Is Bitcoin the new gold? The world's most popular currency soared to a record high of $34,800 on Tuesday. But who created Bitcoin? Who controls it? Is it backed by any govt? How does one use it?

Gravitas: Is Bitcoin the new gold?

Digital currency is the future with Bitcoin, Ethereum, Z-cash, and Stellar lumens at the fore, among many. On Tuesday, the world's most popular cryptocurrency - Bitcoin soared to a record high of 34,800 dollars in Asia, marking an 800% surge since mid-March 2019.

A huge milestone, Bitcoin is all set to become a mainstream mode of payment by the end of 2021.

Some refer to Bitcoin as the new gold, but there is still a lot we don’t know. Who created it? Who controls it? Is it backed by any government? How does one use it? How do the transactions take place? And what about illegal transactions? We bring to you the answers.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/bitcoin-passes-30000-for-the-first-time-354074" hreflang="en">Bitcoin passes $30,000 for the first time</a>

Bitcoin is a purely online currency created from computer code, and has been in circulation since 2009. The identity of its creator remains a mystery to this day. Unlike traditional currencies, it has no central bank and is not backed by any government.

Instead, Bitcoin's community of users control and regulate it via the block chain, which a shared public ledger on which the entire bitcoin network relies. It's a mathematical process designed to provide anonymous &amp; secure transfers.

Also read:&nbsp;<a href="http://13.235.153.162/technology/us-seizes-bitcoins-worth-1billion-the-largest-cryptocurrency-haul-in-history-342170" hreflang="en">US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history</a>

To get started, users can install a Bitcoin wallet on their computer or phone which generates an address unique to each transaction. They can use this to buy goods &amp; services, even other currencies. The transactions are validated by members of the bitcoin community by tracing the origin of each bitcoin using a special software.

This technique is known as mining - a process that is intended to ensure that no single bitcoin can be spent in more than one place simultaneously. Members of this network are known as miners. They are pitted against one another as they race to solve increasingly complex ‘’cryptograms’’ on extremely powerful computers.

The fastest to do so are issued with new bitcoins as a reward for their efforts. This is the only way new bitcoins can be created. However, there is a limit to how many new bitcoins can be created - capped at 21 million units.

The advantages of this cryptocurrency are several - the transactions are anonymous, the transfers are instantaneous, and it’s all free of charges.

Also read:&nbsp;<a href="http://13.235.153.162/technology/twitter-reveals-how-bitcoin-scammers-hijacked-celebrity-accounts-317307" hreflang="en">Twitter reveals how Bitcoin scammers hijacked celebrity accounts</a>

To add to that - there is no price cap - and no middlemen.

But that does not mean that there are no disadvantages - Bitcoin transactions are irreversible and it's an extremely volatile currency subject to wild fluctuations in price.

Security is also an issue with digital wallets stored in computers or phones, vulnerable to theft by hackers. Lastly, the anonymous nature of Bitcoin makes it a popular currency for illegal transactions.

In February 2016, a Los Angeles hospital had to pay 17,000 US dollars in bitcoins to hackers who took control of its computers for more than a week. But the benefits far outweigh the drawbacks, and the popularity of bitcoin is set to grow exponentially in this decade.

Digital currency is the future with Bitcoin, Ethereum, Z-cash, and Stellar lumens at the fore, among many. On Tuesday, the world's most popular cryptocurrency - Bitcoin soared to a record high of 34,800 dollars in Asia, marking an 800% surge since mid-March 2019.

Digital currency is the future with Bitcoin, Ethereum, Z-cash, and Stellar lumens at the fore, among many. On Tuesday, the world's most popular cryptocurrency - Bitcoin soared to a record high of 34,800 dollars in Asia, marking an 800% surge since mid-March 2019. A huge milestone, Bitcoin is all set to become a mainstream mode of payment by the end of 2021. Some refer to Bitcoin as the new gold, but there is still a lot we don’t know. Who created it? Who controls it? Is it backed by any government? How does one use it? How do the transactions take place? And what about illegal transactions? We bring to you the answers. Also read: Bitcoin passes $30,000 for the first time Bitcoin is a purely online currency created from computer code, and has been in circulation since 2009. The identity of its creator remains a mystery to this day. Unlike traditional currencies, it has no central bank and is not backed by any government. Instead, Bitcoin's community of users control and regulate it via the block chain, which a shared public ledger on which the entire bitcoin network relies. It's a mathematical process designed to provide anonymous & secure transfers. Also read: US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history To get started, users can install a Bitcoin wallet on their computer or phone which generates an address unique to each transaction. They can use this to buy goods & services, even other currencies. The transactions are validated by members of the bitcoin community by tracing the origin of each bitcoin using a special software. This technique is known as mining - a process that is intended to ensure that no single bitcoin can be spent in more than one place simultaneously. Members of this network are known as miners. They are pitted against one another as they race to solve increasingly complex ‘’cryptograms’’ on extremely powerful computers. The fastest to do so are issued with new bitcoins as a reward for their efforts. This is the only way new bitcoins can be created. However, there is a limit to how many new bitcoins can be created - capped at 21 million units. The advantages of this cryptocurrency are several - the transactions are anonymous, the transfers are instantaneous, and it’s all free of charges. Also read: Twitter reveals how Bitcoin scammers hijacked celebrity accounts To add to that - there is no price cap - and no middlemen. But that does not mean that there are no disadvantages - Bitcoin transactions are irreversible and it's an extremely volatile currency subject to wild fluctuations in price. Security is also an issue with digital wallets stored in computers or phones, vulnerable to theft by hackers. Lastly, the anonymous nature of Bitcoin makes it a popular currency for illegal transactions. In February 2016, a Los Angeles hospital had to pay 17,000 US dollars in bitcoins to hackers who took control of its computers for more than a week. But the benefits far outweigh the drawbacks, and the popularity of bitcoin is set to grow exponentially in this decade.

Bitcoin: All questions about the growing cryptocurrency - answered!

China has begun rolling out its digital yuan currency. Reported first by CNBC, e-commerce firm JD dot com had become the first online platform which accepts digital yuan.

China is also set to begin the trials of its digital currency in the city of Suzhou, which lies about 65 miles west of Shanghai.

According to JD Digits, the fintech arm of JD dot com, a total of $3 million (20 million yuan) will be released via a lottery.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/china-to-launch-pilot-digital-currency-program-in-some-cities-320467" hreflang="en">China to launch pilot digital currency program in some cities</a>

According to reports, the winners would receive a “red packet” through the app containing a maximum of 200 yuan, with a hundred thousand red packets set to be distributed.

Once in circulation, those in possession on the digital yuan would be able to spend it on JD dot com’s online shopping platform.

China has given away large amounts of its currency earlier as well. In October, over 10 million yuan was handed out to citizens in Shenzhen, China’s technology hub.

Also read:&nbsp;<a href="http://13.235.153.162/opinions-blogs/the-race-for-national-digital-currency-is-gaining-momentum-is-india-lagging-behind-299893" hreflang="en">The race for national digital currency is gaining momentum, is India lagging behind?</a>

The digital yuan is controlled and regulated by the People’s Bank of China, and will be known as a central bank digital currency (CBDC).

The project is referred by the central bank as the “Digital Currency Electronic Payment” or DCEP.

In August, it was revealed that four banks would conduct the roll out of Chinese digital currency. These include Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China, and if these tests are successful, China will become world's country to have a sovereign digital currency.&nbsp;

Also read:&nbsp;<a href="http://13.235.153.162/world/china-passes-cryptography-law-to-gears-up-for-digital-currency-258334" hreflang="en">China passes cryptography law to gear up for digital currency</a>

China's push towards digital currency will strengthen its already dominant digital payments infrastructure, which according to The Brookings Institute, is more advanced than many of its Western counterparts.

Meanwhile, Switzerland-based Bank for International Settlements conducted a survey in 2019 that found that as many as 80 per cent of the world's central banks have shown interest in the idea of developing a sovereign digital currency.&nbsp;

China has begun rolling out its digital yuan currency. Reported first by CNBC, e-commerce firm JD dot com had become the first online platform which accepts digital yuan.

China has begun rolling out its digital yuan currency. Reported first by CNBC, e-commerce firm JD dot com had become the first online platform which accepts digital yuan. China is also set to begin the trials of its digital currency in the city of Suzhou, which lies about 65 miles west of Shanghai. According to JD Digits, the fintech arm of JD dot com, a total of $3 million (20 million yuan) will be released via a lottery. Also read: China to launch pilot digital currency program in some cities According to reports, the winners would receive a “red packet” through the app containing a maximum of 200 yuan, with a hundred thousand red packets set to be distributed. Once in circulation, those in possession on the digital yuan would be able to spend it on JD dot com’s online shopping platform. China has given away large amounts of its currency earlier as well. In October, over 10 million yuan was handed out to citizens in Shenzhen, China’s technology hub. Also read: The race for national digital currency is gaining momentum, is India lagging behind? The digital yuan is controlled and regulated by the People’s Bank of China, and will be known as a central bank digital currency (CBDC). The project is referred by the central bank as the “Digital Currency Electronic Payment” or DCEP. In August, it was revealed that four banks would conduct the roll out of Chinese digital currency. These include Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China, and if these tests are successful, China will become world's country to have a sovereign digital currency. Also read: China passes cryptography law to gear up for digital currency China's push towards digital currency will strengthen its already dominant digital payments infrastructure, which according to The Brookings Institute, is more advanced than many of its Western counterparts. Meanwhile, Switzerland-based Bank for International Settlements conducted a survey in 2019 that found that as many as 80 per cent of the world's central banks have shown interest in the idea of developing a sovereign digital currency.

China: Digital yuan worth $3 million now being rolled out, marking a global first

Lets now move to the world of Cryptocurrency as its 2020 rally steamed ahead, boosted by increased demand from both institutional and retail investors. Bitcoin soared to a record high against the dollar on yesterday.

Bitcoin surges to all-time records in 2020

Homing in on an&nbsp;all-time high of just under $20,000,&nbsp;Bitcoin hit $19,000 on Tuesday for the first time in nearly three years.

The world’s most popular cryptocurrency was last up 3.2 per cent&nbsp;at $18,958. Bitcoin has gained nearly 40&nbsp;per cent&nbsp;in November alone and is up around 160&nbsp;per cent&nbsp;this year.

Fuelling its gains have been the demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.

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Bitcoin&nbsp;investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year.

It's a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold.

Also read:&nbsp;<a href="https://www.wionews.com/technology/us-seizes-bitcoins-worth-1billion-the-largest-cryptocurrency-haul-in-history-342170">US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history</a>

Since January,&nbsp;bitcoin&nbsp;has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers.

Bitcoin&nbsp;is within sight of its all-time peak of just under $20,000 hit in December 2017. It debuted in 2011 at zero and was last trading at $18,415.

Going from $18,000 to $100,000 in one year is not a stretch, Brian Estes, chief investment officer at hedge fund Off the Chain Capital, said.

"I have seen&nbsp;bitcoin&nbsp;go up 10X, 20X, 30X in a year. So going up 5X is not a big deal."

Estes predicts&nbsp;bitcoin&nbsp;could hit between $100,000 and $288,000 by end-2021, based on a model that utilizes the stock-to-flow ratio measuring the scarcity of commodities like gold. That model, he said, has a 94 per cent&nbsp;correlation with the price of&nbsp;bitcoin.

