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Developers can use the new programming language to build apps that will work seamlessly with Libra cryptocurrency. The idea behind developing an independent language is to allow apps to move Libra coins from one account to another without being misplaced or duplicated. In FSB’s survey, it has been reported that many jurisdictions are currently planning to provide clarification on how existing regimes apply to stablecoins and their providers while others are currently developing new and specific legislation.

The Libra Association, an independent group organized by Facebook, would oversee the Libra token, which is starkly different from popular cryptocurrency Bitcoin. For example, Libra would fall under the oversight of the association, while Bitcoin is free of all external control. Libra was originally meant to be backed by a wide mix of currencies and government debt. But regulators feared Facebook’s plan to create one single coin could destabilize monetary policy and erode user privacy. So-called “stablecoins” can be pegged to a currency, a commodity or a basket of currencies to minimize price volatility.

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The basket approach also had negative implications for potential Libra coin holders. It would be difficult to maintain stability of the basket’s value due to constantly changing relative weights of currency. This phenomenon, along with the treatment of stablecoins as property by various tax authorities around the world (such as the IRS), would mean that a purchase made using Libra would give rise to a taxable event.

It was meant to launch in June this year, but met with regulatory and political resistance. The exact timing of Libra’s launch depends on when it receives regulatory approval. Libra could see the light of day and become a part of the Facebook payment ecosystem in 2021 after a longer than expected wait. However, according to a Financial Times report, Facebook’s Libra will be a different version of the initial vision of a digital composite coin and is likely to be released only in a limited format. The Ministry of Corporate Affairs’s Investor Education and Protection Fund Authority favours a ban on cryptocurrencies by considering it equivalent to a Ponzi scheme .

• Currently there are 28 founding members in this group but Facebook has expressed its desire to extend the membership to 100 before the official launch in first half of 2020.
• Similar strides are also being made in the APAC region with countries like Singapore and Hong Kong currently expanding their resilience frameworks.
• Facebook’s Libra cryptocurrency is readying to launch as early as January, the Financial Times reported on Friday, citing three unidentified people involved in the project.
• There’s a new cryptocurrency called Libra, courtesy of Facebook and the entire network will be rolled out by 2020.
• So one of the biggest markets, which is India, will not be able to use Libra, which could limit its potential.

If businesses start accepting Libra, then you could use to buy coffee to pay your taxi. Of course, it will depend on whether businesses accept Libra, and how many customers have faith in the system, given the trust issues with Facebook, though this will be separate from the social network. Facebook’s new cryptocurrency called Libra and the entire network will be rolled out by 2020. To make sure that the currency is not as volatile as traditional cryptos, this one will be a stablecoin.

Previously on multiple occasions Indian government and regulators have made hard-line stance on cryptocurrency assets. In 2013, the RBI had warned all customers of “the potential financial, operational, legal, customer protection and security related risks” involved with cryptos. The social networking giant has been in the thick of controversies over the last two years for alleged data breaches and shaky privacy framework. “If global regulators don’t act now, it could very soon be too late,” he said. Litecoin is known in the cryptocurrency market for its faster transaction speed and scalability. If you want to move profits back into Bitcoin, USD, or another altcoin, consider selling off Litecoin.

The Proof-of-Work is the first recognised mining protocol and requires validators to compete in solving complex mathematical equations. The miner who gets the correct response would be eligible to add the libra coin price in india to the network and as such, receive the block rewards – in the form of newly minted Bitcoins. PoW mining requires specialised and expensive mining hardware to pull off, and this equipment consumes more energy and is difficult to maintain. Facebook plans to launch its long-awaited digital currency Libra as soon as January, the Financial Times reported on Friday.

History of Libra and advent of Diem

After this various Cryptocurrency Exchanges which are present in India filed a case to remove such a ban. After which in March 2020, Supreme Court removed the ban imposed by RBI along with all the restrictions which were present in India relating to Cryptocurrency have been removed. In the 21stcentury the next breakthrough after the innovation of the internet was Cryptocurrency. One of the best-known cryptocurrencies is Bitcoin which was introduced in 2008 having a value of zero, and if we talk about the same in today’s time the value of the same Bitcoin is in lakhs of Indian Rupees.

The significant features of the programming language is that programs developed using it can never be copied. The security aspect of the language allows to execute important parts of Libra Protocol in Move. This includes Libra coin, validator management, and transaction processing. “The original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition,” Levey told Reuters. Calibra has about 100 employees, mostly based at Facebook`s headquarters in Menlo Park, California, as well as in Tel Aviv.

‘Crypto stablecoins may face bottlenecks’

(IOSCO in their public report have pointed out that an off-chain collateralized stablecoin arrangement shares a lot of similarities with a money market fund). The regulators’ were skeptical about this project that was introduced in 2019. The skepticism pressurized Mark Zuckerberg, the CEO of Facebook to testify in front of the U.S. Earlier, several countries had rejected the plan of Libra because of its threat to financial stability and usage as a tool for money laundering.

