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Undeterred, Facebook to press on with Libra launch next year: executive

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ZURICH (Reuters) – Facebook still aims to launch its Libra digital currency next year, its executive overseeing the project told Swiss newspaper NZZ, as the company presses ahead despite authorities around the world pouring cold water on the plans. FILE PHOTO: Shadow of a 3D-printed Facebook Libra cryptocurrency logo is seen near cryptocurrency representation in Read More

Germany’s Scholz: We cannot accept parallel currencies such as Facebook’s Libra

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BERLIN (Reuters) – German Finance Minister Olaf Scholz said on Tuesday policymakers could not accept the emergence of parallel currencies such as Facebook’s (FB.O) planned Libra, adding that Berlin would reject any such plans. Facebook’s planned Libra is the most well-known of the stablecoins, a certain form of cryptocurrency backed by assets such as traditional Read More

ECB’s Coeure says ‘stablecoins’ pose risks amid resistance to Facebook’s Libra

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FILE PHOTO: Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at the ECB headquarters in Frankfurt, Germany, May 17, 2017. REUTERS/Kai Pfaffenbach/File Photo ZURICH/LONDON (Reuters) – A new breed of asset-backed cryptocurrencies such as Facebook’s Libra are untested and pose serious risks, the European Central Read More

Facebook’s Libra in regulators’ sights as ECB’s Coeure warns of ‘stablecoin’ risks

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ZURICH/LONDON (Reuters) – Facebook’s (FB.O) attempt to drag cryptocurrencies into the mainstream with its Libra digital coin met with further scepticism on Monday when an ECB board member said such “stablecoins” posed serious risks. FILE PHOTO: Benoit Coeure, board member of the European Central Bank (ECB), is photographed during an interview with Reuters journalists at Read More

Citigroup stands by card strategy despite economic clouds

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NEW YORK (Reuters) – Some Wall Street analysts have begun to question whether Citigroup Inc’s (C.N) big bet on credit cards will backfire if the U.S. economy enters a recession, despite the bank saying it is underwriting responsibly. Balance transfer envelopes are pictured in a Reuters office in New York, U.S., September 5, 2019. Picture Read More

Switzerland warns Facebook’s Libra it will face extra scrutiny

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ZURICH/LONDON (Reuters) – Facebook’s (FB.O) Libra cryptocurrency suffered another setback on Wednesday when Switzerland said the proposed payments system could face strict rules that typically apply to banks, on top of tough anti-money laundering laws. FILE PHOTO: Representations of virtual currency are displayed in front of the Libra logo in this illustration picture, June 21, Read More

Explainer: How does negative rate policy work?

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(Reuters) – U.S. President Donald Trump has suggested that the U.S. Federal Reserve drive interest rates into negative territory. He says his motivation was to refinance the U.S. government’s $22 trillion in outstanding debt and lengthen the amount of time over which it is repaid. FILE PHOTO: The Federal Reserve Board building on Constitution Avenue Read More