Citi technical analyst Tom Fitzpatrick said in a note last week that&nbsp;bitcoin&nbsp;could climb as high as $318,000 by the end of next year, citing its limited supply, ease of movement across borders, and opaque ownership.

Those numbers though are a head-scratcher for Toronto-based Kevin Muir, an independent proprietary trader.

"Any hedge fund model on&nbsp;bitcoin&nbsp;is rubbish. You can't model a mania," Muir said. "Is it plausible? For sure. It's a mania. But does anyone actually have a clue? Not a chance."

DEARTH OF SUPPLY

Bitcoin&nbsp;relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded new&nbsp;bitcoins.

Its technology was designed to cut the reward for miners in half every four years, a move meant to curb inflation. In May,&nbsp;bitcoin&nbsp;went through a third "halving," which reduced the rate at which new coins are created, restricting supply.

That halving has kickstarted&nbsp;bitcoin's renewed ascent.

Square's Cash App and PayPal, which recently launched a crypto service to its more than 300 million users, have been scooping up all new&nbsp;bitcoins, hedge fund Pantera Capital said in its letter to investors on Friday. That has caused a&nbsp;bitcoin&nbsp;shortage and has driven the rally in the last few weeks.

BIG FUNDS BUYING?

The so-called whale index, which counts addresses or wallets holding at least 1,000&nbsp;bitcoins, is at an all-time high, said Phil Bonello, research director at digital asset manager Grayscale. Bonello said more than 2,200 addresses were linked to large&nbsp;bitcoin&nbsp;holders, up 37% from 1,600 in 2018, suggesting that institutional money has stormed in.

Investors like Stanley Druckenmiller, founder of hedge fund Duquesne Capital, and Rick Rieder, BlackRock Inc's chief investment officer of global fixed income, have recently touted&nbsp;bitcoin.

Retail investors though are still mostly sidelined due to the pandemic's effect on the economy. But with the entry of Square and PayPal, Lennard Neo, head of research at crypto index fund provider Stack Funds, expects a deluge of retail demand more intense than in 2017.

Neo forecasts&nbsp;bitcoin&nbsp;to reach $60,000-$80,000 by the end of 2021.

Tempus Inc currency trader Juan Perez was unimpressed, even shocked, with all the lofty forecasts and said a bet on&nbsp;bitcoin&nbsp;at $100,000 next year would be a bet on the collapse of the global financial system.

"Governments around the world won't let that happen. They will not let fiat currencies collapse just like that," Perez said.

Homing in on an all-time high of just under $20,000, Bitcoin hit $19,000 on Tuesday for the first time in nearly three years. The world’s most popular cryptocurrency was last up 3.

Homing in on an all-time high of just under $20,000, Bitcoin hit $19,000 on Tuesday for the first time in nearly three years. The world’s most popular cryptocurrency was last up 3.2 per cent at $18,958. Bitcoin has gained nearly 40 per cent in November alone and is up around 160 per cent this year. Fuelling its gains have been the demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance. Bitcoin investors, which include top hedge funds and money managers, are betting the virtual currency could more than quintuple to as high as $100,000 in a year. It's a wager that has drawn eye-rolls from skeptics who believe the volatile cryptocurrency is a speculative asset rather than a store of value like gold. Also read: US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history Since January, bitcoin has gained 160%, bolstered by strong institutional demand as well as scarcity as payment companies such as Square and Paypal buy it on behalf of customers. Bitcoin is within sight of its all-time peak of just under $20,000 hit in December 2017. It debuted in 2011 at zero and was last trading at $18,415. Going from $18,000 to $100,000 in one year is not a stretch, Brian Estes, chief investment officer at hedge fund Off the Chain Capital, said. "I have seen bitcoin go up 10X, 20X, 30X in a year. So going up 5X is not a big deal." Estes predicts bitcoin could hit between $100,000 and $288,000 by end-2021, based on a model that utilizes the stock-to-flow ratio measuring the scarcity of commodities like gold. That model, he said, has a 94 per cent correlation with the price of bitcoin. Citi technical analyst Tom Fitzpatrick said in a note last week that bitcoin could climb as high as $318,000 by the end of next year, citing its limited supply, ease of movement across borders, and opaque ownership. Those numbers though are a head-scratcher for Toronto-based Kevin Muir, an independent proprietary trader. "Any hedge fund model on bitcoin is rubbish. You can't model a mania," Muir said. "Is it plausible? For sure. It's a mania. But does anyone actually have a clue? Not a chance." DEARTH OF SUPPLY Bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. The first to solve the puzzle and clear the transaction is rewarded new bitcoins. Its technology was designed to cut the reward for miners in half every four years, a move meant to curb inflation. In May, bitcoin went through a third "halving," which reduced the rate at which new coins are created, restricting supply. That halving has kickstarted bitcoin's renewed ascent. Square's Cash App and PayPal, which recently launched a crypto service to its more than 300 million users, have been scooping up all new bitcoins, hedge fund Pantera Capital said in its letter to investors on Friday. That has caused a bitcoin shortage and has driven the rally in the last few weeks. BIG FUNDS BUYING? The so-called whale index, which counts addresses or wallets holding at least 1,000 bitcoins, is at an all-time high, said Phil Bonello, research director at digital asset manager Grayscale. Bonello said more than 2,200 addresses were linked to large bitcoin holders, up 37% from 1,600 in 2018, suggesting that institutional money has stormed in. Investors like Stanley Druckenmiller, founder of hedge fund Duquesne Capital, and Rick Rieder, BlackRock Inc's chief investment officer of global fixed income, have recently touted bitcoin. Retail investors though are still mostly sidelined due to the pandemic's effect on the economy. But with the entry of Square and PayPal, Lennard Neo, head of research at crypto index fund provider Stack Funds, expects a deluge of retail demand more intense than in 2017. Neo forecasts bitcoin to reach $60,000-$80,000 by the end of 2021. Tempus Inc currency trader Juan Perez was unimpressed, even shocked, with all the lofty forecasts and said a bet on bitcoin at $100,000 next year would be a bet on the collapse of the global financial system. "Governments around the world won't let that happen. They will not let fiat currencies collapse just like that," Perez said.

Bitcoin cryptocurrency near record high, hits $19,000 for first time in three years

Bitcoin soared to its highest level since December 2017 as the asset’s perceived quality as a hedge against inflation and expectations of mainstream acceptance lured institutional and retail demand.

World Business Watch: Bitcoin hits nearly three year peak | Highest level reached since Dec 2017

The United States Justice Department recently seized thousands of bitcoins amounting up to over $1 billion, marking the largest haul related to the crypto-currency.

The department wants forfeiture of these bitcoins which were reportedly stolen from the defunct Silk Road marketplace on the dark web.

Also read:&nbsp;<a href="http://13.235.153.162/technology/twitter-reveals-how-bitcoin-scammers-hijacked-celebrity-accounts-317307" hreflang="en">Twitter reveals how Bitcoin scammers hijacked celebrity accounts</a>

In a statement, the US Justice Department said that this is the “largest seizure” relating to cryptocurrency in the department’s history. &nbsp;

Reported first by Bloomberg, the cryptocurrency was unlawfully procured from Silk Road. In the statement, the investigators mentioned that they employed various software tools to identify 54 transactions undertaken by Silk Road.

Also read:&nbsp;<a href="http://13.235.153.162/opinions-blogs/explained-bitcoin-halving-and-the-expected-bull-market-for-digital-assets-295870" hreflang="en">Explained: Bitcoin halving and the expected bull-market for digital assets</a>

All of these transactions used bitcoins that were sourced from unlawful activity. Reportedly, the currency was stolen&nbsp;from Silk Road between 2012-2013.

According to the department’s statement, “Individual X had hacked the funds from Silk Road”. Following this, “law enforcement seized several thousand Bitcoins on November 3, 2020.&nbsp; On November 4, 2020, the seized Bitcoin had a value of over $1 billion”, the statement added.&nbsp;

Also read:&nbsp;<a href="http://13.235.153.162/world/cryptocurrency-products-banned-in-uk-after-year-long-review-333075" hreflang="en">Cryptocurrency products banned in UK after year-long review</a>

Court documents added that they were aware of Individual X’s identity, and that the person in question had kept the money, and earlier refused to return it. They had also not spent it.

But on November 3, the person in question signed a forfeiture agreement with the United States government, and the custody of that property was handed over to the US government on the same day.

The United States Justice Department recently seized thousands of bitcoins amounting up to over $1 billion, marking the largest haul related to the crypto-currency.

The United States Justice Department recently seized thousands of bitcoins amounting up to over $1 billion, marking the largest haul related to the crypto-currency. The department wants forfeiture of these bitcoins which were reportedly stolen from the defunct Silk Road marketplace on the dark web. Also read: Twitter reveals how Bitcoin scammers hijacked celebrity accounts In a statement, the US Justice Department said that this is the “largest seizure” relating to cryptocurrency in the department’s history. Reported first by Bloomberg, the cryptocurrency was unlawfully procured from Silk Road. In the statement, the investigators mentioned that they employed various software tools to identify 54 transactions undertaken by Silk Road. Also read: Explained: Bitcoin halving and the expected bull-market for digital assets All of these transactions used bitcoins that were sourced from unlawful activity. Reportedly, the currency was stolen from Silk Road between 2012-2013. According to the department’s statement, “Individual X had hacked the funds from Silk Road”. Following this, “law enforcement seized several thousand Bitcoins on November 3, 2020. On November 4, 2020, the seized Bitcoin had a value of over $1 billion”, the statement added. Also read: Cryptocurrency products banned in UK after year-long review Court documents added that they were aware of Individual X’s identity, and that the person in question had kept the money, and earlier refused to return it. They had also not spent it. But on November 3, the person in question signed a forfeiture agreement with the United States government, and the custody of that property was handed over to the US government on the same day.

US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history

Bitcoin continued its weeks-long surge rising more than 8% to pass $15,000 for the first time since January 2018 amid post-election volatility.

World Business Watch: Bitcoin hits highest level since Jan 2018 amid post-election volatility

Financial authority in the UK on Tuesday banned some cryptocurrency-based products in order to safeguard retail consumers. From next year, firms in UK will not be able to sell, market or distribute products that track prices of crypto-assets. This covers futures, options, exchange-traded notes and contracts-for-difference. Although analysts believe that the decision will not affect the actual sale of cryptocurrencies, the online trading platforms for cryptocurrencies like Bitcoin, Ripple and Ether among others are expected to get a hit.

UK's Financial Conduct Authority said that it has taken the decision to safeguard retail consumers as they are exposed to unexpected financial losses due to unregulated crypto-assets. Volatility and unreliable valuations add to retail consumers' woes.

The latest decision by the FCA came a year after it actually proposed such a ban. The authority took a review of the situation in its analysis that went on for a year.

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Soon after the decision of the FCA, shares in the online trading platform fell by 2-3 per cent.

Cryptocurrencies have attracted a lot of interest from investors all around the globe in recent years. According to an estimate, the cryptocurrency market is worth around USD 337 billion. It was worth USD 200 billion just 2 years ago.

Financial authority in the UK on Tuesday banned some cryptocurrency-based products in order to safeguard retail consumers. From next year, firms in UK will not be able to sell, market or distribute products that track prices of crypto-assets.

