Silicon Canals
TRENDING
  • Mobility
  • AI
  • FinTech
  • Software & SaaS
No Result
View All Result
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdampartner
  • Events
  • Newsletter
  • Jobs
  • About
    • Partner with Silicon Canals
    • Team
    • Contact
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdampartner
  • Events
  • Newsletter
  • Jobs
  • About
    • Partner with Silicon Canals
    • Team
    • Contact
No Result
View All Result
Silicon Canals
No Result
View All Result

Facebook’s cryptocurrency project reportedly met with harsh criticism from European officials

Editorial team by Editorial team
June 19, 2019
in News, Blockchain, Software & SaaS
0
Facebook’s cryptocurrency project reportedly met with harsh criticism from European officials
41
SHARES
LinkedInTwitterWhatsAppFacebook

Facebook just stepped into the cryptocurrency race by announcing its own digital currency called Libra. Running on the blockchain, the new cryptocurrency is slated to formally launch in 2020. The social media giant also announced a new digital wallet called Calibra, which will enable users to save, spend, and send Libra. While the company is obviously touting positive benefits of opting for the new digital currency, the project is being met with harsh criticism from European officials.

As per a Bloomberg report, in an interview on Europe 1 radio, the French Finance Minister Bruno Le Maire expressed his apprehension towards Facebook’s cryptocurrency. He said it can’t be seen as a replacement for traditional currency and must not “become a sovereign currency.”

 - Partner content -
Cost of software - The Software house
The cost of building software
Marek Gajda, CTO of The Software House, shares his insights on building high-quality...Show More
Marek Gajda, CTO of The Software House, shares his insights on building high-quality software. Show Less
Read more

“It can’t and it must not happen,” he added. The Minister is said to have called for G7 banking officials to develop a report on Facebook’s project, which will be discussed in a meeting next month.

Markus Ferber, a German member of the European Parliament, also voiced his concern over the new cryptocurrency. As per the report, he said that with over 2 million global users, the project could turn into a “shadow bank” and that regulators need to be on high alert. As mentioned earlier, Facebook’s cryptocurrency project is expected to launch by 2020. The company will also tie it with its existing services like Messenger and WhatsApp by introducing the Calibra wallet within these apps.

Libra is a stablecoin whose value is expected to be less volatile as compared to other cryptocurrencies. This is made possible by pegging the digital currency with something of intrinsic value. Facebook also formed the nonprofit Libra Association with 27 other partners who oversee Libra and its development. This association comprises of nonprofit organizations, crypto firms, venture capital firms, and other companies like eBay, PayPal, Stripe, Spotify, Uber, Lyft, Coinbase, Mastercard, Visa, and Vodafone.

Stay tuned to Silicon Canals for more updates in the tech startup world.

Also read,

Meet Cargonexx: The German online logistics scaleup which uses AI to reduce empty runs and CO2 emissions

close

Want to stay on top of the latest rounds, coolest tech and hottest startups?

Subscribe to our free, daily news blast and stay up-to-date!

Check your inbox or spam folder to confirm your subscription.

 - Partner content -
Nebula CTO Andre Witte
Cloud spend management 😱
Tracking cloud spend can be tricky. Learn from Nebula's CTO Andre Witte how to keep the...Show More
Tracking cloud spend can be tricky. Learn from Nebula's CTO Andre Witte how to keep the costs at bay in 2021. Show Less
Read more
Tags: facebooknews
Share3Tweet10SendShare16

Featured events

07apr10:0012:30FeaturedWorkshop: pr for startupsHow to grow your startup with the help of public relations

Partner content | Work with us

The Humblebrag launches online course to help emerging leaders amplify their visibility and voice

Blue Tulip Awards announce 5 finalists in the Food & Water and Education & Employment theme

Impact media foundation 5 Media offers grants up to €100,000 per year to drive a sustainable future

Here’s how cryptocurrency will take over the world

Blue Tulip Awards is driven by purpose: why innovation and equality go hand in hand

Breaking news from Amsterdam | Partner

Amsterdam-based Founda Health raises €12.3M to build infrastructure for global healthcare sector; here’s how

Combining financial with human capital in Amsterdam: Volta, LevelUp and Tech Rise on their approach

Here’s why Just Eat Takeaway is expanding its offices in Amsterdam

Amsterdam-based Veylinx uses Nobel Prize-winning approach to solve the problem of unreliable survey data; raises €1.6M

  • About Silicon Canals
  • Partner with Silicon Canals
  • Contact us
  • Newsletter
  • Disclaimer
  • Privacy policy
  • Terms & Conditions Silicon Canals

Silicon Canals 2014-2020 | Website: Bright Idiots

No Result
View All Result
  • Home
  • News
    • COVID-19
    • Startups
    • Scaleups
    • FinTech
    • AI and chatbots
    • Travel & Mobility
    • Software & SaaS
    • Health & Medtech
    • (Crowd)funding
    • Blockchain
    • Internet of things
    • Hardware
    • Accelerators
    • E-commerce
    • Cybersecurity
    • Gaming & Virtual Reality
    • Drones
  • Features
    • Promoted content
    • How-to
    • Knowledge & Insights
    • Guest Contributions
    • Scaling-up in Europe
  • Amsterdam
  • Events
  • Newsletter
  • Jobs
  • About
    • Partner with Silicon Canals
    • Team
    • Contact

Silicon Canals 2014-2020 | Website: Bright Idiots

X

This website uses cookies to ensure the best possible experience. We may share this information with our advertising and analytics partners. By clicking 'Accept', you agree to our use of cookies and similar technologies. More info