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Libra was rebranded as Diem in a renewed effort to gain regulatory approval in December 2020. Photo: dpa

Facebook’s rebranded crypto project Diem to launch digital currency

Diem Association, which has 26 members including Facebook’s digital wallet Novi, says the planned stablecoins can be used in a blockchain-based payment system.

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Singapore’s DBS can do everything digital banks offer, chief says

China not ready to cash in on digital currency as trials are ‘just routine’

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Explainer | What is China’s sovereign digital currency?

China is in the process of launching its sovereign digital currency, with the likes of Alibaba’s Alipay and Tencent’s WeChat Pay already popular payment methods.

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The People’s Bank of China began exploring the concept of a national virtual currency in 2014 with the success of e-commerce platforms Alibaba, Tencent and Baidu. Photo: Shutterstock

Using China’s digital currency could be just like using Apple Pay

In addition to QR codes, the digital yuan app might also use NFC, allowing people to pay with a tap of their phone

Will Facebook make India’s richest man even richer?

The US company and social media giant has committed to buying about 10 per cent of Ambani’s Jio Platforms – its biggest purchase since WhatsApp – but what does that mean for the average Indian?

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McDonald’s, Starbucks, Subway to join China’s digital currency test

China’s digital currency took one more step closer to a reality, after plans to involve major American companies including McDonald’s, Starbucks, Subway, in its testing were revealed.

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American chains Starbucks, McDonald’s and Subway were named on the People’s Bank of China’s list of firms that will test the digital currency in small transactions with 19 local businesses. Photo: EPA-EFE

China’s new digital currency ‘isn’t bitcoin and is not for speculation’

Mu Changchun, central bank official in charge of plan for virtual yuan, also reveals that it will not need the backing of a basket of currencies.

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Chinese netizens think Mark Zuckerberg betrayed China

The Facebook CEO has been widely admired in China, but his more recent negative comments about the country aren’t going over well

Opinion | Blocking China’s blockchain push will leave the world worse off

China is racing ahead with blockchain tech and its own digital currency and, given the vast implications of this, needs to quickly establish international benchmarks and a clearer legislative framework. The US can hinder this or work together with China to establish global governance, manage the disruptions and harness the tech for global growth.

Illustration: Craig Stephens

China’s leader pushes blockchain development

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Once courted by Facebook, China has become the company’s perfect foil

Facebook uses concerns about Chinese tech like TikTok to deflect criticism of its Libra cryptocurrency and the influence of its social network

China’s central bank pours cold water on imminent launch of digital currency

People’s Bank of China head Yi Gang says a series of regulatory issues need to be addressed before Beijing can issue sovereign digital currency.

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Germany adds to Facebook’s woes by voicing opposition to its cryptocurrency

While the development of blockchain technology holds great potential, it should not be used to develop private forms of money such as Libra, the government in Berlin said.

A 3D-printed Facebook Libra cryptocurrency logo is seen in front of a German flag. Photo: Reuters

Time ‘almost ripe’ for China to launch digital currency ahead of Facebook’s Libra

‘China Daily’ reported on Tuesday that China is likely to be the first country to introduce a government-backed digital currency.

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China is likely to be the first country to introduce a government-backed digital currency. Photo: Reuters

China’s digital currency will help banks catch up on mobile payment

Banks’ participation in PBOC’s proposed digital currency will help them better compete with Alipay and WeChat Pay, which account for over 90 per cent of the mobile payment market and help them to retain deposits, say analysts.

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Scammers try to sell fake Facebook Libra currency … on Facebook

A wave of fakes purporting to sell or represent Facebook’s not-yet-available Libra currency have swept onto the social-media giant’s platforms.

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The View | Why regulators, banks are scrambling to respond to Facebook Libra

The cryptocurrency could massively disrupt the existing system, by undermining government sovereignty over local currencies and allowing capital flight, even threaten half of banks’ turnovers.

David Marcus, the head of blockchain at Facebook, testifies at a US Senate Banking Committee hearing on Tuesday on the proposed launch of Libra coin. Libra, which promises to be the first stable digital currency available for international use, independent of any one regulator and tradeable at the retail level, has regulators scrambling to respond. Photo: Bloomberg

Facebook cryptocurrency Libra faces US government backlash

Congress begins two days of hearings on Tuesday on the currency planned by Facebook, while a house subcommittee will extend its bipartisan investigation of the market power of big tech companies.

US may bar big tech firms from offering financial services, digital money

Democrats said to be proposing laws just days after Donald Trump demanded companies follow the rules if they wanted to ‘become a bank’.

Facebook and bitcoin must face banking rules, says Trump

Trump’s comments mark a change from the White House’s usual silence on the subject even as federal regulators have grappled with how to regulate virtual coins

Facebook plans to build a digital currency called Libra. Photo: Reuters

China floats idea of ‘Hong Kong style’ digital currency in response to Libra

Speech by former People’s Bank of China governor Zhou Xiaochuan shows that China is rethinking its digital currency strategy and could involve commercial entities.

Facebook released its white paper about its Libra currency in June. Photo: Reuters

Facebook needs to address money laundering issues before launching Libra: US Fed

Jerome Powell, chairman of the US Federal Reserve, said the tech company’s digital currency project raised ‘serious concerns’ for regulators.

Facebook Libra poses risk to Chinese yuan, says People’s Bank of China

People’s Bank of China breaks silence on Facebook’s Libra, says it poses risk to stability of China’s currency unless Beijing makes yuan freely exchangeable.

Will China be forced to develop its own cryptocurrency in response to Libra?

New digital currency could have major impact on monetary policy and financial stability, warns Wang Xin, director of the People’s Bank of China research bureau.

Facebook released a white paper in June outlining plans to create its own long-awaited cryptocurrency and a related blockchain-based financial infrastructure project. Photo: Reuters

Editorial | Facebook’s digital currency faces many hurdles

The basic idea of Facebook’s ambitious Libra digital currency is attractive, but can the company be trusted with so much information on users? Photo: Reuters

Abacus | Why Facebook’s answer to bitcoin, libra, is doomed to fail

Mark Zuckerberg is hoping to take on Tencent’s WeChat Pay and thinks he has found a way around the problems faced by bitcoin. He hasn’t: consumers will have no incentive to use libra, governments have every reason to oppose it.

What Facebook’s Libra means for online payments in Hong Kong

HSBC’s PayMe, Hong Kong’s own Faster Payment System, WeChat Pay and Alipay may be among the losers if Libra moves into the peer-to-peer transaction market. Global regulators, however, are already expressing concern.

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Facebook Libra
The latest news, analysis and opinion on Facebook Libra. In-depth analysis, industry insights and expert opinion.
last updated:
9 September, 2024
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