Australian bank denies Libra / Libra and rethinking money / Zuckerberg doesn't mention Libra in 2030 vision

Inside Libra presented by Network Solutions.

Presented by Subscribe | View in browser 1. The Reserve Bank of Australia has denied any hopes of Facebook launching its Libra stablecoin in the country. According to the central bank, even if Libra is fully regulated, there wouldn't be enough demand for the coin to justify efforts for it. However, while the bank isn't keen on including Libra into its monetary system, it is bullish on the success of a centralized stablecoin. It's not just Libra that it's against, though; the central bank isn't a fan of Bitcoin either and claims it won't take off as a form of payment in the country due to its volatility. -AUSTRALIAN FINANCIAL REVIEW       2. Author David Birch has said that Facebook's Libra is making people think differently about money. Speaking in an interview, the author stated that "Facebook Libra has worked as a catalyst for digital money." Birch, who is also an advisor and commentator on digital financial services, added that whether the stablecoin succeeds or not, it has already been a "success in many respects." Despite negative views on Libra, it's still projected to launch later this year. -EMERCE.NL       A MESSAGE FROM NETWORK SOLUTIONS Save Now on Reliable Domain Name, Website and Hosting Services with Network Solutions Whether you're getting your new business online or building an existing one, you can count on us to be in your corner. For a limited time, save 25% site-wide on domain names, hosting, SSL, and more! With live tech support and flexible plans, this is an offer you can't afford to miss. Save 25% Now! 3. Mark Zuckerberg, CEO of Facebook, has outlined his 10-year vision for the social media platform within financial services but fails to mention Libra. Highlighting the company's plans and vision for 2030, Zuckerberg unveiled the aims the firm wants to make within the next decade. This includes Facebook's intention to "decentralize" finance and business. In a post published on the site, Zuckerberg wrote that "over the next decade, we hope to build the commerce and payments tools so that every small business has easy access to the same technology that previously only big companies have had." Libra, however, doesn't get a mention, which is projected to launch later this year. It intends to help individuals worldwide who don't have access to financial services. -COIN DESK       4. The Federal Council in Switzerland wants to tackle stablecoin projects such as Facebook's Libra in what has been reported as an "internationally coordinated manner." The council, which is a seven-member executive council that serves as the head of state and government of Switzerland, noted during a meeting today that while it was open towards "innovative approaches in the financial market," it was closely monitoring projects such as Libra. This was mainly due to the challenges involved in them, such as financial stability, money laundering, terrorist financing, and monetary policy and data protection. -FINANZ UND WIRTSCHAFT       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. Asset manager WisdomTree is hoping to launch a regulated stablecoin in the U.S., and according to this article, the idea behind it bears some similarity to Libra. The proposed stablecoin would be backed by a basket of assets such as gold, fiat, and government debt. According to WisdomTree corporate strategy director William Peck, "blockchain-based infrastructure is going to be more and more critical in financial services going forward." -COINCODEX       6. This post looks at what Libra's launch this year could mean for the crypto space. According to the author, there are two things to look out for: one is that Libra has the potential to bring "real-world cash to a digital ecosystem." However, the second point highlights the major tech companies that are backing Libra such as Facebook and Uber, both of which have links to profile data breaches. -YAHOO! FINANCE       7. Agustín Carstens, head of the Bank for International Settlements (BIS), says that while "Libra has good ideas behind it", it has "to evolve in such a way that it can conform with regulation." He added, though, that Libra has been a "wake-up call for central banks." Carstens said that Libra has shown that central banks need to change. -FINANCIAL TIMES (note: this may have a paywall)       8. According to Katharina Pistor, a professor at Columbia Law School in New York, it "must have occurred to" those behind Facebook that creating Libra was "crazy." Highlighting that it took forty years to plan the euro, she thinks that the thought of launching Libra in just 18 months is "just so audacious that I think they were somewhat detached from reality." -THE TELEGRAPH       9. Richie Hecker, an entrepreneur, and management consultant at Traction & Scale, states the Libra "is doomed to fail in its current form." In his opinion, he thinks that if Libra is to work it should follow the same path as Visa and that it should, initially, be backed with only U.S. dollars or another single currency, rather than a basket of currencies. He adds that there should also be a centralized administration so that an anti-fraud system is in place and a body to communicate with "regulatory scrutiny." -COIN DESK       10. In case you missed it: Libra may take "several years" to launch. That's according to Ryan Selkis, co-founder of Messari, a crypto price tracker. Speaking earlier this month, Selkis said that the stablecoin's "basket-weighted international reserve is definitively not going to happen in the next several years." -AMBCRYPTO       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.         Ad Save now on domains, professional email, top-quality hosting and more with Network Solutions! Save 25% Site-Wide!

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