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Bank of England Carney Defends Facebook’s Libra Stablecoin

 

Bank of England Governor Carney Defends Facebook’s Libra Stablecoin

Bank of England governor Mark Carney defends Facebook’s choice to create a new currency

Canadian news outlet TheStar reported Carney’s remarks on Oct. 15, noting that he highlighted the shortcomings of the current traditional financial system. Because of the inefficiency of the payments, Carey thinks that firms such as Facebook should be involved in projects like Libra.

The current payments industry is lacking

More precisely, he reportedly criticized the high costs of moving money, saying that they penalize small businesses and can cost firms as much as 200 basis points per transaction, besides being processed too slowly. According to the report, he said:

“That’s not good enough in this day and age. Those payments should be instantaneous, it should be the same as us exchanging a banknote online. It should be virtually costless and it should be 100 per cent resilient.”

Regulation is still a must

Read More: https://cointelegraph.com/news/bank-of-england-governor-carney-defends-facebooks-libra-stablecoin

 

US Congressman: Facebook Should Add Bitcoin, Not Create Libra

US Congressman: Facebook Should Add Bitcoin, Not Create Libra

U.S. Congressman Warren Davidson says Bitcoin would be much better for Facebook than the introduction of a proprietary stablecoin like Libra

U.S. Congressman Warren Davidson says Bitcoin would be much better for Facebook than the introduction of a proprietary stablecoin like Libra

Nasdaq Lists AI-Powered Crypto Index for Top 100 Coins

Nasdaq Lists AI-Powered Crypto Index for Top 100 Coins

Cryptoindex’s AI-powered CIX100 index has been listed on Nasdaq

Cryptoindex’s AI-powered CIX100 index has been listed on Nasdaq

Blockchain and the Classroom — How DLT Can Improve Education

Blockchain and the Classroom — How DLT Can Improve Education

Blockchain technology continues to be adopted by educational institutions around the world

Blockchain technology continues to be adopted by educational institutions around the world

Bitcoin Price Flat at $8.3K as Moving Average Indicators Flip Bearish

Bitcoin Price Flat at $8.3K as Moving Average Indicators Flip Bearish

Bitcoin price headed for short-term $8K retest this week, say analysts

Bitcoin price headed for short-term $8K retest this week, say analysts

Wales to Develop Local Cryptocurrency to Underpin Mutual Credit System

Wales to Develop Local Cryptocurrency to Underpin Mutual Credit System

Wales plans to test and subsequently launch its own cryptocurrency to boost the local economy

Wales plans to test and subsequently launch its own cryptocurrency to boost the local economy

Hard to Kill: Research Finds Even ‘JokeCoins’ Have a 1.4 Year Lifespan

Hard to Kill: Research Finds Even ‘JokeCoins’ Have a 1.4 Year Lifespan

Most cryptocurrency projects wind up in the industry’s graveyard because of “death by abandonment,” according to new research

Most cryptocurrency projects wind up in the industry’s graveyard because of “death by abandonment,” according to new research

Oxford English Dictionary Adds ‘Satoshi’ — Bitcoin’s Smallest Unit

Oxford English Dictionary Adds ‘Satoshi’ — Bitcoin’s Smallest Unit

The Oxford English Dictionary now includes the word “Satoshi,” the smallest unit of Bitcoin named after its mysterious creator

The Oxford English Dictionary now includes the word “Satoshi,” the smallest unit of Bitcoin named after its mysterious creator

Libra an ‘Important Catalytic Event,’ Says Swedish Central Bank Chief

Libra an ‘Important Catalytic Event,’ Says Swedish Central Bank Chief

The head of Sweden’s Riksbank says Facebook’s Libra is shaking central banks globally into action

The head of Sweden’s Riksbank says Facebook’s Libra is shaking central banks globally into action

Coinshares, Blockchain Launch DGLD Gold Token as a Bitcoin Sidechain

Coinshares, Blockchain Launch DGLD Gold Token as a Bitcoin Sidechain

A consortium of companies launched a gold-backed token on the Bitcoin blockchain

A consortium of companies launched a gold-backed token on the Bitcoin blockchain

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