The sovereign currencies paid by users to obtain Libra would have been held in a reserve. The accumulated funds were to be invested in high quality, short-term assets. Any interest on such investments would have been used to pay operational expenses and profits to the Association members. The Libra Reserve was posited as a “buyer of last resort”, i.e. it would be used to facilitate redemption of the stablecoins for its underlying fiat currencies by the Libra Association.

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Libra is currently seeking approval from Switzerland’s Financial Markets Supervisory Authority to obtain a payment system licence and operate as a payments service. The application was made in April 2020, and approval may come as early as January 2021. The plan seems to be to initially launch Libra in the US and some Latin American countries. The law proposes to punish mining, holding, generating, selling, transferring, disposing of, issuing or dealing with cryptocurrencies. Draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has proposed a ten-year jail term for holding cryptocurrencies in India. Unchecked power and influence of facebook could result in a shift of power away from the developing countries’ central banks toward multinational corporations and the central banks of the largest economies.

The first rendition of the Libra White Paper, released in June of 2019, proposed an off-chain collateralized global stablecoin which would be backed by a basket of sovereign currencies such as the British Pound, Euro, U.S. dollar, and the Japanese yen. The main vision was to create a global financial system which was cheaper, more accessible, and more connected as opposed to conventional payment systems by launching a “simple global currency”. It would be governed by the Libra Association, a new non-profit entity to be incorporated in Switzerland.

Facebook unveils new multi-currency model for Libra

This may impede their launch of the Multicurrency coin, which would operate in multiple nations. Additionally, the differential classification of stablecoins across jurisdictions and lack of consonance in this regard would mean that the Diem Association would be required to comply with a huge variety of differing obligations. It may also lead to regulatory arbitrage due to misaligned national incentives and regulatory gaps.

The Libra Blockchain will record the history of transactions and states over time, rather than the typical blockchain where each transaction is added a new block. The website says Libra will be backed by “short-term government securities in currencies from stable and reputable central banks.” Still the “value of the one Libra in any local currency may fluctuate,” cautions the page. Libra wants to be a global currency for everyone, and is specifically talking about how it wants to target those who are unbanked, a number that is believed to be around 1.7 billion people across the world. But exactly how and why someone who might not have access to formal banking already, is supposed to jump onto cryptocurrency is unclear. Cryptocurrency is supposed to be totally secure and anonymous, and there are several wallets which let users buy and store these. “India moves closer to legalizing cryptocurrency. The honourable FM in her budget speech has proposed taxation rules on virtual digital assets. This is clearly an endorsement that India has accepted crypto and it is here to stay,” said WazirX Trade Desk.

Since then we have pushed boundaries in exceptional content for our community, ranging from news, reviews, tutorials, interviews and much more. Coin Crunch is now transitioning to video only content on our Social Media platforms. Facebook tapered its plans to satisfy the regulators, though, it was asserted by many people that it was against the objective of launching Libra, i.e. financial inclusion.

The Libra Blockchain, relied upon a decentralized and cryptographically authenticated ledger. The foundation of the system would have been managed throughout by a pool of validators, assigned with the duty of verifying transactions and agreeing upon accepted versions of the ledger using the Byzantine by Fault consensus protocol. The blockchain was slated to be a “permission-based” system with the promise of transitioning into a “permission-less” system within 5 years. This decision of subsequently shifting to a permission-less system, was met by the staunch criticism of various regulators. This was mainly because it would be difficult to implement compliance mechanisms on a permission-less system, where anybody could become a validator.

FINMA, the Swiss regulator, did not elaborate beyond a statement in April confirming receipt of Libra’s application for a payments licence. Stablecoins are designed to avoid the volatility typical of cryptocurrencies such as bitcoin, making them in theory more suitable for payments and money transfers. Blockchain technology functions like an open ledger that gets updated in real time, and each transaction made on a blockchain network is preserved. Reversing a record is impossible on blockchain and with cryptocurrency, the idea is a decentralised network, which is not controlled by one bank or a government.

In the 2020 report, the FATF has provided detailed guidance on how the aforementioned standards will apply to stablecoins such as Diem. The FATF does not seek to regulate the technology that underlies virtual assets or VASP activities or software creators. According to the FATF, the participants of the stablecoin network can be bifurcated into Financial Institutions or Virtual Asset Service Providers (‘VASPs’). As set out in INR.15 of the Revised Standards , the AML/CFT obligations on a VASP and a financial institution are largely the same, with specific qualifications in relation to customer due diligence and wire transfer requirements. The FATF further stipulates that the designation will be contingent upon the function of the participating body and national law. For example, a person exchanging a so-called stablecoin for fiat currency or a virtual asset through an exchange or a wallet provider, which is acting as a VASP, would undergo customer due diligence.

The association is trying to distance itself from the regulatory pushback it received last year. Get the news updates on WhatsApp & Telegram by subscribing to our channels. “A number of leading venture firms are also joining to help drive innovation on the Libra network. We’re hoping to have over 100 co-founding members of the Libra Association by the time the network launches next year,” Zuckerberg said. And my expectation is that by the time this thing launches next year you will have banks that are going to be members of this,” Marcus was quoted as saying. Further, the project saw a turning point when HSBC legal chief and former George W Bush-era terrorism finance tsar Stuart Levey was appointed in May as its first chief executive.