Financial authority in the UK on Tuesday banned some cryptocurrency-based products in order to safeguard retail consumers. From next year, firms in UK will not be able to sell, market or distribute products that track prices of crypto-assets. This covers futures, options, exchange-traded notes and contracts-for-difference. Although analysts believe that the decision will not affect the actual sale of cryptocurrencies, the online trading platforms for cryptocurrencies like Bitcoin, Ripple and Ether among others are expected to get a hit. UK's Financial Conduct Authority said that it has taken the decision to safeguard retail consumers as they are exposed to unexpected financial losses due to unregulated crypto-assets. Volatility and unreliable valuations add to retail consumers' woes. The latest decision by the FCA came a year after it actually proposed such a ban. The authority took a review of the situation in its analysis that went on for a year. × Soon after the decision of the FCA, shares in the online trading platform fell by 2-3 per cent. Cryptocurrencies have attracted a lot of interest from investors all around the globe in recent years. According to an estimate, the cryptocurrency market is worth around USD 337 billion. It was worth USD 200 billion just 2 years ago.

Cryptocurrency products banned in UK after year-long review

A Chinese hacker group called&nbsp;APT41 has been&nbsp;charged by the US Justice Department after the Federal Bureau of Investigation (FBI) and Microsoft caught two of the hackers in a combined effort.&nbsp;

APT41 is a group of seven hackers, out of which five of them are Chinese nationals and are expert hackers. Majority of the group members have been employees of&nbsp;Chengdu 404 Network Technology — a company that provides legal hacking services to the company to help&nbsp;detect vulnerabilities in clients' computer networks. The other company involved in the case is&nbsp;SEA Gamer Mall, a Malaysia-based firm that sells video game currency, power-ups and other in-game items.

They trapped various groups — from gaming companies to non-profit organisations — by several sophisticated and basic phishing methods. While some companies got duped through phishing emails, rest gave permission to the group to modify their codes, which provided them free and unlimited access to clients' computers and internal data.

The group has been alleged of hacking hundreds of computers of various companies around the world. The hackers accessed identities, personal information and used the hacked information to ask for ransom and commit&nbsp;cryptocurrency/bitcoin frauds. They also hacked into systems of gaming companies through which they used the data to sell game items back to the customers and dupe them of money.

They have&nbsp;also been alleged of compromising government&nbsp;data in Vietnam and India.&nbsp;

Whether or not the group was working for the Chinese government is not yet clear. The court has alleged that the hackers collected information regarding pro-democracy activists of Hong Kong and&nbsp;a Buddhist monk from Tibet. One of the hackers,&nbsp;Jiang Lizhi, has a history of working with&nbsp;China's Ministry of State Security.

However, none of these allegations have successfully proved a connection between the hacker group and the Chinese government. More investigation is being carried out for this.

Out of seven, two members have been caught. However, these two were businessmen in Malaysia, and the hackers are still at large. The two businessmen were caught in a&nbsp;sweeping operation by the FBI and private companies including Microsoft to block the hackers from using their online accounts.

The US is currently seeking permission to extradite the hacker groups, which is seemingly difficult as none of the members have lived in the US, but have committed frauds in the country.

A Chinese hacker group called APT41 has been charged by the US Justice Department after the Federal Bureau of Investigation (FBI) and Microsoft caught two of the hackers in a combined effort.

A Chinese hacker group called APT41 has been charged by the US Justice Department after the Federal Bureau of Investigation (FBI) and Microsoft caught two of the hackers in a combined effort. APT41 is a group of seven hackers, out of which five of them are Chinese nationals and are expert hackers. Majority of the group members have been employees of Chengdu 404 Network Technology — a company that provides legal hacking services to the company to help detect vulnerabilities in clients' computer networks. The other company involved in the case is SEA Gamer Mall, a Malaysia-based firm that sells video game currency, power-ups and other in-game items. They trapped various groups — from gaming companies to non-profit organisations — by several sophisticated and basic phishing methods. While some companies got duped through phishing emails, rest gave permission to the group to modify their codes, which provided them free and unlimited access to clients' computers and internal data. The group has been alleged of hacking hundreds of computers of various companies around the world. The hackers accessed identities, personal information and used the hacked information to ask for ransom and commit cryptocurrency/bitcoin frauds. They also hacked into systems of gaming companies through which they used the data to sell game items back to the customers and dupe them of money. They have also been alleged of compromising government data in Vietnam and India. Whether or not the group was working for the Chinese government is not yet clear. The court has alleged that the hackers collected information regarding pro-democracy activists of Hong Kong and a Buddhist monk from Tibet. One of the hackers, Jiang Lizhi, has a history of working with China's Ministry of State Security. However, none of these allegations have successfully proved a connection between the hacker group and the Chinese government. More investigation is being carried out for this. Out of seven, two members have been caught. However, these two were businessmen in Malaysia, and the hackers are still at large. The two businessmen were caught in a sweeping operation by the FBI and private companies including Microsoft to block the hackers from using their online accounts. The US is currently seeking permission to extradite the hacker groups, which is seemingly difficult as none of the members have lived in the US, but have committed frauds in the country.

Chinese hacker group, APT41, dupe companies in Malaysia and China

Several high-profile Twitter accounts were simultaneously hacked on July 15 by attackers who used the accounts with millions of followers to spread a cryptocurrency scam. watch report.

Bitcoin scammers hack Twitter | Prominent US personalities hacked

The idea of currency and money is being disrupted by cutting-edge technologies that promise to change how money exchanges hands in the 21st century. The race for developing national digital currencies is gaining momentum, fueled by the birth cryptocurrencies that challenges the monopoly and autonomy of central banks on the economy altogether. The Republic of China is leading the race to develop the first major digital currency in a bid to reshape its economy by modernising the national currency,&nbsp;Renminbi, one of the world’s major reserve currencies to curb the vices of money-laundering, counterfeiting that plagues its society and to dominate the world both strategically and financially in the coming years by overhauling its foundations. 
 
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China is not alone in this race, a survey by the Bank of International Settlements indicates that the majority of the central banks are exploring a national digital currency and the Reserve Bank of India has made clear that it has plans to launch Digital Rupee currently under the research stage. The question is whether India is lagging, and do we need to win this race in the first place or learn from the mistake of others? The answer to this is two-fold and is based on examining the technology underlining it and considering the endless possibilities that impact the society and the Indian economy itself.

The debate proposes that the creation of Digital Rupee solves a lot of problem India is currently facing. A digital rupee solves the problem of counterfeiting banknotes; a colossal complication that is fueled by the political interests of nations such as Pakistan and its backed terrorist organisations. A digital rupee dismantles the ploy and ambition of Pakistan as an electronic rupee by ensuring the immutability and authenticity of money without the apprehension of alteration, tampering or counterfeiting.

Further, Digital Rupee would curb money laundering and tax evasion as blockchain technology enables secure monitoring and reporting. On-chain analysis of transactions is going to ensure better fraud and money laundering detection and prevention, as authorities would be able to monitor the transactions in real-time and report any anomalies as they find. Digital Rupee will make it difficult for people to park money away from the eyes of income tax authorities and would enable better analysis and reporting of financial transactions that cross jurisdictions.

Thus, the advantages of a national digital currency are endless because it disrupts illegal activities and removes problems that plague our “economic reality.” The current coronavirus pandemic has only accelerated and made this race more critical as governments fear that the being behind the curve is going to harm its economic and political interests. Therefore, the Reserve Bank of India needs to move with confidence and caution in mind. The belief that the technology offers solutions to various illegal economic activities that hurts the Indian economy but with the warning that a haphazard implementation of a digital currency would only lead to severe financial consequences. That may devalue the national currency, increase inflation, or hurt foreign exchange reserves held by the Reserve Bank of India.

The Race for Digital Yuan – Tale from China&nbsp;

Internationally, the People’s Bank of China is winning this race as the central bank recently announced that the prototype of the digital currency is almost ready. The bank is adopting a mix of blockchain architecture and centralized databases to provide for high throughput and scalability of transactions to cater to its large population and network of retailers. The digital currency launched by PBoC will have a two-layer system where the central bank will be the sole creator of the currency with mixed levels of centralization and decentralization to distribute the digital currency among all the citizens, banks, corporations, and other channels as it deems fit. This is going to change the course of the economy for China in the coming years as the country would be able to modernize all aspects of its digital economy and fight with problems such as tax evasion, money laundering and counterfeiting of currency notes which still affects millions of Chinese every day.

Libra a stablecoin that made the US Senate standstill

The corporate giant Facebook also came with its plan of launching Libra a stablecoin backed by a basket of fiat currencies to be used by its users to send money seamlessly across borders without the hassle of getting through a money exchange, forex exchange, etc. Even though the Senate tried to derail its plan when they realized that Libra could potentially disrupt the payment markets worldwide, thereby remove its monopoly over the economy. Still, the dream of Libra is not dead but currently navigating the regulatory challenges thrown before it. Nevertheless, US lawmakers recently introduced the concept of Digital Dollar to provide US citizens stimulus payments to tackle the impact of the economic the recession of COVID-19 even though the idea got scrapped after some time. Two new bills introduced by lawmakers cover the concept of creation of the digital dollar and challenges regarding the regulatory framework for adopting blockchain technology.

A lot to gain for India

Digital Rupee can solve a lot of problems faced by India, such as tax evasion, counterfeiting of notes, and money-laundering. Regulators and government authorities can track the full history of transactions executed through the digital currency. Advanced machine learning and big data analysis to detect better, deter and limit frauds and other malicious activities that run the shadow economy. The creation of digital rupees will put a long-term hold on the efforts of Pakistan to counterfeit Indian national currency to finance drug smuggling and terrorism activities in India. Only the Reserve Bank of India would have the authority and ability to create and distribute the digital currency as it deems fit.

A blockchain-based architecture will ensure immutability, authenticity, and verifiability of transactions made through the digital currency. It will ensure that adversaries would not be able to magically replicate or counterfeit rupee as the digital currency developed by the RBI would work on a distributed-cum-centralised-blockchain that would be encrypted cryptographically and verified by a network of nodes participating as validators. The mechanism of authenticating transactions through a distributed network of nodes before adding the transactions to the block, thereby forming a chain of transactions, would ensure that any type of malicious transaction will not be able to penetrate the network as the decentralized network would ensure that no single point of failure exists. Thus, the opportunities and benefits of digital currencies for India are endless; the only question is, should the Reserve bank of India proceed with caution?

The Burning Economy: Lessons from Venezuela

It is not the first time the government and regulators worldwide are pushing for the idea of incorporating digital currencies. In fact, Venezuela was one of the first countries that launched Petro a digital cryptocurrency backed by Oil, to save its economy amidst the political and economic crisis destroying the country. The purpose of the currency was to circumvent the sanctions imposed by the USA back in 2017 and to act a currency with less inflation as compared to the Bolivar. The government viewed oil-backed digital currency as a liberator that could stop the hyperinflation and end poverty in the country. President Maduro offered Petro to Vladimir Putin. The Russian government refused to accept Petro as a unit of exchange. The actions of Maduro, as reported by Wired, received criticisms as Venezuelan Crypto exchanges reported very little trading activity and some indicated that Petro does not exist at all, as the company backing its Oil reserve, PDVSA was in $45 billion debts.

Further, Maduro’s actions to delegitimise international laws, treaties, and sanctions put by the security council only further destabilized the economy of Venezuela. The digital currency backed by barrels of Oil and reserved by PSDVA was a sham as the company embroiled itself in a debt cycle, unable to repay its debt. Thus no physical asset or commodity was backing the digital currency, which proved to be a recipe for economic disaster.

