Facebook’s Libra proposes multiple single currency stablecoins Apr 27 2020
Facing growing regulatory hurdles, Libra, the controversial Facebook crypto currency project, has been redesigned to include multiple versions of the proposed stable coin, each backed by a single fiat currency like the Euro or the U.S.dollar.
In response to the regulatory concerns that Libra could undermine the control of the central banks over the monetary system, the Libra Association, the coalition of companies backing the project, made other changes as well, and has started negotiations with regulatory authorities in Switzerland for a payments license.
Additionally Libra Association, hopes to registers with the U.S.Financial Crimes Enforcement Network (FinCEN) as a money services business.“We’re working toward a late 2020 readiness timeline”, said Dante Disparte, head of policy for the Libra Association, cited by Bloomberg.
Initially Libra was intended as a single global currency, backed by a basket of fiat currencies and securities like treasuries.Central banks and governments opposed the plan, because of the potential impact the new powerful crypto coin could have on the monetary system.Particular concern was that Libra could undermining the ability of the central banks to protect the markets, as well as that Libra could be easily used for money laundering and other black market operations.
Despite the regulatory pressure Libra Association still hopes to create a version of the Libra currency made up of “a digital composite of some of the single-currency stablecoins.” Previously Facebook has stated that it will not launch Libra without green light form the global regulators.
The new plans could also attract more companies to join the Libra Association.After the initial regulatory back clash, many founding members like VISA, MasterCard and PayPal pulled out.
According to Libra’s Disparte attracting banks as partners is “a massive priority.” Libra will need banks to manage the reserve funds for the stable coins.“We’re not a banking institution and we don’t aim to be,” Disparte points out.
Spain’s CNMV warns against RoyalFXtrade and MCI Investments Apr 29 2020 13:48:29
Spain’s financial regulator, the Comision Nacional del Mercado de Valores (CNMV), warned against RoyalFXtrade, MCI Investments, and a bunch of other unregulated brokers earlier this week.Read more Italy’s CONSOB blacklists Tradefxzone and FXtrading Corp Apr 27 2020 13:32:57
Unregulated forex brokers Tradezone24 (Tradefxzone) and FXtrading Corp are some of the latest additions to the warning list of the Commissione Nazionale per le Societa e la Borsa (CONSOB).Read more Judge orders arrest of former US senator involved in “Meta 1 Coin” scam Apr 23 2020 11:15:54
A federal judge in Texas issued warrants for the arrest of former Republican Washington state Sen.David Schmidt and Robert Dunlap, who have been charged with $4.3 million ICO scam.The two men failed to appear at a hearing with the U.S.Read more Belgium’s FSMA also warns of coronavirus scams Apr 21 2020 17:58:30
The Financial Services and Markets Authority (FSMA) in Belgium warns the public against scams exploiting the current situation of economic uncertainty due to the spread of the coronavirus.
Read more FCA reports drop in forex and CFD complaints Apr 16 2020 20:49:33
The Financial Conduct Authority (FCA) in the UK surprisingly reported fewer forex and CFD complaints in the second half of 2019, compared to the same period the previous year.Read more CoinBits and Trendingraphs end up on FCA’s warning list Apr 15 2020 15:43:40
Some of the latest editions to the warning list of the UK`s Financial Conduct Authority (FCA) are unregulated brokers CoinBits and Trendingraphs.The regulator said that these entities have been providing financial services or products in the UK without its authorization.Read more ASIC focuses on customers, who might get victims of corona scams Apr 14 2020 23:56:16
The Australian Securities and Investments Commission said it will focus on efforts to protect consumers vulnerable to scams relating to the current situation with the coronavirus pandemic.Read more The FBI follows suit, warns against COVID-19 related scams Apr 14 2020 15:49:14
A number of financial regulators have lately warned the public of the rising number of COVID-19 related scams, and the US Federal Bureau of Investigation (FBI) followed suit on Monday.Read more CONSOB also warns against coronavirus scams Apr 13 2020 22:20:33
The Italian financial authority, CONSOB also has warned the public that the coronavirus pandemic provides scammers with a suitable opportunity for spreading false or misleading information with the purpose of taking an unfair profit out of the fears related to disease.Read more FCA warns of Instagram forex scams Apr 08 2020 23:42:37
The Financial Conduct Authority (FCA) in the UK is warning the public of an emerging trend of scam brokers, that use social media like Instagram and Facebook, luring investors with lucrative offers of fast and easy returns.
.
