How Facebook Libra Has Been Influencing Crypto, Politics and Finance
Stephen O'Neal's original article for cointelegraph.com reduced by 60%
First, top crypto exchange Binance announced a project called "Venus" - coincidentally, another astrology-themed name - which will focus on developing "Localized stablecoins" worldwide; the People's Bank of China said it is almost ready to launch its government-backed digital currency, reportedly admitting that Libra prompted it to speed up; and Erik Finman, ostensibly the youngest Bitcoin millionaire, launched a crypto peer-to-peer payment app, called "Metal" - daringly marketing it as "The Libra killer." There is also Calibra, a Facebook subsidiary, which is developing an eponymous digital wallet to facilitate Libra transactions, while the currency will be supported by third-party wallets - as the software powering the Libra blockchain is open source, as its developers have said. U.S. legislators - including vocal Libra skeptic Rep.
Maxine Waters - are travelling to Switzerland, the home of the Libra Association, to meet with Swiss Federal Data Protection and Information Commissioner Adrian Lobsiger to exchange views about digital currencies. "The primary attention Libra is getting is because of the size of Facebook, its resources, and its ability to integrate a low cost, efficient digital currency payment channel across a number of its own platforms which could bring significant adoption to the space. Other projects have not seen the same level of interest, mainly because they do not have an ability to accelerate adoption of a stablecoin so quickly, which Facebook could accomplish." As Yang Dong - director of the Research Center of Finance Technology and Cyber Security at Renmin University of China - told the publication that the announcement of Libra has motivated the project's designers to involve more private institutions in development and issuance process of a CBDC, which seems to follow the concept of the Libra Association.
"People's Bank of China's digital currency will escalate and affect crypto adoption at a much greater magnitude than Facebook's Libra announcement. There is already overwhelming distrust of Facebook. Introducing a new asset class also brings healthy competition to the Chinese FinTech ecosystem, which is currently dominated by a few major players.
A complimentary payment solution helps break up the monopoly of power from payment giants like WeChatPay and Alipay." It seems to be working in select U.S. states at the moment, which makes it unclear how it could "Finally bring crypto to the people - in ways that Facebook Libra only wishes they could," as Finmann put it on Twitter, given the scale of the social media giant's operation.
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CN [too long; didn’t read]
Summarised crypto news.