitcoin slid below $10 000 just three weeks after surging above it for the first time in more than a year as US legislators expressed deep scepticism about the viability of cryptocurrencies.
The US congress holding hearings on Facebook’s plan for a possible digital coin suggests that the high-profile debut for libra was likely a public relations effort gone bad.
Facebook’s foray into digital currencies risks reversing gains in privacy and user sovereignty won by computer networking pioneers, according to one of the co-founders of ethereum.
President Donald Trump on Thursday night warned Facebook over its plan to create a digital currency, the libra, a move that poses a new obstacle to the company’s cryptocurrency ambitions.