Libra documents "very vague" / Libra Association members remain committed / Carney's Libra-like currency

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Presented by Subscribe | View in browser Happy Wednesday everyone! I thought I would write a quick note to say thank you to those of you who've responded to our feedback emails so far. The information you provide on changes you'd like to see, what we're doing well, and how we can move forward is invaluable to helping the Inside Bitcoin/Libra newsletters progress, so thank you! Also, here's an update on the Top 100 Bitcoin list, which you can find here. Since my last notice I've added the following people: The Bitcoin Family, well-known for selling all their possessions prior to the 2017 crypto bull run, Yoni Assia, founder and CEO of social investment platform eToro, Erik Finman, the youngest Bitcoin millionaire, and Charlie Shrem, host of UntoldStories, founding member of the Bitcoin Foundation, and co-founder of the now-defunct company BitInstant. Have I missed anyone out that you think should be added to my list?       1. Switzerland's central bank has said that Libra's documents are "very vague." According to Fritz Zurbruegg, Swiss National Bank Vice-Chairperson, it's hard to perform a full analysis at this stage as document "details are still missing." Zurbruegg was making his comments at an event in Zurich yesterday. He went on to say that how national and international regulators handled the project remained a critical point. This latest development follows reports that a six-member party of the U.S. House of Representatives was to visit Switzerland to discuss crypto, in particular, Libra last week. Since announcing the Libra project in mid-June, Facebook has come under increasing pressure from global regulators. So much so, that at least three members of the Libra Association are considering distancing themselves from the stablecoin. –REUTERS       2. Founding members of the Libra Association have said that they remain committed to the project despite a backlash from global regulators. Anchorage, Bison Trails, Coinbase, and Xapo are just a few of the 28 members that remain upbeat about Facebook's Libra stablecoin. Venture capital companies Andreessen Horowitz and Union Square Ventures have stated that they remain committed to what Facebook is attempting. According to the association, they have received interest from various companies who are keen to join, despite the regulatory uncertainty. Facebook is hoping to increase the number of members to 100 by the time it launches its Libra coin in 2020. –COIN DESK       A MESSAGE FROM AIRBNB Earn money by sharing your space. Millions of travelers stayed in an Airbnb last year. Turn your extra space into extra money. Learn More 3. The Bank of England governor, Mark Carney, has admitted that there needs to be a Libra-like reserve currency to end the U.S. dollar's dominance. The dollar, which is currently down amid continued U.S.-China trade tensions, is a problem for everyone, according to Carney, when it moves negatively. According to Bloomberg's Brian Swint, in this video, he states that maybe that influence is too big particularly for emerging market currencies. In order to answer this problem, Carney suggested that the dollar's position as the world's reserve currency must come to an end. Instead, a type of digital currency, similar to Facebook's Libra, would be a better option. What he calls a Synthetic Hegemonic Currency (SHC), Carney said that it would be provided by the public sector through a network of central bank digital currencies. –BLOOMBERG       4. Will Libra replace the U.S. dollar as the world's reserve currency? According to a poll that's currently ongoing by TruePublic, only 12 percent think it will compared to 88 percent who don't. Notably, of those who have voted, 14 percent considered Generation Z remain confident Libra will remove the dollar from the top spot. However, a further 86 percent indicated that it wouldn't. Reddit users took the opportunity to voice their own opinions. One user said that Libra wouldn't replace the dollar because it's not decentralized. However, another noted that as Libra is based on a "basket of currencies, including the USD," it would mean that the dollar would, in some ways, remain a reserve currency if Libra did replace it. –TRUEPUBLIC What do our readers think? Will Libra, if the proposed project goes ahead, be able to take the dollar's place as a world reserve currency?       A MESSAGE FROM ODOO New Conference: Odoo Connect 2019 [Business Software]   Business leaders, entrepreneurs, CEOs/Founders, IT professionals, and developers from around the world come together for 3 days of workshops, presentations, and business software demos to help businesses connect their teams and scale their growth. Inside subscribers are invited to get a free pass! Free Pass   5. Unconfirmed reports suggest that China's central bank digital currency will go to seven known establishments. Following the news of Facebook's proposed Libra coin, the People's Bank of China (PBoC) has ramped up efforts to get its digital currency launched before Facebook does. According to sources familiar with the project, Alibaba, China Construction Bank, Tencent, the Agricultural Bank of China, the Bank of China, the Industrial and Commercial Bank of China, and Chinese banking association Union Pay will receive the coin first. Known as the Digital Currency/Electronic Payments (DC/EP) currency, it may be ready to roll out as early as November 11. –COINTELEGRAPH       6. In light of Facebook's Libra coin, social network Telegram has plans to release its own cryptocurrency. And it's aiming to do this by October, a month ahead of China's own central bank digital currency, which has been pegged for November. Telegram's coin, called the Gram, is projected to start appearing in the next few months, according to three investors. Similar to what Facebook is attempting to do, Telegram is hoping that the Gram coin will become a new online currency aiding how money is moved around the world. –THE NEW YORK TIMES       7. The Ethereal Summit, which will be taking place in Tel Aviv next month, will see Tomer Barel, vice president of risk and operations at Facebook's Calibra wallet, speaking. Taking place on September 15, Barel will be among the likes of Ethereum co-founder Vitalik Buterin, Aya Miyaguchi, executive director of the Ethereum Foundation, and Yoni Assia, founder and CEO of social investment platform eToro. Given the heated debates surrounding Facebook's proposed Libra project, this may be the perfect opportunity for those in attendance to find out what the next steps are from Barel. –REDDIT       8. A Libra group in Australia is committed to getting the coin up and running. Known as Libra Australia, it currently has support from two law firms and two universities. The aim of it is to give Australia a place at the table as plans develop for Libra and for it to be admitted into the association, which currently has a high bar for admission: more than $1 billion in market rate, reach over 20 million people a year, and be recognized as an established top-100 industry leader by a third-party organization. –AUSTRALIAN FINANCIAL REVIEW       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 Earn money by sharing your space. List your place now. Want to attend Odoo Connect? Visit the event page to get a free ticket at odoo.com/inside

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