• Latest
Libra Lacks Clarity on ‘Opaque’ Currency Basket, Says Fed Reserve Governor

Libra Lacks Clarity on ‘Opaque’ Currency Basket, Says Fed Reserve Governor

December 19, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

Libra Lacks Clarity on ‘Opaque’ Currency Basket, Says Fed Reserve Governor

coinnewsdaily by coinnewsdaily
December 19, 2019
in Tech
0
Libra Lacks Clarity on ‘Opaque’ Currency Basket, Says Fed Reserve Governor
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

A governor of the U.S. Federal Reserve has warned that the Facebook-led Libra project has a “core set of legal and regulatory challenges” ahead.

In a prepared speech for an event in Germany on Wednesday, Lael Brainard said more clarity is needed about the basket of currencies underlying the stablecoin and that its model is still unproven.

The risks “could be exacerbated by the lack of clarity about the management of reserves and the rights and responsibilities of various market participants in the network,” she said.

The Libra Association has previously said that the token would be backed by collateral consisting of the U.S. dollar, euro, yen, British pound and Singapore dollar, with USD taking up the biggest proportion. The association is comprised of firms and other entities that put up the assets backing the coin.

The sheer size of Facebook’s reach has had U.S. and other global regulators worried about the impact of the project should it take off in a big way.

“What would set Facebook’s Libra apart, if it were to proceed, is the combination of an active-user network representing more than a third of the global population with the issuance of a private digital currency opaquely tied to a basket of sovereign currencies,” Brainard said.

If “requisite safeguards” are not in place, global stablecoins pose a risk to consumers, she said. “It is not even clear how much price risk consumers will face since they do not appear to have rights to the stablecoin’s underlying assets.”

She contrasted the nascent stablecoin scenario with the “strong safeguards” developed over decades that consumers now expect on their bank accounts and related payments.

“Given the stakes, any global payments network should be expected to meet a high threshold of legal and regulatory safeguards before launching operations.”

In October, Brainard made similar comments on Libra, saying the project could impact central banks’ balance sheets if it achieves scale.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Credit: Source link

Tags: Crypto Tech
Share76Tweet48
Previous Post

Whiplash: Bitcoin Slides Below $6,500, Surges Above $7,100 in 8-Hour Span

Next Post

Blockchain of Things Pays SEC $250,000 to Settle Unregistered ICO

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
SEC Draws on Investor Communications to Halt Telegram Token Launch

Blockchain of Things Pays SEC $250,000 to Settle Unregistered ICO

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$22,953.000.17%
  • ethereumEthereum(ETH)$1,577.23-1.57%
  • tetherTether(USDT)$1.000.03%
  • binancecoinBNB(BNB)$304.980.54%
  • rippleXRP(XRP)$0.408526-0.79%
  • cardanoCardano(ADA)$0.3782721.14%
  • dogecoinDogecoin(DOGE)$0.085536-0.38%
  • matic-networkPolygon(MATIC)$1.078.07%
  • solanaSolana(SOL)$23.70-2.17%
  • okbOKB(OKB)$35.60-0.24%
  • polkadotPolkadot(DOT)$6.390.91%
  • shiba-inuShiba Inu(SHIB)$0.000012-0.36%
  • litecoinLitecoin(LTC)$87.49-0.78%
  • tronTRON(TRX)$0.0625061.52%
  • daiDai(DAI)$1.000.01%
  • cosmosCosmos Hub(ATOM)$12.91-1.97%
  • leo-tokenLEO Token(LEO)$3.848.22%
  • chainlinkChainlink(LINK)$7.204.92%
  • moneroMonero(XMR)$172.21-1.99%
  • ethereum-classicEthereum Classic(ETC)$21.64-1.91%
  • bitcoin-cashBitcoin Cash(BCH)$135.012.91%
  • stellarStellar(XLM)$0.0913700.04%
  • crypto-com-chainCronos(CRO)$0.080355-0.20%
  • filecoinFilecoin(FIL)$5.330.16%
  • algorandAlgorand(ALGO)$0.2466481.47%
  • vechainVeChain(VET)$0.0240884.26%
  • internet-computerInternet Computer(ICP)$5.79-0.21%
  • aaveAave(AAVE)$86.620.80%
  • eosEOS(EOS)$1.101.25%
  • theta-tokenTheta Network(THETA)$1.127.42%
  • elrond-erd-2MultiversX(EGLD)$43.41-0.77%
  • tezosTezos(XTZ)$1.100.69%
  • paxos-standardPax Dollar(USDP)$1.00-0.20%
  • bitcoin-cash-svBitcoin SV(BSV)$44.12-1.35%
  • huobi-tokenHuobi(HT)$5.05-0.57%
  • havvenSynthetix Network(SNX)$2.440.43%
  • iotaIOTA(MIOTA)$0.2403656.25%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.960.59%
  • zcashZcash(ZEC)$45.852.15%
  • makerMaker(MKR)$652.35-1.54%
  • neoNEO(NEO)$8.18-0.44%
  • dashDash(DASH)$50.991.83%
  • zilliqaZilliqa(ZIL)$0.0283092.58%
  • basic-attention-tokenBasic Attention(BAT)$0.262138-0.13%
  • compound-governance-tokenCompound(COMP)$53.705.16%
  • nemNEM(XEM)$0.0390443.37%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$34.992.31%
  • bitcoin-goldBitcoin Gold(BTG)$17.24-10.94%
  • qtumQtum(QTUM)$2.65-0.81%
  • wavesWaves(WAVES)$2.6115.21%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • sushiSushi(SUSHI)$1.311.49%
  • yearn-financeyearn.finance(YFI)$7,481.51-1.02%
  • golemGolem(GLM)$0.2436163.15%
  • omisegoOMG Network(OMG)$1.471.74%
  • ontologyOntology(ONT)$0.2177050.64%
  • digibyteDigiByte(DGB)$0.010812-2.22%
  • umaUMA(UMA)$2.02-1.63%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%