Libra poses a risk to weak currencies / FSB chair: stablecoins need rules / Video: Libra "kick in stomach" to regulators

Inside Libra.

Presented by Subscribe | View in browser 1. Takahide Kiuchi, executive economist at the Nomura Research Institute and a former member of the Bank of Japan's policy board, has said that Libra poses a risk to economies that have low levels of confidence in their currencies. As a result of Facebook's plans for its stablecoin, emerging economies are taking steps to prevent Libra from replacing local money. One example is the National Bank of Cambodia, where 20 percent of the 16 million people have bank accounts. A lack of trust in the Cambodian riel could push citizens to adopt the Libra. The Central Bank of the Bahamas is another example, which launched, in part, an initiative called the Project Sand Dollar in December and is expected to expand later this year. -NIKKEI ASIAN REVIEW 2. Financial Stability Board (FSB) chair Randal Quarles has said that global financial regulators need to devise rules for cryptocurrencies or stablecoins such as Libra. According to the chair, regulators also face the risk of falling behind on the growth of the digital payments industry. Quarles, who is also a U.S. Federal Reserve governor, said: "We are resolved to quicken the pace of developing the necessary regulatory and supervisory responses to these new instruments." Possible regulatory responses would be put to a public consultation in April, he noted. -CHANNEL NEWS ASIA A MESSAGE FROM VIRTWAY Virtual 3D Business Events: Cutting costs and sky-rocketing results with Virtway Events’ Technology Traditional events are expensive, time-consuming and their environmental cost is high. Virtway Events' 3D technology is invigorating corporate events of all sizes allowing people to connect with a personal device, network in real-time and engage in a life-like way. Meetings, conferences or fairs, the possibilities are endless. Ask For a Free Demo Now! 3. In a video interview with CNBC, Bitcoin bull Mike Novogratz has said that Facebook's Libra project was a "kick in the stomach" for regulators, adding that they "need to take this seriously and figure things out." However, while the CEO of Galaxy Digital thinks this, he's of the opinion that the U.S. isn't falling behind the world regarding crypto and blockchain regulations. According to him, the vast majority of technological innovation within the space is still emerging in America. -YOUTUBE/CNBC 4. Viktor Bunin, a protocol specialist at Bison Trails, which is a member of the Libra Association, has said that he's not worried about the recent drop in banking and business operators in the project. Speaking at ETHDenver, Bunin said that he can't speak about "specific companies or individuals" but one thing he can say is that "Libra was always very ambitious and it's very hard," adding that it's not right for everyone. Clearing up any misguided notions, Bunin stated that they didn't join the Libra Association because of Facebook, stating that it was "really about what difference we're making in the world." -COIN DESK A MESSAGE FROM RAGING BULL Don’t Just Beat the Market… Crush It School teacher turned expert trader, Jason Bond, is offering a free look inside his 2 Simple Trading Patterns that he teaches all his students. Start trading like a pro here. Learn More Now! 5. David Marcus, head of Calibra, the official wallet provider of Libra, founded his first company at age 23. Now, at the age of 46, Marcus has become an important figure behind the Libra project. In this profile, he details his varied career from working at Facebook as head of messaging products to becoming president at PayPal before turning his attention as board member at Coinbase in 2018. Thrust into the spotlight following the announcement of Libra last June, Marcus hasn't had an easy job of appeasing regulators about plans for Libra. That, however, doesn't appear to be dampening his enthusiasm for it, stating that the project is an ambitious one as it doesn't follow traditional routes. -COINTELEGRAPH 6. CEO Eric Benz of crypto exchange Changelly has said that the Federal Reserve should move forward with the creation of a digital dollar, particularly as Facebook continues to work on its Libra project. In his opinion, "over the coming years we will see many attempts to make cryptocurrencies more mainstream." Benz added that the more people are educated on the space and the more businesses that support development, "the better the adoption and level of understanding become." -CRYPTO DAILY 7. Crypto payments startup Celo is hoping to bring stable payments and remittances to the unbanked, similar to what Libra wants. According to Polychain President Joe Eagan, which is one of the companies that has invested $30 million into Celo, the startup "has a chance to bring broad swaths of people to the world of blockchain technology and crypto, but to also level up the economic well-being of those most in need across the globe." -COIN DESK Do you think projects such as Celo are going to be any more successful than what Libra is proposing to do? Hit reply and let us know - Rebecca 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 Beth Duckett, staff writer at Inside. Ad Your 3D Space for Conferences.

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