Conclusion

Digital rupee can be a blessing for the government only when it is implemented through research, sandboxing, and pilot programs to test the currency within a small range of controlled environment. The advantages of a national digital currency simply outweigh the risks associated with it. The authorities can develop a thorough digital currency with the right mix of decentralization and centralization, product development, and research that questions and answers every aspect of blockchain technology, cryptography, and principles of economics. Deep-down research and testing will ensure that a technical or economic disaster does not happen in the future. The central bank would have to address challenges related to how the currency would be governed, distributed, who will validate the transactions, who will report and monitor such transactions?

Would the data be available to the public, or would it be a closed network? The questions are many and only a time-based cautious approach of learning, collaborating, and researching with regulators and authorities worldwide can solve the concerns regarding digital currencies. Only then the dream of an Indian digital economy would become a success. Thus, even though the Reserve bank of India is already working and researching on the concept of digital currencies, it should move slowly doing all its calculations and due-diligence on the aspects of technology, economics and the societal impact.&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)&nbsp; 
&nbsp;

The idea of currency and money is being disrupted by cutting-edge technologies that promise to change how money exchanges hands in the 21st century. The race for developing national digital currencies is gaining momentum, fueled by the birth cryptocurrencies that challenges the monopoly and autonomy of central banks on the economy altogether.

The idea of currency and money is being disrupted by cutting-edge technologies that promise to change how money exchanges hands in the 21st century. The race for developing national digital currencies is gaining momentum, fueled by the birth cryptocurrencies that challenges the monopoly and autonomy of central banks on the economy altogether. The Republic of China is leading the race to develop the first major digital currency in a bid to reshape its economy by modernising the national currency, Renminbi, one of the world’s major reserve currencies to curb the vices of money-laundering, counterfeiting that plagues its society and to dominate the world both strategically and financially in the coming years by overhauling its foundations. China is not alone in this race, a survey by the Bank of International Settlements indicates that the majority of the central banks are exploring a national digital currency and the Reserve Bank of India has made clear that it has plans to launch Digital Rupee currently under the research stage. The question is whether India is lagging, and do we need to win this race in the first place or learn from the mistake of others? The answer to this is two-fold and is based on examining the technology underlining it and considering the endless possibilities that impact the society and the Indian economy itself. The debate proposes that the creation of Digital Rupee solves a lot of problem India is currently facing. A digital rupee solves the problem of counterfeiting banknotes; a colossal complication that is fueled by the political interests of nations such as Pakistan and its backed terrorist organisations. A digital rupee dismantles the ploy and ambition of Pakistan as an electronic rupee by ensuring the immutability and authenticity of money without the apprehension of alteration, tampering or counterfeiting. Further, Digital Rupee would curb money laundering and tax evasion as blockchain technology enables secure monitoring and reporting. On-chain analysis of transactions is going to ensure better fraud and money laundering detection and prevention, as authorities would be able to monitor the transactions in real-time and report any anomalies as they find. Digital Rupee will make it difficult for people to park money away from the eyes of income tax authorities and would enable better analysis and reporting of financial transactions that cross jurisdictions. Thus, the advantages of a national digital currency are endless because it disrupts illegal activities and removes problems that plague our “economic reality.” The current coronavirus pandemic has only accelerated and made this race more critical as governments fear that the being behind the curve is going to harm its economic and political interests. Therefore, the Reserve Bank of India needs to move with confidence and caution in mind. The belief that the technology offers solutions to various illegal economic activities that hurts the Indian economy but with the warning that a haphazard implementation of a digital currency would only lead to severe financial consequences. That may devalue the national currency, increase inflation, or hurt foreign exchange reserves held by the Reserve Bank of India. The Race for Digital Yuan – Tale from China Internationally, the People’s Bank of China is winning this race as the central bank recently announced that the prototype of the digital currency is almost ready. The bank is adopting a mix of blockchain architecture and centralized databases to provide for high throughput and scalability of transactions to cater to its large population and network of retailers. The digital currency launched by PBoC will have a two-layer system where the central bank will be the sole creator of the currency with mixed levels of centralization and decentralization to distribute the digital currency among all the citizens, banks, corporations, and other channels as it deems fit. This is going to change the course of the economy for China in the coming years as the country would be able to modernize all aspects of its digital economy and fight with problems such as tax evasion, money laundering and counterfeiting of currency notes which still affects millions of Chinese every day. Libra a stablecoin that made the US Senate standstill The corporate giant Facebook also came with its plan of launching Libra a stablecoin backed by a basket of fiat currencies to be used by its users to send money seamlessly across borders without the hassle of getting through a money exchange, forex exchange, etc. Even though the Senate tried to derail its plan when they realized that Libra could potentially disrupt the payment markets worldwide, thereby remove its monopoly over the economy. Still, the dream of Libra is not dead but currently navigating the regulatory challenges thrown before it. Nevertheless, US lawmakers recently introduced the concept of Digital Dollar to provide US citizens stimulus payments to tackle the impact of the economic the recession of COVID-19 even though the idea got scrapped after some time. Two new bills introduced by lawmakers cover the concept of creation of the digital dollar and challenges regarding the regulatory framework for adopting blockchain technology. A lot to gain for India Digital Rupee can solve a lot of problems faced by India, such as tax evasion, counterfeiting of notes, and money-laundering. Regulators and government authorities can track the full history of transactions executed through the digital currency. Advanced machine learning and big data analysis to detect better, deter and limit frauds and other malicious activities that run the shadow economy. The creation of digital rupees will put a long-term hold on the efforts of Pakistan to counterfeit Indian national currency to finance drug smuggling and terrorism activities in India. Only the Reserve Bank of India would have the authority and ability to create and distribute the digital currency as it deems fit. A blockchain-based architecture will ensure immutability, authenticity, and verifiability of transactions made through the digital currency. It will ensure that adversaries would not be able to magically replicate or counterfeit rupee as the digital currency developed by the RBI would work on a distributed-cum-centralised-blockchain that would be encrypted cryptographically and verified by a network of nodes participating as validators. The mechanism of authenticating transactions through a distributed network of nodes before adding the transactions to the block, thereby forming a chain of transactions, would ensure that any type of malicious transaction will not be able to penetrate the network as the decentralized network would ensure that no single point of failure exists. Thus, the opportunities and benefits of digital currencies for India are endless; the only question is, should the Reserve bank of India proceed with caution? The Burning Economy: Lessons from Venezuela It is not the first time the government and regulators worldwide are pushing for the idea of incorporating digital currencies. In fact, Venezuela was one of the first countries that launched Petro a digital cryptocurrency backed by Oil, to save its economy amidst the political and economic crisis destroying the country. The purpose of the currency was to circumvent the sanctions imposed by the USA back in 2017 and to act a currency with less inflation as compared to the Bolivar. The government viewed oil-backed digital currency as a liberator that could stop the hyperinflation and end poverty in the country. President Maduro offered Petro to Vladimir Putin. The Russian government refused to accept Petro as a unit of exchange. The actions of Maduro, as reported by Wired, received criticisms as Venezuelan Crypto exchanges reported very little trading activity and some indicated that Petro does not exist at all, as the company backing its Oil reserve, PDVSA was in $45 billion debts. Further, Maduro’s actions to delegitimise international laws, treaties, and sanctions put by the security council only further destabilized the economy of Venezuela. The digital currency backed by barrels of Oil and reserved by PSDVA was a sham as the company embroiled itself in a debt cycle, unable to repay its debt. Thus no physical asset or commodity was backing the digital currency, which proved to be a recipe for economic disaster. Conclusion Digital rupee can be a blessing for the government only when it is implemented through research, sandboxing, and pilot programs to test the currency within a small range of controlled environment. The advantages of a national digital currency simply outweigh the risks associated with it. The authorities can develop a thorough digital currency with the right mix of decentralization and centralization, product development, and research that questions and answers every aspect of blockchain technology, cryptography, and principles of economics. Deep-down research and testing will ensure that a technical or economic disaster does not happen in the future. The central bank would have to address challenges related to how the currency would be governed, distributed, who will validate the transactions, who will report and monitor such transactions? Would the data be available to the public, or would it be a closed network? The questions are many and only a time-based cautious approach of learning, collaborating, and researching with regulators and authorities worldwide can solve the concerns regarding digital currencies. Only then the dream of an Indian digital economy would become a success. Thus, even though the Reserve bank of India is already working and researching on the concept of digital currencies, it should move slowly doing all its calculations and due-diligence on the aspects of technology, economics and the societal impact. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

The race for national digital currency is gaining momentum, is India lagging behind?

Last year Facebook announced its digital currency - Libra - which seen as a savvy business move, but American lawmakers raised red flags over the entire project.

However, the Bank of England has different ideas - they might end up embracing cryptocurrency.

From being hailed as the future of money to being snubbed and barred, the cryptocurrency has faced the entire spectrum.

But now it could find more legitimacy than ever before because of some of the world's largest central banks. &nbsp;

Right after Facebook revealed its plans, the European central bank expressed an interest. China too has been busy readying plans for a state-backed cryptocurrency. 
 
WATCH:&nbsp;&nbsp;

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And now the Bank of England has created an international group for it. The central banks of Japan, Sweden, Switzerland and the Eurozone have joined the initiative along with the bank of international settlements.

This new group will be co-chaired by ECB board member Benoit course and Bank of England Deputy Governor Jon Cunliffe. The cryptocurrency industry has given the move a double thumbs-up expectedly. They are glad that the potential of the bitcoin is finally being recognised.

But they are also aware that this is just the beginning of what could be an extremely long-winding process. In the meantime, the facebook-led project libra itself has faced intense regulatory pushback.

Central bankers from the US to Europe have warned about potential risks of Libra to global financial stability. Vodafone is the latest company to leave Facebook's digital currency project which has seen an exodus of backers including PayPal, e-bay and Mastercard amid regulatory scrutiny.

China has been racing to issue its own central bank digital currency, but its efforts in the space have so far been sketchy in terms of details. 
&nbsp;

Last year Facebook announced its digital currency - Libra - which seen as a savvy business move, but American lawmakers raised red flags over the entire project.

Last year Facebook announced its digital currency - Libra - which seen as a savvy business move, but American lawmakers raised red flags over the entire project. However, the Bank of England has different ideas - they might end up embracing cryptocurrency. From being hailed as the future of money to being snubbed and barred, the cryptocurrency has faced the entire spectrum. But now it could find more legitimacy than ever before because of some of the world's largest central banks. Right after Facebook revealed its plans, the European central bank expressed an interest. China too has been busy readying plans for a state-backed cryptocurrency. WATCH: × And now the Bank of England has created an international group for it. The central banks of Japan, Sweden, Switzerland and the Eurozone have joined the initiative along with the bank of international settlements. This new group will be co-chaired by ECB board member Benoit course and Bank of England Deputy Governor Jon Cunliffe. The cryptocurrency industry has given the move a double thumbs-up expectedly. They are glad that the potential of the bitcoin is finally being recognised. But they are also aware that this is just the beginning of what could be an extremely long-winding process. In the meantime, the facebook-led project libra itself has faced intense regulatory pushback. Central bankers from the US to Europe have warned about potential risks of Libra to global financial stability. Vodafone is the latest company to leave Facebook's digital currency project which has seen an exodus of backers including PayPal, e-bay and Mastercard amid regulatory scrutiny. China has been racing to issue its own central bank digital currency, but its efforts in the space have so far been sketchy in terms of details.

