One of the major benefits of cryptocurrency, many of its proponents say, is that it is not linked to any fiat currency or controlled by any central bank. Facebook’s Libra was meant to function in much the same spirit, but the proposed cryptocurrency is walking back a bit on some of its original intent.
Read MoreFacebook’s proposed new digital cryptocurrency, Libra, made quite a splash when it was first announced earlier this year. But now it seems to be falling apart at the seams.
Read MoreFacebook’s proposed digital currency Libra caused quite a stir — most of it negative — when it was first announced earlier this year. It’s clear that regulators and central banks have a keen interest in what Libra is, or may become, which is why Facebook honcho Mark Zuckerberg was in Basel, Switzerland earlier this week.
Read MoreFrance’s financial regulator is poised to approve several crypto-related companies and bring them into the regulated financial system, one of the first instances among major world economies. Somehow, we think the battle over regulating cryptocurrencies in the U.S. will be a tad more contentious.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
