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February 2010

Facebook’s Libra Wants to Hit the Market in Early 2020



It has been a hugely eventful year in the crypto sphere, and perhaps one of the most important developments has been the announcement of Facebook’s Libra. However, as soon as it was announced that it was going to be launched next year, plenty of influential regulators expressed their doubts about the cryptocurrency straightaway.

Important Progress

They are still doing so, and in a new development, it has emerged that Facebook (NASDAQ:FB) is going to go ahead with the launch of Libra next year as planned notwithstanding any misgivings from regulators. Regulators have been generally hostile towards the whole thing, and some have gone on to state that Libra could undermine traditional fiat currencies.

The head of Calibra, David Marcus, spoke to the Swiss newspaper NZZ on September 22 and stated that Facebook’s Libra is going to address all the regulatory concerns before the cryptocurrency is launched. However, he reiterated that despite the misgivings from regulators, Facebook is determined to have the launch in 2020. It is an interesting comment from Marcus considering the fact that the company had earlier stated that Libra would not be launched unless all regulatory concerns have been addressed.

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Libra is a stablecoin, and it is going to be backed by currencies like the United States Dollar, the euro, and the Japanese Yen, among others. However, in this regard, regulators believe that the presence of billions of users across Facebook, WhatsApp, Instagram, and Messenger gives the company a huge advantage. That, in turn, could lead to the erosion of the importance of traditional fiat currencies. That being said, it is only one of the concerns that regulators have expressed with regards to Libra.

Marcus brushed off those fears and stated that it is highly unlikely that anyone is going to use Libra to make everyday payments. He went on to add that those who buy Libra have no privacy fears since Facebook will have no access to the data at all.

Featured image: DepositPhotos © BrianAJackson

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Massive Indian Telecommunication Provider Develops Blockchain Network



There are plenty of trends in the technology sector that will fade over time. Blockchain does not appear to be one of them, however. Just as more countries are warming up to cryptocurrency—New Zealand just gave the go-ahead for employers to pay staff in digital currencies—more and more countries are starting to use this innovative technology. India is the latest. Here’s what we know.

India Moves into Blockchain Technology

At the start of this week, news came out that Reliance Jio Infocomm, a massive telecommunications provider in India, has decided to develop a blockchain network. The Chairman of the company, Mukesh Ambani, announced the network. According to the report, Reliance Jio Infocomm will use the technology for several reasons. First, it will be used for internal uses, like increased automation. But the Indian telecommunications provider will also make the technology available to millions. “Over the next 12 months, Jio will install across India one of the largest blockchain networks in the world with tens of thousands of nodes operational on day one,” the report said.

Why is This Big News?

This news is making headlines for several reasons. For starters, it means yet another country is adopting blockchain technology, indicating the success of it as a whole. Secondly, India has not always been overly supportive of the technology or the cryptocurrency industry. In April, the Supreme Court of India even recommended the ban of crypto assets.

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If India develops a massive blockchain network, and blockchain is set to only become more popular in the next couple of years, then the country could very well become a hub for the technology. Or, the network could flop. Only time will tell.

What do you think about Reliance Jio Infocomm developing a blockchain network that will be accessible to millions? Let us know your thoughts in the comments below!

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Ripple’s Brad Garlinghouse Clamps Down on XRP FUD



Ripple’s CEO, Brad Garlinghouse, has taken to Twitter in an attempt to clarify Ripple’s decision to sell XRP. Investments in the token have been dwindling, as many feel Ripple’s decision to continue selling its XRP is driving the price of the token down.

Garlinghouse has previously explained that funds from the selling of XRP are funneled back into the company, using the money raised to develop various projects within Ripple. However, with the token now embroiled in a class-action lawsuit, investors have more reason than ever to steer clear from XRP. Thousands of investors have accused Ripple of selling them XRP as an unregistered securities offering, and are seeking refunds after suffering losses from their XRP investments.

In a recent thread on Twitter, the CEO explains that “questionable sources” have been “spreading FUD about XRP and Ripple” regarding the XRP sales. Recently, a petition has been doing the rounds asking Ripple to end its continued selling of XRP, accusing the company of dumping billions of dollars worth of XRP on the market, driving the token’s value down. At the time of writing, the petition has received almost 2,500 signatures.

In response, Brad Garlinghouse stated that “XRP sales are about helping expand XRP’s utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte.” He added that, in reality, Ripple has actually been decreasing its sales by volume, and the inflation rate of the circulating XRP supply is lower than that of Bitcoin and Ethereum.

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Garlinghouse also attempted to clarify XRP’s classification as an asset. He stated that the token isn’t a security asset, adding that the UK’s Financial Conduct Authority (FCA) has said as much. Earlier this month, the FCA compared XRP to Ether, stating:

“Tokens may have mixed features that may overlap or change over time. For example, Ether can be used as a means of ‘payment’ (exchange token) on the Ethereum platform, and can also be used to run applications (utility token). XRP has similar features.”

The consensus among analysts is that XRP passes the Howey Test, which classifies the token as a security.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

Featured image: DepositPhotos © BiancoBlue

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