In the three months since the Libra announcement, the project has faced intense criticism. In a recent comment to Decrypt, Libra communications chief Dante Disparte said Libra had become “the world’s most scrutinized fintech effort.”
The response from U.S. lawmakers has been split, with Libra’s most outspoken critics calling for an immediate and indefinite halt. Overseas, Markus Ferber, a member of the German parliament, called Libra a “shadow bank” and warned that regulators should be on high alert.
French Finance Minister Bruno Le Maire has been a staunch opponent of Libra since its announcement. Just this week, he said that France could not permit the launch of Facebook’s cryptocurrency in Europe because the “monetary sovereignty of states is at stake.”
Despite the backlash and reports that Libra may never see the light of day, the project seems to be pushing ahead. On Wednesday, Swiss financial regulator FINMA confirmed that it received a request from Libra for an assessment of how they would classify the project and the issuance of a ‘stable coin’ under Swiss supervisory law. The guidelines from FINMA noted that Libra would require extra oversight from its regulators.
“Due to the issuance of Libra payment tokens, the services planned by the Libra project would clearly go beyond those of a pure payment system,” wrote FINMA in the memo.
Libra’s Dante Disparte also said that he and his team welcome the scrutiny and that they prepared for this battle, “[We] have deliberately designed a long launch runway to have these conversations, educate stakeholders and incorporate their feedback in our design.”
Executive Director of Libra, Bertrand Perez, confirmed their intention to launch in the second half of 2020 to French magazine Les Echos Friday.
As of today, Ethereum Classic (ETC), Bitcoin Cash (BCH), Litecoin (LTC), and Dash (DASH) can now be transferred in and out of the Voyager app. Read more.
Tezos (XTZ), Cosmos (ATOM), and BitTorrent (BTT) are now live for trading on the Voyager app. Read more.
Spanish banking giant Santander says it has become the first institution to use a public blockchain to manage all aspects of a bond issue.
Revealed Thursday, the company not only used a token on ethereum to represent the $20 million debt issuance but settled it with another set of ERC-20 tokens representing cash held in a custody account. Read more.
Exclusive: From CryptoKitties To Cardi B: Warner Music Joins $11 Million Investment In Ethereum Replacement
Now that Warner Music Group has mastered streaming, generating $2 billion in revenue from the technology, the music giant behind Cardi B, Ed Sheerhan and Bruno Mars has set its sights on blockchain, joining an $11.2 million investment in Dapper Labs, best known for making the viral blockchain game, CryptoKitties. Read more.
Swiss financial regulator FINMA confirmed in a guidance note on stablecoins Wednesday that it had received a request for an assessment of how it would classify the Libra project as currently planned. The agency added that range of services projected by the Libra Association would need extra oversight. Read more.
France has vowed to block development of Facebook’s planned cryptocurrency, Libra, on the grounds that it threatens “monetary sovereignty.” Read more.
The Bitcoin (BTC) symbol will now appear on the shirt sleeve of Watford Football club players, and the team will also accept the cryptocurrency for merchandise purchases. Read more.
A press release shared with Cointelegraph on Sept. 11 revealed that Berkley City Council member Ben Bartlett used Bitcoin Cash (BCH) and the stablecoin Universal Dollar (UPUSD) to make the purchase at Ohana Cannabis, a dispensary in Emeryville, CA. Read more.
A majority of fundraising and M&A deals in the cryptocurrency industry are now happening in Asia and Europe, surpassing the previously dominant role of the Americas, according to a new report from PwC. Read more.
New data suggests 40% of millennials would prefer to invest in crypto assets in the event of a recession. The survey found that more than two-thirds of U.S.-based investors are afraid of a recession, and would consider converting part of their stock portfolios to safer investments or hedge with crypto assets, commodities or real estate. Read more.
The Marshall Islands is proceeding with the creation of a blockchain-based national currency, the Marshallese sovereign or SOV, the country said in a statement. David Paul, the environment minister and minister-in-assistance to the president of the Republic of the Marshall Islands, spoke about the venture at a conference in Singapore on Wednesday. Read more.