Global central banks could adopt cryptocurrencies

China's largely rubber-stamp parliament has passed a new law on cryptography as the country gears up to launch its own digital currency, state media reported late on Saturday.

China's central bank set up a research team in 2014 to explore launching its own digital currency to cut the costs of circulating traditional paper money and boost policymakers' control of money supply.

China's proposed new digital currency would bear some similarities to Facebook Inc's&nbsp;Libra coin and would be able to be used across major payment platforms such as WeChat and Alipay, a senior central bank official said last month.

China's cryptography law, which takes effect on January&nbsp;1, is aimed at "facilitating the development of the cryptography business and ensuring the security of cyberspace and information", the official Xinhua news agency said, citing parliament. The law states that the state encourages and supports the research and application of science and technology in cryptography and ensures confidentiality.

<a href="https://www.wionews.com/world/bitcoin-surges-above-11000-thanks-to-facebooks-currency-plans-230055">Facebook's proposed cryptocurrency</a> has sparked concerns among global regulators that it could quickly become a dominant form of digital payment and a channel for money laundering given the social network's massive cross-border reach.

Libra will be a digital currency backed by a reserve of real-world assets, including bank deposits and short-term government securities, and held by a network of custodians. Its structure is intended to foster trust and stabilise the price.

Like other cryptocurrencies, Libra transactions will be powered and recorded by a blockchain, which is a shared ledger of transactions maintained by a network of computers.

Chinese President Xi Jinping said last week that the country should accelerate the development of blockchain technology as a core for innovation.

China's largely rubber-stamp parliament has passed a new law on cryptography as the country gears up to launch its own digital currency, state media reported late on Saturday.

China's largely rubber-stamp parliament has passed a new law on cryptography as the country gears up to launch its own digital currency, state media reported late on Saturday. China's central bank set up a research team in 2014 to explore launching its own digital currency to cut the costs of circulating traditional paper money and boost policymakers' control of money supply. China's proposed new digital currency would bear some similarities to Facebook Inc's Libra coin and would be able to be used across major payment platforms such as WeChat and Alipay, a senior central bank official said last month. China's cryptography law, which takes effect on January 1, is aimed at "facilitating the development of the cryptography business and ensuring the security of cyberspace and information", the official Xinhua news agency said, citing parliament. The law states that the state encourages and supports the research and application of science and technology in cryptography and ensures confidentiality. Facebook's proposed cryptocurrency has sparked concerns among global regulators that it could quickly become a dominant form of digital payment and a channel for money laundering given the social network's massive cross-border reach. Libra will be a digital currency backed by a reserve of real-world assets, including bank deposits and short-term government securities, and held by a network of custodians. Its structure is intended to foster trust and stabilise the price. Like other cryptocurrencies, Libra transactions will be powered and recorded by a blockchain, which is a shared ledger of transactions maintained by a network of computers. Chinese President Xi Jinping said last week that the country should accelerate the development of blockchain technology as a core for innovation.

China passes cryptography law to gear up for digital currency

Facebook should not launch its global digital currency Libra until proper regulations are in place to handle the potential risks, the Group of Seven said Thursday.

And France's Economy Minister Bruno Le Maire warned that a currency like Libra could undermine sovereign nations' control over their exchange rates.

"It's a matter of democracy, not just a simple economic question," Le Maire told reporters, saying Facebook's currency could have an "immediate global reach" through the social network's huge membership.

Le Maire presented the Group of Seven nation's statement on Libra, saying "no global stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed," including the potential for money laundering and terror financing.

But, he told reporters, "The key question is the question of sovereignty."&nbsp;

"Do we want a private company to have... the same power, and the same sovereignty, as democratic states" over currencies.

Libra, which would be backed by reserve assets unlike cryptocurrencies like Bitcoin, has faced a steady drumbeat of stern warnings from central bankers and financial regulators.

European Central Bank board member Benoit Coeure presented a report on digital currencies to the G7 finance ministers, who are gathering on the margins of the annual meetings of the International Monetary Fund and World Bank.

The report said a framework for oversight of Libra "is an absolute prerequisite," and urged regulators to coordinate their work to prevent issuers from seeking out the most favorable country from which to operate.

Libra members drop out

If it enters circulation, Libra would offer an alternative to traditional bank financial transfers, a disruptive change that has aroused resistance and scepticism.

Facebook's digital currency chief David Marcus told reporters in Washington that the issues raised by Le Maire are "legitimate concerns."

"We're determined to answer these concerns with real solutions that will meet or exceed the standards of the current system," he told a small group of reporters at an event in Washington.

Mark Zuckerberg, Facebook's co-founder and chief executive, was in Washington as well Thursday and is due to testify before the US Congress next week on the social media network's impact on financial services.

The Libra Association, which will oversee Facebook's proposed currency and officially launched Monday in Geneva, also said in a statement that Libra "is being designed to respect national sovereignty over monetary policy in the digital space, not undermine it."

But central bankers remain concerned about the prospects.

Lael Brainard, an influential member of the US Federal Reserve Board, said Facebook's proposed currency presented a host of risks and regulatory challenges for preventing money-laundering and assuring financial stability and could be a challenge to the traditional role played by banks.

"There are likely to be financial stability risks for a stable coin network with global reach," she said in a speech Wednesday. "If not managed effectively, liquidity, credit, market, or operational risks -- alone or in combination -- could trigger a loss of confidence and a classic run."

China, which is not a G7 member and decided two years ago to block cryptocurrency transactions, has recently sped up plans to introduce its own digital money.

Libra also has faced challenges from within after major financial and commercial players in recent weeks have backed out of the project, including Visa, Mastercard, eBay, Stripe, PayPal and the online travel firm Bookings Holdings.

The 21 founding members include the online payments company PayU, the telecoms firms Vodafone and Iliad, as well as tech outfits Uber, Spotify and Farfetch, blockchain operations such as Anchorage, Xapo and Coinbase and the venture capital firms Andreessen Horowitz, Ribbit Capital and non-profits Kiva and Mercy Corps.

Facebook should not launch its global digital currency Libra until proper regulations are in place to handle the potential risks, the Group of Seven said Thursday.

Facebook should not launch its global digital currency Libra until proper regulations are in place to handle the potential risks, the Group of Seven said Thursday. And France's Economy Minister Bruno Le Maire warned that a currency like Libra could undermine sovereign nations' control over their exchange rates. "It's a matter of democracy, not just a simple economic question," Le Maire told reporters, saying Facebook's currency could have an "immediate global reach" through the social network's huge membership. Le Maire presented the Group of Seven nation's statement on Libra, saying "no global stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed," including the potential for money laundering and terror financing. But, he told reporters, "The key question is the question of sovereignty." "Do we want a private company to have... the same power, and the same sovereignty, as democratic states" over currencies. Libra, which would be backed by reserve assets unlike cryptocurrencies like Bitcoin, has faced a steady drumbeat of stern warnings from central bankers and financial regulators. European Central Bank board member Benoit Coeure presented a report on digital currencies to the G7 finance ministers, who are gathering on the margins of the annual meetings of the International Monetary Fund and World Bank. The report said a framework for oversight of Libra "is an absolute prerequisite," and urged regulators to coordinate their work to prevent issuers from seeking out the most favorable country from which to operate. Libra members drop out If it enters circulation, Libra would offer an alternative to traditional bank financial transfers, a disruptive change that has aroused resistance and scepticism. Facebook's digital currency chief David Marcus told reporters in Washington that the issues raised by Le Maire are "legitimate concerns." "We're determined to answer these concerns with real solutions that will meet or exceed the standards of the current system," he told a small group of reporters at an event in Washington. Mark Zuckerberg, Facebook's co-founder and chief executive, was in Washington as well Thursday and is due to testify before the US Congress next week on the social media network's impact on financial services. The Libra Association, which will oversee Facebook's proposed currency and officially launched Monday in Geneva, also said in a statement that Libra "is being designed to respect national sovereignty over monetary policy in the digital space, not undermine it." But central bankers remain concerned about the prospects. Lael Brainard, an influential member of the US Federal Reserve Board, said Facebook's proposed currency presented a host of risks and regulatory challenges for preventing money-laundering and assuring financial stability and could be a challenge to the traditional role played by banks. "There are likely to be financial stability risks for a stable coin network with global reach," she said in a speech Wednesday. "If not managed effectively, liquidity, credit, market, or operational risks -- alone or in combination -- could trigger a loss of confidence and a classic run." China, which is not a G7 member and decided two years ago to block cryptocurrency transactions, has recently sped up plans to introduce its own digital money. Libra also has faced challenges from within after major financial and commercial players in recent weeks have backed out of the project, including Visa, Mastercard, eBay, Stripe, PayPal and the online travel firm Bookings Holdings. The 21 founding members include the online payments company PayU, the telecoms firms Vodafone and Iliad, as well as tech outfits Uber, Spotify and Farfetch, blockchain operations such as Anchorage, Xapo and Coinbase and the venture capital firms Andreessen Horowitz, Ribbit Capital and non-profits Kiva and Mercy Corps.

G7 says Libra should not launch until risks 'adequately addressed'

Pioneering digital payments firm PayPal on Friday said it is abandoning an alliance intended to oversee the Facebook-backed Libra cryptocurrency, which has come under attack by regulators.

"PayPal has made the decision to forgo further participation in the Libra Association at this time," the California-based company told AFP.

"We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the future."

The international outcry is mounting over Libra -- with central banks and governments railing against Facebook's upstart cryptocurrency and questions over how it would be regulated.

"It requires a certain boldness and fortitude to take on an endeavour as ambitious as Libra -- a generational opportunity to get things right and improve financial inclusion," association head of policy Dante Disparte said in response to an AFP inquiry.

"The journey will be long and challenging. We're better off knowing about this lack of commitment now, rather than later."

Facebook unveiled plans in June for Libra -- which will roll out in 2020 -- to be backed by a basket of currency assets to avoid the wild swings of Bitcoin and other virtual units.

The non-profit Libra Association, based in Geneva, will oversee the blockchain-based coin.

Facebook envisions Libra as a new global cryptocurrency, pledging to deliver stable virtual money that lives on smartphones and could bring over a billion "unbanked" people into the financial system.

"The type of change that will reconfigure the financial system to be tilted towards people, not the institutions serving them, will be hard," Disparte said.

"Commitment to that mission is more important to us than anything else."

Mastercard, Visa and other financial partners enlisted to oversee Libra are reportedly having second thoughts as regulators unleash ire on the project and dig for information from members of the association.

Other Libra backers include ride-hailing apps Lyft and Uber.

The head of the association said last week that the project's leaders aimed to "reassure" regulators worried about the virtual money.&nbsp;

In leaked comments from a meeting of Facebook employees in July, Facebook chief executive Mark Zuckerberg said he remained optimistic about Libra despite harsh comments from public officials in several countries.

"The public things, I think, tend to be a little more dramatic," he said.

"But a bigger part of it is private engagement with regulators around the world, and those, I think, often, are more substantive and less dramatic... That's where a lot of the discussions and details get hashed out on things."

Cook's view

In an interview published Friday in French newspaper Les Echos, Apple chief executive Tim Cook said he was uncomfortable with the idea of a company taking over roles typically reserved for governments.

