Employees don't trust Facebook / ECB says Libra must comply to "highest standards" / Galaxy Digital reports loss, blames Libra

Inside Libra presented by IBM Watson.

Presented by Subscribe | View in browser 1. A survey has found that professionals working at major companies, including Facebook, wouldn't trust their employers with their financial data. The survey was conducted by Blind, an app-based "anonymous social network" and polled 5,000 people from Apple, Amazon, Google, and Uber. According to the data, around 62 percent would trust "traditional banks" rather than "big tech" with their information. Notably, of the 186 Facebook employees that were polled, only 21 percent indicated that they would trust the social media platform with their data. This lack of trust comes at a time when Facebook is aiming to launch the Libra stablecoin project next year, which has come under mass criticism from global regulators. –DECRYPT       2. European Central Bank (ECB) policymaker Francois Villeroy de Galhau says Facebook's Libra project must comply with the "highest standards for banking and financial regulation." He added that while the ECB is open to innovation, they can't "sacrifice safety and confidence on behalf of innovation." Talking about the long-term potential of the project, Galhau went on to say that something that is not built on the "highest level of confidence" will not last. –NIKKEI ASIAN REVIEW       A MESSAGE FROM IBM WATSON AI & The Future of Work: Virtual Summit, 12/4 at 1:00pm You're cordially invited to join us at the upcoming, AI & The Future of Work Virtual Summit on Wednesday, December 4 at 1:00pm. You'll hear the Executive Director of R&D from The New York Times, IBM Watson clients and executives, as they discuss the role AI is playing in re-envisioning work - from risk and compliance to customer experience to AI workflows. Save your spot today! 3. Financial services firms Galaxy Digital reported a net loss of $68.2 million during the third quarter, blaming the result on Libra. According to the company's CEO, Mike Novogratz, the failing stablecoin's influence on the market is damaging the investment ecosystem. In his opinion, reduced market activity can be linked to several factors: geopolitical and regulatory uncertainty stemming from Libra and regulated concerns associated with international exchanges. –CRYPTO BRIEFING       4. As China prepares to launch its digital currency next year while trying to combat cryptocurrencies such as Libra, the country is now trying to decide where to first test it. According to Zhou Xiaochuan, a former People Bank of China's (PBoC) governor, he expects the virtual yuan to be used domestically at first within the retail sector. While the digital currency would help to lighten the workload for banks by reducing the circulation of cash, the PBoC is also keen to launch its own virtual currency for two reasons: improve oversight of the transfer of funds abroad and to get ahead of Libra. –NIKKEI ASIAN REVIEW       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. 5. Cryptocurrency trading platform eToroX, a spin-off of the trading platform eToro, has told Facebook to forget its plans for Libra and instead focus its attention on third-party stablecoins. According to the company, Facebook is likely to run into problems if it goes ahead with its intentions for the stablecoin such as regulatory uncertainty and legal roadblocks. Speaking of Libra, eToro CEO Yoni Assia said: "the Libra Association should lobby for harmonised and simple regulatory frameworks for the governance of the third parties using the Libra chain for executing payments." –COIN RIVET       6. Bank of Japan (BOJ) governor Haruhiko Kuroda has said that there is no demand for a central bank digital currency in the country. In his opinion, the amount of cash within the nation is still on the rise; however, when it comes to stablecoins such as Libra, the governor noted that the bank would take a cautious approach. He did concede, though, that global stablecoins could provide "convenient payment services" to users if "legal certainty and technical stability are ensured." –COINTELEGRAPH       7. Facebook's head of global affairs, Nick Clegg, has said that European Union regulators should be careful when asking major companies to let its rivals have insight into its data. According to Clegg, it could be dangerous because it "clearly carries with it privacy risks." Speaking of Libra, Clegg added that it wouldn't go ahead "unless regulators are satisfied...that [they] have ticked all the boxes." –BREAKING THE NEWS       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. Edited by Sheena Vasani, Inside Dev editor.       Ad You're invited to the AI & The Future of Work Virtual Summit on 12/4. Save your spot today!

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