Vodafone leaves Libra / Libra pushed central banks to research CBDCs / Aussie regulator seeks to oversee stablecoins

Inside Libra.

Presented by Subscribe | View in browser 1. Vodafone has become the latest company to quit Facebook's Libra project. A company spokesperson said that "Vodafone Group has decided to withdraw from the Libra Association." They went on to say that the firm remains committed to "extending financial inclusion" and will be "focusing [their] efforts on [mobile payments platform] M-Pesa." Since being announced last June, Libra has faced criticism from global regulators. As a result, several major companies have withdrawn from the project. Payments giants Mastercard and Visa pulled out in October, citing regulatory uncertainty. PayPal and eBay have also left Libra. The move from Vodafone may be surprising to some, considering the phone company repledged its support for Libra back in October. However, at the time, it did note that it should appoint an independent chief executive - separating itself from Facebook - which it believed was important to guarantee Libra's success. -BBC 2. Hiromi Yamaoka, the former head of payments and settlements at the Bank of Japan (BoJ), has said that Facebook's Libra stablecoin has given central banks the push they needed to seriously look into the development of a central bank digital currency (CBDC). Yesterday, it was announced that six central banks in Canada, the European Union, Japan, Sweden, Switzerland, and the U.K. had created a group with the Bank for International Settlements (BIS) to research CBDCs. According to Yamaoka, Libra has created a global competition among central banks to make their currencies more appealing, adding: "It's also an effort to keep something like Libra in check." -REUTERS 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 20% off email and hosting! With live tech support and flexible plans, this is an offer you can’t afford to miss. Save 20% Now! 3. The Australian Prudential Regulation Authority (APRA) could see itself overseeing stablecoin projects such as Libra. In a proposal submitted to the Senate on January 20, APRA's proposed regulatory framework states that it's intended not only to just fit the current financial system, but to consider future technological developments such as "global stablecoin ecosystems that have been the subject of significant attention in recent months." APRA states that it would likely oversee digital currency wallets that are widely used for payments such as Libra's corresponding Calibra wallet. -COINTELEGRAPH 4. A survey has found that the majority of respondents don't believe that Libra will launch this year. The Block's 2020 Outlook Survey saw responses from 106 people. Of that number, which were taken from venture capital investing, financial services, and the digital assets industries, 67.9 percent indicated that the stablecoin wouldn't launch in 2020. Only 31.1 percent of those surveyed said that it would. Factors that might determine whether the stablecoin will launch as projected weren't looked at; however, recent news and developments were reported to hint at potential headwinds. -THE BLOCK A MESSAGE FROM WINC Meet the future of wine...   Winc delivers a world of wine right to your doorstep so that you can discover international flavors from the comfort of your couch. Simply answer 6 questions and they’ll pair you with 4 wines tailored to your personal taste preferences. What's more? We're giving Inside readers 40% off their first order! Click here to see your curated wines. 5. The Libra Association has voted to establish a Technical Steering Committee (TSC) for the project. The role of the TSC is to "oversee and coordinate the technical design and development of the Libra network." Five members have been elected that will contribute a unique perspective that brings expertise to the project. -FINEXTRA 6. Ray Dalio, multi-billionaire and founder of investment firm Bridgewater Associates, has said that the volatility of Bitcoin doesn't make it a good investment choice. He went on to say that Bitcoin isn't an effective medium of exchange or a "store hold of wealth." Yet, in his opinion investing in something such as Libra could be a better option. -CNBC 7. Libra is no closer to release, one report suggests. According to Nils Reimelt of Capco Digital, a financial services consulting company in Zurich, "as long as the [U.S. Securities and Exchange Commission] is concerned about Libra, saying it's based on relatively new and unproven technology and could rival the U.S. dollar, other governments including the Swiss will take a wait and see approach." -YAHOO! FINANCE 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, staff writer at Inside. Ad Save now on domains, professional email, top-quality hosting and more with Network Solutions! Save 25% Site-Wide! Ad We're giving Inside readers 40% off their first order! Click here to see your curated wines.

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