Without specifically naming Facebook, Cook said issuing currency, like national defence, is best left to states.

Facebook and some two dozen partners released a prototype of Libra as open-source code for developers interested in weaving it into apps, services or businesses.

Martin Chorzempa, a research fellow at the Peterson Institute for International Economics, questioned whether Libra would be able to fulfil its vision.

In particular, Libra will need to comply with regulations that require collecting personal information about customers in order to expose crimes such as money laundering or fraud.

"It is not clear to me that Libra is anywhere near being able to perform those know-your-customer requirements that would allow them to legally serve these communities," Chorzempa said.

"Libra would have to work with governments to make sure they are compliant or get those rules changed, and that is a difficult process."

Pioneering digital payments firm PayPal on Friday said it is abandoning an alliance intended to oversee the Facebook-backed Libra cryptocurrency, which has come under attack by regulators.

Pioneering digital payments firm PayPal on Friday said it is abandoning an alliance intended to oversee the Facebook-backed Libra cryptocurrency, which has come under attack by regulators. "PayPal has made the decision to forgo further participation in the Libra Association at this time," the California-based company told AFP. "We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the future." The international outcry is mounting over Libra -- with central banks and governments railing against Facebook's upstart cryptocurrency and questions over how it would be regulated. "It requires a certain boldness and fortitude to take on an endeavour as ambitious as Libra -- a generational opportunity to get things right and improve financial inclusion," association head of policy Dante Disparte said in response to an AFP inquiry. "The journey will be long and challenging. We're better off knowing about this lack of commitment now, rather than later." Facebook unveiled plans in June for Libra -- which will roll out in 2020 -- to be backed by a basket of currency assets to avoid the wild swings of Bitcoin and other virtual units. The non-profit Libra Association, based in Geneva, will oversee the blockchain-based coin. Facebook envisions Libra as a new global cryptocurrency, pledging to deliver stable virtual money that lives on smartphones and could bring over a billion "unbanked" people into the financial system. "The type of change that will reconfigure the financial system to be tilted towards people, not the institutions serving them, will be hard," Disparte said. "Commitment to that mission is more important to us than anything else." Mastercard, Visa and other financial partners enlisted to oversee Libra are reportedly having second thoughts as regulators unleash ire on the project and dig for information from members of the association. Other Libra backers include ride-hailing apps Lyft and Uber. The head of the association said last week that the project's leaders aimed to "reassure" regulators worried about the virtual money. In leaked comments from a meeting of Facebook employees in July, Facebook chief executive Mark Zuckerberg said he remained optimistic about Libra despite harsh comments from public officials in several countries. "The public things, I think, tend to be a little more dramatic," he said. "But a bigger part of it is private engagement with regulators around the world, and those, I think, often, are more substantive and less dramatic... That's where a lot of the discussions and details get hashed out on things." Cook's view In an interview published Friday in French newspaper Les Echos, Apple chief executive Tim Cook said he was uncomfortable with the idea of a company taking over roles typically reserved for governments. Without specifically naming Facebook, Cook said issuing currency, like national defence, is best left to states. Facebook and some two dozen partners released a prototype of Libra as open-source code for developers interested in weaving it into apps, services or businesses. Martin Chorzempa, a research fellow at the Peterson Institute for International Economics, questioned whether Libra would be able to fulfil its vision. In particular, Libra will need to comply with regulations that require collecting personal information about customers in order to expose crimes such as money laundering or fraud. "It is not clear to me that Libra is anywhere near being able to perform those know-your-customer requirements that would allow them to legally serve these communities," Chorzempa said. "Libra would have to work with governments to make sure they are compliant or get those rules changed, and that is a difficult process."

PayPal abandons Facebook-backed Libra cryptocurrency group

Global regulators will question Facebook on Monday about its <a href="https://www.wionews.com/world/facebooks-libra-has-to-build-anti-money-laundering-anti-terror-financing-design-us-treasury-248861">Libra cryptocurrency</a>, amid concerns from European Union governments over the threat the <a href="https://www.wionews.com/world/facebook-needs-very-high-standard-for-libra-coin-us-treasury-steven-mnuchin-236268">digital currency</a>&nbsp;poses to financial stability, the Financial Times reported on Sunday.

Officials from 26 central banks, including the <a href="https://www.wionews.com/world/us-lawmakers-question-facebook-over-plans-on-libra-cryptocurrency-236514">US</a>&nbsp;Federal Reserve and the Bank of England, will meet with representatives of Libra in Basel on Monday, the FT said, citing officials.

Libra's founders have also been invited to answer key questions about the currency's scope and design, FT said.

Facebook did not immediately respond to Reuters' request for comment outside regular business hours.

Countries including France and Germany have publicly criticised the social media giant's Libra project, saying it posed risks to EU states' sovereignty.

Global regulators will question Facebook on Monday about its Libra cryptocurrency, amid concerns from European Union governments over the threat the digital currency poses to financial stability, the Financial Times reported on Sunday.

Global regulators will question Facebook on Monday about its Libra cryptocurrency, amid concerns from European Union governments over the threat the digital currency poses to financial stability, the Financial Times reported on Sunday. Officials from 26 central banks, including the US Federal Reserve and the Bank of England, will meet with representatives of Libra in Basel on Monday, the FT said, citing officials. Libra's founders have also been invited to answer key questions about the currency's scope and design, FT said. Facebook did not immediately respond to Reuters' request for comment outside regular business hours. Countries including France and Germany have publicly criticised the social media giant's Libra project, saying it posed risks to EU states' sovereignty.

Global regulators to question Facebook's Libra amid EU concerns: Report

Cryptocurrency to overcome U.S Sanctions

Facebook Inc is "delusional" to believe people will trust it with their money, a US Senator said on Tuesday as lawmakers from both sides of the aisle questioned the social media company on its <a href="https://www.wionews.com/world/facebook-needs-very-high-standard-for-libra-coin-us-treasury-steven-mnuchin-236268">plans for a digital currency</a> at a hearing on Tuesday.

Facebook is fighting to get Washington onside after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a new digital<a href="https://www.wionews.com/world/if-facebooks-libra-wants-to-become-a-bank-it-must-must-seek-new-banking-charter-trump-235162"> coin called Libra in 2020</a>.

Since then it has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by the social media giant's 2.38 billion users could upend the financial system.

"Facebook has demonstrated through scandal after scandal that it doesn't deserve our trust," Democratic senator Sherrod Brown, the ranking member of the Senate Banking Committee, said in his opening remarks. "We'd be crazy to give them a chance to let them experiment with people's bank accounts."

Brown added during questioning that he thought it was "delusional" to think individuals would trust the social media company with their "hard-earned" money.

The Senate Banking Committee is questioning David Marcus, the company's top executive overseeing the project, on issues ranging from how Libra could affect global monetary policy to how customer data will be handled.

Marcus, who was president of PayPal from 2012 to 2014, tried to assuage concerns in his opening remarks by promising that Facebook will not begin offering Libra until regulatory issues are addressed.&nbsp;

"We know we need to take the time to get this right," Marcus, who is also due to testify before the House Financial Services Committee on Wednesday, said. Marcus received a frosty welcome from Democratic lawmakers who already believe the company is too large and careless with consumer data.

Concerns raised through questions included how the company plans to prevent money laundering through the new payment system, how consumers' data and funds will be protected and how the Geneva-based association created to run the system will be regulated.

Republicans shared some of these worries, but appeared less hostile, even after US President Donald Trump and Treasury Secretary Steven Mnuchin voiced concerns over the past few days.

"They're going to have to convince us of very high standards before they have access to the US financial system," Mnuchin said on Monday.

Critics have expressed anger that the company would have got so far in its plans for such a potentially groundbreaking project without extensive input from policymakers, especially when it is already in the spotlight over privacy issues.

For example, the top Republican and Democrat on the Senate Banking Committee sent Facebook a letter on May 9 seeking information, including how the company would protect consumers' financial information. But Facebook did not write back until July 8, the committee said.

One Democratic aide described the company's contacts with lawmakers as "inept and entitled."

In its defence, Facebook has said that it announced the project in its early stages to get feedback from stakeholders. Marcus reiterated this at the hearing on Tuesday.

Facebook Inc is "delusional" to believe people will trust it with their money, a US Senator said on Tuesday as lawmakers from both sides of the aisle questioned the social media company on its plans for a digital currency at a hearing on Tuesday.

Facebook Inc is "delusional" to believe people will trust it with their money, a US Senator said on Tuesday as lawmakers from both sides of the aisle questioned the social media company on its plans for a digital currency at a hearing on Tuesday. Facebook is fighting to get Washington onside after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a new digital coin called Libra in 2020. Since then it has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by the social media giant's 2.38 billion users could upend the financial system. "Facebook has demonstrated through scandal after scandal that it doesn't deserve our trust," Democratic senator Sherrod Brown, the ranking member of the Senate Banking Committee, said in his opening remarks. "We'd be crazy to give them a chance to let them experiment with people's bank accounts." Brown added during questioning that he thought it was "delusional" to think individuals would trust the social media company with their "hard-earned" money. The Senate Banking Committee is questioning David Marcus, the company's top executive overseeing the project, on issues ranging from how Libra could affect global monetary policy to how customer data will be handled. Marcus, who was president of PayPal from 2012 to 2014, tried to assuage concerns in his opening remarks by promising that Facebook will not begin offering Libra until regulatory issues are addressed. "We know we need to take the time to get this right," Marcus, who is also due to testify before the House Financial Services Committee on Wednesday, said. Marcus received a frosty welcome from Democratic lawmakers who already believe the company is too large and careless with consumer data. Concerns raised through questions included how the company plans to prevent money laundering through the new payment system, how consumers' data and funds will be protected and how the Geneva-based association created to run the system will be regulated. Republicans shared some of these worries, but appeared less hostile, even after US President Donald Trump and Treasury Secretary Steven Mnuchin voiced concerns over the past few days. "They're going to have to convince us of very high standards before they have access to the US financial system," Mnuchin said on Monday. Critics have expressed anger that the company would have got so far in its plans for such a potentially groundbreaking project without extensive input from policymakers, especially when it is already in the spotlight over privacy issues. For example, the top Republican and Democrat on the Senate Banking Committee sent Facebook a letter on May 9 seeking information, including how the company would protect consumers' financial information. But Facebook did not write back until July 8, the committee said. One Democratic aide described the company's contacts with lawmakers as "inept and entitled." In its defence, Facebook has said that it announced the project in its early stages to get feedback from stakeholders. Marcus reiterated this at the hearing on Tuesday.

US lawmakers question Facebook over plans on Libra cryptocurrency

Facebook must meet "a very high standard" before it moves ahead with its planned <a href="https://www.wionews.com/world/if-facebooks-libra-wants-to-become-a-bank-it-must-must-seek-new-banking-charter-trump-235162">digital currency Libra</a>, US Treasury Secretary Steven Mnuchin said Monday.

Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities.

"Whether they're banks or non-banks, they're under the same regulatory environment," Mnuchin told reporters at the White House, adding that Facebook "will have to have a very high standard before they have access to the financial system."

Facebook last month unveiled its <a href="https://www.wionews.com/world/facebooks-libra-currency-under-fire-235697">plans for Libra</a>, widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies.

Mnuchin said the US Treasury welcomes "responsible innovations" that can improve the efficiency of the financial system but added: "Our overriding goal is to maintain the integrity of the financial system and protect it from abuse."

