China's crypto "close" / MoneyGram partnership to have more impact / Libra needs the US

Inside Libra presented by Fastly.

Presented by Subscribe | View in browser 1. The announcement of Facebook's proposed Libra stablecoin has seen China's central bank declare that it's "close" to unveiling its own central bank digital currency. Mu Changchun, deputy director of the People's Bank of China's (PBoC) payments department, said that the bank's state-backed digital coin would comply with Chinese laws relating to money laundering and fraud. In comparison, Libra has been met with criticism from regulators worldwide, many of which are concerned about the use of user data. The issue of privacy remains a concern for many legislators who have spoken out against Libra. –THE TELEGRAPH       2. Brad Garlinghouse, Ripple's CEO, has said that it's recent partnership with MoneyGram will produce more of an "impact on the crypto markets" than the Libra whitepaperwhitepaper will do. Ripple's $30 million deal with MoneyGram, which took place in June, saw the blockchain-based payments firm taking a 10 percent stake in it. Ripple also has the option to increase its investment by another $20 million in two years. MoneyGram is using Ripple's xRapid liquidity product, which aids the instant settlement of money sent in one fiat currency into another. –COINTELEGRAPH       A MESSAGE FROM FASTLY Extend the power of your core cloud to the edge with our API-first platform. Bring your innovative ideas to life, faster. Our edge cloud platform moves data and applications closer to users, at the network edge — so you can deliver fast, secure, and scalable online experiences. Take it for a spin and test up to $50 traffic, free.   3. Katharina Pistor, Edwin B. Parker Professor of Comparative Law at Columbia Law School, has said that Facebook's Libra can't be integrated into the financial system "without the United States." During a Q&A, Pistor said that just as treasury bills and bank deposits are guarded by the reputation of the U.S. behind them, so too would Facebook's Libra be included in the monetary system. She also said that it could be a better system for many, which then becomes a question as to whether banks will deliver something more attractive. –COIN DESK       4. Erik Voorhees, the founder and CEO of ShapeShift, a digital asset exchange, has said that Facebook's proposed Libra "can weaken the U.S. dollar." During a talk, Voorhees spoke about the stablecoin and the fear U.S. legislators have regarding its impact on the country's currency. Another issue faced is the fact that Facebook has an audience of two billion people. In Voorhees' opinion, such a large audience open to Libra could diminish the role of the U.S. dollar and its standing in the financial world, which legislators may feel uncomfortable with. –OBN       A MESSAGE FROM WISE BREAD The Highest Paying Cash Back Card Has Hit The Market Here's why this card is awesome: An easy $200 bonus (after you spend $1,000 in the first 90 days) 3% cash back on online shopping, dining, travel, gas, home improvement, or drug stores 0% interest for 15 months (new offer!) No annual fee Bottom line: Don't miss out on these amazing perks. (Learn more)   5. Facebook may have another battle on its hands regarding privacy concerns after admitting that third-parties have been transcribing audio chats of its users for quite a while. According to the social media platform, it only transcribed from those who had selected the option in the Messenger app. However, this is unlikely to go down well for its Libra plans considering the coin is meant to be managed by a trusted firm. –CCN Markets       6. Facebook's Libra has pushed the development of Bitcoin and the crypto market ahead by three years, according to crypto index fund provider Bitwise. In a detailed letter published at the beginning of the month, Bitwise said it was thanks to the attention Libra was receiving and the U.S. Congress talks, which took place at the beginning of the month, that were "accelerating" conversations, debates, and mainstream discussions about the sector to the wider public. –BITWISE INVESTMENTS       7. The U.S. Federal Reserve is hoping that it's own real-time payments system, FedNow, will stop consumers from using Facebook's Libra. Libra is projected to launch early 2020, and one of its use promises is to make it easy for people to transfer funds instantly across international jurisdictions. FedNow, which is due for launch in 2023 or 2024, has received support for its plans from the gas station lobby. Accordingly, they say that the central bank is long overdue in building a product that reduces friction in the payments system. –YAHOO! FINANCE       8. Monex Group, an online brokerage company in Japan, is hoping to join the Libra Association after submitting an application. The initial review of applications will take place at the end of August, with a decision expected by the end of September. If successful, Monex Group could join the likes of eBay, Mastercard, PayPal, and Uber to name a few of the 28 founding members of the Libra Association. –BE IN CRYPTO       This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter. Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).       Ad Meet Fastly. Built for speed, scale, and security across every device. Try us out free!

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