Rappler's latest stories on Libra
(UPDATED) The Facebook CEO says it's willing to scale back plans for its digital coin Libra if it cannot win regulatory approval as a new currency for global exchanges
Facebook executive David Marcus seeks to address the main issue raised by France's Economy Minister Bruno Le Maire: the potential for a company to have the power to undermine a government's control of its currency
'Ambiguous rights and obligations could make the stablecoin arrangement vulnerable to loss of confidence – an unacceptable risk, especially in a payment system of potentially global importance,' the G7 report says
Libra initially hopes the number of companies backing it would increase from an initial 28 to 'well over 100.' Instead, the list has shrunk following criticism from regulators.
Visa, Mastercard, eBay, Stripe each change their minds about being founding members of the Libra Association assembled to promote the digital currency
The Facebook chief will be the sole witness at the October 23 hearing on 'An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors'
'We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the future,' PayPal says
Paypal is said to be the only backer among 28 who did not show for a meeting in Washington focused on tackling widespread opposition to Libra from regulators worldwide
Governments and officials have raised concerns over how the currency would be regulated, specifically on matters concerning laundering and terrorism financing
France wants to block the development of Libra because it says it threatens the 'monetary sovereignty' of governments
Yves Mersch, a board member at the Frankfurt institution, hopes Europeans don't leave traditional payment solutions for the 'beguiling but treacherous promises of Facebook's siren call'
The letter from multiple countries' watchdog agencies asks Facebook to respond to concerns over how it will handle sensitive personal information of Libra users
Switzerland's financial watchdog FINMA plans to conduct oversight of the Geneva-based Libra Association
One concern is that Libra may herald a shift away from traditional government taxes and banking fees to a new international monetary system controlled by corporate entities like Facebook and Uber
The US government wants the dollar to be the global reserve currency, and will oppose any 'threat to that,' says one analyst
Several senators question whether Facebook can be trusted after a series of missteps on privacy and data protection
Libra, which is widely regarded as a challenger to dominant global player Bitcoin, is expected to launch in the first half of 2020
'I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,' Trump tweets
Federal Reserve chairman Jerome Powell becomes the latest official to voice concern over the global virtual currency unveiled last week by Facebook
Given Facebook's international reach, global regulators are unlikely to leave supervision of the Libra cryptocurrency entirely to the Swiss
Libra, described as 'a new global currency' set to roll out next year, is being backed by about 25 partners, including nonprofits and firms in financial services and online commerce
Libra’s fundamental focus is on partnerships and relationships