'National security issue'

He said US regulators have met with Facebook officials on this question, and how Facebook can protect against the new virtual coin being used for criminal activity.

"This is indeed a national security issue," the Treasury chief said.

Facebook, he added, must implement safeguards against the use of Libra for money laundering and terrorist financing and comply with other financial regulations.

Commenting on Facebook's claim that Libra could lower costs and help people without access to traditional financial services, Mnuchin said, "That's fine (but) they've got a lot of work to do to convince us they can get to that place."

Mnuchin's comments echoed concerns voiced by Federal Reserve Chairman Jerome Powell and regulators around the world, as well as by lawmakers set to open hearings this week on the plan by Facebook and its partners in the Libra project.

Hearing set Tuesday

David Marcus, who heads Facebook's digital wallet and blockchain efforts, said in testimony prepared for delivery Tuesday that he expects regulators to carry out an extensive review of the Libra project.

"The time between now and launch is designed to be an open process and subject to regulatory oversight and review," Marcus was to say in his remarks, which were released by the Senate Banking Committee.

"We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals."

Marcus said that Libra, whose association will be based in Geneva, will be supervised by the Swiss Financial Markets Supervisory Authority, but would also register with the US Treasury's FinCEN (Financial Crimes Enforcement Network) to comply with anti-money laundering regulations.

Facebook "will work with the Federal Reserve and other central banks to make sure Libra does not compete with sovereign currencies or interfere with monetary policy," Marcus added.

The companies behind Libra include payment giants Visa, MasterCard and PayPal, as well as ride-hailing apps Lyft and Uber.

Central bankers around the world have said they would carefully study the proposed currency and last week US President Donald Trump weighed in.

"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," he said.

Facebook must meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday. Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities.

Facebook must meet "a very high standard" before it moves ahead with its planned digital currency Libra, US Treasury Secretary Steven Mnuchin said Monday. Mnuchin said US regulators have already expressed concerns to Facebook about the plan for a global cryptocurrency, noting that these kinds of virtual coins have in the past been associated with money laundering and illicit activities. "Whether they're banks or non-banks, they're under the same regulatory environment," Mnuchin told reporters at the White House, adding that Facebook "will have to have a very high standard before they have access to the financial system." Facebook last month unveiled its plans for Libra, widely regarded as a challenger to dominant global player bitcoin. Expected to launch in the first half of 2020, Libra is designed to be backed by a basket of currency assets to avoid the wild swings of bitcoin and other cryptocurrencies. Mnuchin said the US Treasury welcomes "responsible innovations" that can improve the efficiency of the financial system but added: "Our overriding goal is to maintain the integrity of the financial system and protect it from abuse." 'National security issue' He said US regulators have met with Facebook officials on this question, and how Facebook can protect against the new virtual coin being used for criminal activity. "This is indeed a national security issue," the Treasury chief said. Facebook, he added, must implement safeguards against the use of Libra for money laundering and terrorist financing and comply with other financial regulations. Commenting on Facebook's claim that Libra could lower costs and help people without access to traditional financial services, Mnuchin said, "That's fine (but) they've got a lot of work to do to convince us they can get to that place." Mnuchin's comments echoed concerns voiced by Federal Reserve Chairman Jerome Powell and regulators around the world, as well as by lawmakers set to open hearings this week on the plan by Facebook and its partners in the Libra project. Hearing set Tuesday David Marcus, who heads Facebook's digital wallet and blockchain efforts, said in testimony prepared for delivery Tuesday that he expects regulators to carry out an extensive review of the Libra project. "The time between now and launch is designed to be an open process and subject to regulatory oversight and review," Marcus was to say in his remarks, which were released by the Senate Banking Committee. "We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals." Marcus said that Libra, whose association will be based in Geneva, will be supervised by the Swiss Financial Markets Supervisory Authority, but would also register with the US Treasury's FinCEN (Financial Crimes Enforcement Network) to comply with anti-money laundering regulations. Facebook "will work with the Federal Reserve and other central banks to make sure Libra does not compete with sovereign currencies or interfere with monetary policy," Marcus added. The companies behind Libra include payment giants Visa, MasterCard and PayPal, as well as ride-hailing apps Lyft and Uber. Central bankers around the world have said they would carefully study the proposed currency and last week US President Donald Trump weighed in. "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," he said.

Facebook needs 'very high standard' for Libra coin: US Treasury Steven Mnuchin

Facebook's planned virtual unit Libra, already under heavy attack from US President Donald Trump and global regulators, faces scepticism among the wider cryptocurrency community as well.

One theme -- besides Brexit -- dominated discussion among the movers and shakers from London's financial technology or FinTech industry as gathered for their annual get-together: the future of virtual currencies.

"Can I just ask you to raise your hand if you would not be willing to use Libra?" asked the moderator at an event at London's recent 'FinTech Week'.

In the room, filled with about 100 experts and media who closely track the sector, about two-thirds of participants raised their hand to express distrust at the upstart currency.

Helen Disney, founder and boss of Unblocked Events, which promotes the blockchain technology that powers many cryptocurrencies, acknowledged growing doubts over who exactly would oversee and regulate Libra's operation.

Power to the people

People are "concerned about how the governance... would work", Disney told AFP.

"The cryptocurrency community is very libertarian in thinking," its "about giving power to the people, the democratisation of finance, keeping away from big banks and companies who control (the) economy," she said

Last week's gathering came one month after Facebook announced to the world its plans for the virtual currency.

Libra, which is widely regarded as a challenger to dominant global player Bitcoin, is expected to launch in the first half of 2020.

Whereas Bitcoin is decentralised, Libra will be co-managed by 100 partner firms, including Facebook's newly-minted financial services division Calibra.

The companies behind Libra -- which will be backed with a basket of real-world currencies -- include payment giants Visa, MasterCard and PayPal, as well as taxi-hailing services Lyft and Uber.

To access Libra on smartphones, users will go through a virtual wallet that will also be named Calibra.

While Facebook boasts an enormous customer base dotted across the globe that should facilitate Libra's uptake, it firm also been plagued by privacy concerns that could make users hesitate.

"Can't wait for a cryptocurrency with the ethics of Uber, the censorship resistance of Paypal, and the centralisation of Visa, all tied together under the proven privacy of Facebook," said Sarah Jamie Lewis, head of non-profit research organisation Open Privacy.

Libra has meanwhile raised eyebrows among the world's financial regulators, including the Bank of England, the European Central Bank and the US Federal Reserve.

But Disney believes that Libra will finally force regulators to present clear regulation guidelines, as demanded by the cryptocurrency community itself.

"We have been waiting for a long time for a clearer signal (regarding) the regulation of cryptocurrencies and digital assets," she said.

But James Bennett, head of cryptocurrency research firm Bitassist, argues that Libra should not be seen in the same light as Bitcoin.

"In the long run, people may realise that Libra is not a cryptocurrency," Bennett said at the FinTech Week event.

"A true cryptocurrency should be resistant to attacks by all parties, from sovereign states to global corporations," he said, adding that "cryptocurrency is a type of money used to transfer value over the internet that cannot be stopped, confiscated or destroyed by any single entity".

'Based on thin air'

Trump has meanwhile unleashed a vicious attack on virtual currencies, slamming them for their alleged shadowy nature and arguing that Libra had no standing nor dependability -- unlike the dollar.

"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 tweeted Thursday.

Facebook's planned virtual unit Libra, already under heavy attack from US President Donald Trump and global regulators, faces scepticism among the wider cryptocurrency community as well.

Facebook's planned virtual unit Libra, already under heavy attack from US President Donald Trump and global regulators, faces scepticism among the wider cryptocurrency community as well. One theme -- besides Brexit -- dominated discussion among the movers and shakers from London's financial technology or FinTech industry as gathered for their annual get-together: the future of virtual currencies. "Can I just ask you to raise your hand if you would not be willing to use Libra?" asked the moderator at an event at London's recent 'FinTech Week'. In the room, filled with about 100 experts and media who closely track the sector, about two-thirds of participants raised their hand to express distrust at the upstart currency. Helen Disney, founder and boss of Unblocked Events, which promotes the blockchain technology that powers many cryptocurrencies, acknowledged growing doubts over who exactly would oversee and regulate Libra's operation. Power to the people People are "concerned about how the governance... would work", Disney told AFP. "The cryptocurrency community is very libertarian in thinking," its "about giving power to the people, the democratisation of finance, keeping away from big banks and companies who control (the) economy," she said Last week's gathering came one month after Facebook announced to the world its plans for the virtual currency. Libra, which is widely regarded as a challenger to dominant global player Bitcoin, is expected to launch in the first half of 2020. Whereas Bitcoin is decentralised, Libra will be co-managed by 100 partner firms, including Facebook's newly-minted financial services division Calibra. The companies behind Libra -- which will be backed with a basket of real-world currencies -- include payment giants Visa, MasterCard and PayPal, as well as taxi-hailing services Lyft and Uber. To access Libra on smartphones, users will go through a virtual wallet that will also be named Calibra. While Facebook boasts an enormous customer base dotted across the globe that should facilitate Libra's uptake, it firm also been plagued by privacy concerns that could make users hesitate. "Can't wait for a cryptocurrency with the ethics of Uber, the censorship resistance of Paypal, and the centralisation of Visa, all tied together under the proven privacy of Facebook," said Sarah Jamie Lewis, head of non-profit research organisation Open Privacy. Libra has meanwhile raised eyebrows among the world's financial regulators, including the Bank of England, the European Central Bank and the US Federal Reserve. But Disney believes that Libra will finally force regulators to present clear regulation guidelines, as demanded by the cryptocurrency community itself. "We have been waiting for a long time for a clearer signal (regarding) the regulation of cryptocurrencies and digital assets," she said. But James Bennett, head of cryptocurrency research firm Bitassist, argues that Libra should not be seen in the same light as Bitcoin. "In the long run, people may realise that Libra is not a cryptocurrency," Bennett said at the FinTech Week event. "A true cryptocurrency should be resistant to attacks by all parties, from sovereign states to global corporations," he said, adding that "cryptocurrency is a type of money used to transfer value over the internet that cannot be stopped, confiscated or destroyed by any single entity". 'Based on thin air' Trump has meanwhile unleashed a vicious attack on virtual currencies, slamming them for their alleged shadowy nature and arguing that Libra had no standing nor dependability -- unlike the dollar. "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 tweeted Thursday.

Facebook's Libra currency under fire

Central banks grappling with fast-changing financial technology and companies like <a href="https://www.wionews.com/world/facebook-inc-chief-executive-mark-zuckerberg-says-delay-in-flagging-fake-pelosi-video-was-execution-mistake-230784">Facebook</a> moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements.

The BIS said the intention of the hub, which will be based in Basel, Hong Kong and Singapore, is to improve the functioning of the global financial system and it will identify and develop insights into trends in technology affecting central banking.

Facebook`s plan to expand into payments and launch its own Libra cryptocurrency was not mentioned in the BIS statement, but the social media giant`s move has helped crystallise opinion among central bankers on the urgency of coordinating regulatory responses to financial technology trends.

"The IT revolution knows no borders and therefore has repercussions in multiple locations simultaneously," BIS Chairman Jens Weidmann said in a statement following the decision to create the hub at a BIS board meeting.&nbsp;

The hub will focus on helping central banks to "identify relevant trends in technology, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability," he added.

