ALTCOIN, BLOCKCHAIN

France to Block Facebook’s Libra Cryptocurrency in Europe

French Economy and Finance Minister Bruno Le Maire stated the nation will block Facebook’s Libra cryptocurrency, after recent concerns regarding the threat to the sovereignty of national currencies in the EU.

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“I want to be absolutely clear: In these conditions, we cannot authorize the development of Libra on European soil,” stated Le Maire, during the opening of an Organization for Economic Co-operation and Development (OECD) conference on blockchain.

“It would be a global currency, held by a single player, which has more than two billion users around the world. The monetary sovereignty of states is under states is under threat.”

Le Maire’s concerns revolve around an idea that Libra may “substitute itself as a national currency” causing financial disruption.

“I don’t see why we should dedicate so much effort to combating money laundering and terrorist financing for so many years to see a digital currency like Libra completely escape those regulatory efforts,” he said.

Earlier this week, the Libra Association stated it will “maintain Anti-Money Laundering (AML) guidelines, which its members will be expected to comply with if they choose to provide financial services on the Libra network.”

“The association will set standards for its members to maintain AML and anti-fraud programs, and to cooperate with legitimate law enforcement investigations.”

Le Maire’s anti-crypto views have remained consistent, as this is not the first time he has commented on Libra.

In June, during the debut of Libra, the French minister stated “it is out of question’’ that Libra should “become a sovereign currency. It can’t and it must not happen.”

According to a CNBC report, Le Maire stated today that he has discussed the possibility of a “public digital currency” with outgoing European Central Bank (ECB) president Mario Draghi and IMF Chairman Christine Lagarde, who will take over the ECB later this year.

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Facebook’s Libra Offering $10,000 in Bug Bounty Project

Facebook is offering up to $10,000 for any bugs found in their cryptocurrency project Libra.

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Facebook Libra Logo“There’s a variable amount of rewards based on bugs,” said Diogo Monica, Anchorage cofounder and Libra Association member.

“This is great for the community; this is consistent with the values of the community in general.”

The nonprofit Libra Association, backed by an alliance of companies, including PayPal and Visa, stated their interest in supporting Facebook’s blockchain network, announcing plans for the new bug bounty project.

On Sunday, Rep. Maxine Waters (D-Calif.), head of the House Financial Services Committee, released a statement repeating her apprehensions regarding “allowing a large tech company to create a privately controlled, alternative global currency.”

The Libra association is increasing their beta program with 50 third-party researchers waiting for public comment on vulnerabilities in the code.

This is being facilitated through a partnership with the HackerOne bug bounty platform.

“We hope that developers will bring a diversity of perspectives and expertise to this initiative while holding the Libra Blockchain to the highest security standard,” Aanchal Gupta, security director at Facebook subsidiary Calibra, said in a statement.

Bounty programs like this are commonplace within the cybersecurity sector and allows growth of both public trust and insights.

“Some of the initiatives that Libra Association is doing is very forward-thinking,” stated Jesse Spiro, head of policy at the blockchain analytics firm Chainalysis.

“Having problems that are already beginning to be identified, by being very proactive and strategic, is a good thing.”

Several developers have been experimenting with the Libra testnet, including the dozens of teams working on the Libracamp program based in Israel.

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Huawei to Launch Cryptocurrency to Compete with Facebook

Huawei CEO Ren Zhengfei has stated he would like to issue a cryptocurrency to compete with Facebook’s Libra, during a recent interview with Italian news agency, Corriere della Sera.

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Ren Zhengfei
Ren Zhengfei

“China can also issue such a currency by itself,” Zhengfei said.

“Why wait for others to issue it? The power of a country is always stronger than an Internet company.”

Earlier this month, China’s central bank, the People’s Bank of China (PBoC), stated Libra may pose a threat to China’s economy.

Wang Xin, director at PBoC, said that if Libra is pegged to mostly the U.S. dollar, China would be at a disadvantage.

“If so, it would bring a series of economic, financial and even international political consequences,” claimed Xin.

Last week, US policymakers cross-examined Facebook executives to get a better understanding of the Libra cryptocurrency.

Many in the crypto industry have been critical of Congress, claiming policymakers are repressing the new product without knowing all of the details.

“We’re putting regulation before the innovation,” said tech billionaire Tim Draper, during an interview with CNBC.

“Facebook just announced Libra. They haven’t even been able to ship it yet, and the regulators are all over them.”

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