Basel-based BIS, a central bank umbrella group, has already called on politicians to closely scrutinise Big Tech`s incursion into finance, a move that raises questions about data privacy, competition, markets and banking.

Details about the hub were limited, and the BIS said it was not able to provide details on investment or staffing levels.

The <a href="https://www.wionews.com/india-news/money-in-swiss-banks-india-slips-to-74th-place-uk-remains-on-top-231751">Swiss National Bank</a> (SNB), the Hong Kong Monetary Authority and the Monetary Authority of Singapore have all signed up to support the initiative.

SNB Chairman Thomas Jordan said the central bank would step up its efforts in scrutinizing new financial technology.

"The SNB is already keeping very close track of technological innovations in the financial area, and works actively within the central banking community in identifying and assessing relevant developments at an early stage," Jordan said.

Central banks grappling with fast-changing financial technology and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements.

Central banks grappling with fast-changing financial technology and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements. The BIS said the intention of the hub, which will be based in Basel, Hong Kong and Singapore, is to improve the functioning of the global financial system and it will identify and develop insights into trends in technology affecting central banking. Facebook`s plan to expand into payments and launch its own Libra cryptocurrency was not mentioned in the BIS statement, but the social media giant`s move has helped crystallise opinion among central bankers on the urgency of coordinating regulatory responses to financial technology trends. "The IT revolution knows no borders and therefore has repercussions in multiple locations simultaneously," BIS Chairman Jens Weidmann said in a statement following the decision to create the hub at a BIS board meeting. The hub will focus on helping central banks to "identify relevant trends in technology, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability," he added. Basel-based BIS, a central bank umbrella group, has already called on politicians to closely scrutinise Big Tech`s incursion into finance, a move that raises questions about data privacy, competition, markets and banking. Details about the hub were limited, and the BIS said it was not able to provide details on investment or staffing levels. The Swiss National Bank (SNB), the Hong Kong Monetary Authority and the Monetary Authority of Singapore have all signed up to support the initiative. SNB Chairman Thomas Jordan said the central bank would step up its efforts in scrutinizing new financial technology. "The SNB is already keeping very close track of technological innovations in the financial area, and works actively within the central banking community in identifying and assessing relevant developments at an early stage," Jordan said.

World's central banks tackle technology with innovation hub

<a href="https://www.wionews.com/world/forget-bitcoin-millionaires-bezos-gates-may-become-trillionaires-29476">Bitcoin</a> surged to a near 16-month high above $11,000 Monday, overshadowing showings across stock, foreign exchange and commodity markets, with investors looking ahead to the week's G20 summit.

Bitcoin reached $11,251.21, surpassing $10,000 for the first time since March last year, as the cryptocurrency sector got a huge boost from Facebook's unveiling of its own digital unit Libra, analysts said.&nbsp;

"The strong resurgence in the bitcoin price is mainly due to the renewed mainstreaming interest in cryptocurrencies and the technology which underlines them," Naeem Aslam, an analyst at trading group ThinkMarkets, said.

"Projects like Facebook's Libra have provided a much-needed tailwind for this space."

The social network plans to launch Libra next year, with the backing by a basket of real-world currencies and a consortium of companies including Visa, MasterCard, PayPal and Uber.

"<a href="https://www.wionews.com/business-economy/bitcoin-trading-volume-hits-two-year-low-in-march-208110">Bitcoin</a> volatility is likely to persist, with $12,000 and $15,000 as the next two critical resistance levels," said OANDA senior market analyst Edward Moya.

Bitcoin has risen about 20 per cent this month alone but is still well off record levels near $20,000 seen at the end of 2017.

Elsewhere Monday, oil prices nudged higher as rising US-Iran tensions continued to fuel supply concerns.

Stock markets were largely steady ahead of a crunch meeting between US President Donald Trump and Chinese counterpart Xi Jinping at the weekend summit of 20 major economies.

Markets are waiting to see if Trump and Xi can break an impasse in their trade war when they meet on the sidelines of the event in Japan.

Global equities last week rallied after Trump hailed positive telephone talks between the pair, fuelling hopes of a possible end to their long-running tariffs battle.

"No one thinks the US and China will do a deal in Osaka, but there is some hope that we will have a positive development that marks a shift in the rhetoric and a re-energising of talks following the breakdown in the recent discussions," said Neil Wilson, chief market analyst at Markets.com.

The dollar meanwhile dropped Monday, continuing to face pressure from expectations that the Federal Reserve could lower US interest rates as soon as July as the economy shows signs of softening amid the trade war with China.

Bitcoin surged to a near 16-month high above $11,000 Monday, overshadowing showings across stock, foreign exchange and commodity markets, with investors looking ahead to the week's G20 summit.

Bitcoin surged to a near 16-month high above $11,000 Monday, overshadowing showings across stock, foreign exchange and commodity markets, with investors looking ahead to the week's G20 summit. Bitcoin reached $11,251.21, surpassing $10,000 for the first time since March last year, as the cryptocurrency sector got a huge boost from Facebook's unveiling of its own digital unit Libra, analysts said. "The strong resurgence in the bitcoin price is mainly due to the renewed mainstreaming interest in cryptocurrencies and the technology which underlines them," Naeem Aslam, an analyst at trading group ThinkMarkets, said. "Projects like Facebook's Libra have provided a much-needed tailwind for this space." The social network plans to launch Libra next year, with the backing by a basket of real-world currencies and a consortium of companies including Visa, MasterCard, PayPal and Uber. "Bitcoin volatility is likely to persist, with $12,000 and $15,000 as the next two critical resistance levels," said OANDA senior market analyst Edward Moya. Bitcoin has risen about 20 per cent this month alone but is still well off record levels near $20,000 seen at the end of 2017. Elsewhere Monday, oil prices nudged higher as rising US-Iran tensions continued to fuel supply concerns. Stock markets were largely steady ahead of a crunch meeting between US President Donald Trump and Chinese counterpart Xi Jinping at the weekend summit of 20 major economies. Markets are waiting to see if Trump and Xi can break an impasse in their trade war when they meet on the sidelines of the event in Japan. Global equities last week rallied after Trump hailed positive telephone talks between the pair, fuelling hopes of a possible end to their long-running tariffs battle. "No one thinks the US and China will do a deal in Osaka, but there is some hope that we will have a positive development that marks a shift in the rhetoric and a re-energising of talks following the breakdown in the recent discussions," said Neil Wilson, chief market analyst at Markets.com. The dollar meanwhile dropped Monday, continuing to face pressure from expectations that the Federal Reserve could lower US interest rates as soon as July as the economy shows signs of softening amid the trade war with China.

After Facebook's cryptocurrency Libra, Bitcoin surges above $11,000

Facebook Inc has unveiled plans to launch a cryptocurrency called Libra. Watch this video to know more.

Facebook unveils plan for cryptocurrency

Facebook is leaping into the world of <a href="https://www.wionews.com/world/facebooks-cryptocurrency-based-payments-system-gets-big-backers-reports-227004">cryptocurrency with its own digital money</a>, designed to let people save, send or spend money as easily as firing off text messages.

"Libra" -- described as "a new global currency" -- was unveiled Tuesday in a new initiative in payments for the world's biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream.

Facebook and some two dozen partners released a prototype of Libra as an open source code to be used by developers interested in weaving it into apps, services or businesses ahead of a rollout as global digital money next year.

An eponymous non-profit association based in Geneva will oversee the blockchain-based Libra, maintaining a real-world asset reserve to keep its value stable.

The initiative has the potential to allow more than a billion "unbanked" people around the world access to online commerce and financial services, said Libra Association head of policy and communications Dante Disparte.

"We believe if you give people access to money and opportunity at the lowest cost, the way the internet itself did in the past with information, you can create a lot more stability than we have had up until now," Disparte said.

Libra Association debuted with 28 members including Mastercard, Visa, Stripe, Kiva, PayPal, Lyft, Uber and Women's World Banking.

"Sending money to your friend shouldn't be harder than getting them an Uber ride home," said Uber head of payments and risk Peter Hazlehurst.

"Libra has the potential to bridge the gap between traditional financial networks and new digital currency technology, while reducing the costs for everyone."

Facebook will be just one voice among many in the association, but is separately building a digital wallet called Calibra.

"We view this as a complement to Facebook's mission to connect people wherever they are; that includes allowing them to exchange value," Calibra vice president of operations Tomer Barel told AFP.

"Many people who use Facebook are in countries where there are barriers to banking or credit."

Calibra is being built into Facebook's Messenger and WhatsApp with a goal of letting users send Libra as easily as they might fire off a text message.

Libra learned from the many other cryptocurrencies that have preceded it such as bitcoin and is designed to avoid the roller-coaster valuations that have attracted speculation and caused ruin.

Real-world currency used to buy Libra will go into a reserve backing the digital money, the value of which will mirror stable currencies such as the US dollar and the euro, according to its creators.

"It is backed by a reserve of assets that ensures utility and low volatility," Tomer said.

For the digital currency to operate on a global scale, Libra is relying on a platform of blockchain technology that uses about 100 trusted computer "nodes" to validate and register transactions.

The Libra Association will be the only entity able to "mint or burn" the digital currency, maintaining supply in tune with demand and assets in reserve, according to Barel.

"It is not about trusting Facebook, it is effectively trust in the association's founding organizations that this is independent and democratic," Disparte said.

The launch comes with Facebook seeking to move past a series of lapses on privacy and data protection which have tarnished its image and spark scrutiny from regulators around the world.

Chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments.

The new Calibra digital wallet promises to eventually give Facebook opportunities to build financial services into its offerings, offer expand its own commerce and let more small businesses buy ads at the social network.

"We certainly see long-term value for Facebook," Barel said.

Financial information at Calibra will be kept strictly separate from social data at Facebook and won't be used to target ads, Calibra vice president of product Kevin Weil told AFP.

Libra will be a regulated currency, subject to local laws in markets regarding fraud, guarding against money laundering and more, according to Weil.

Facebook is leaping into the world of cryptocurrency with its own digital money, designed to let people save, send or spend money as easily as firing off text messages.

Facebook is leaping into the world of cryptocurrency with its own digital money, designed to let people save, send or spend money as easily as firing off text messages. "Libra" -- described as "a new global currency" -- was unveiled Tuesday in a new initiative in payments for the world's biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream. Facebook and some two dozen partners released a prototype of Libra as an open source code to be used by developers interested in weaving it into apps, services or businesses ahead of a rollout as global digital money next year. An eponymous non-profit association based in Geneva will oversee the blockchain-based Libra, maintaining a real-world asset reserve to keep its value stable. The initiative has the potential to allow more than a billion "unbanked" people around the world access to online commerce and financial services, said Libra Association head of policy and communications Dante Disparte. "We believe if you give people access to money and opportunity at the lowest cost, the way the internet itself did in the past with information, you can create a lot more stability than we have had up until now," Disparte said. Libra Association debuted with 28 members including Mastercard, Visa, Stripe, Kiva, PayPal, Lyft, Uber and Women's World Banking. "Sending money to your friend shouldn't be harder than getting them an Uber ride home," said Uber head of payments and risk Peter Hazlehurst. "Libra has the potential to bridge the gap between traditional financial networks and new digital currency technology, while reducing the costs for everyone." Facebook will be just one voice among many in the association, but is separately building a digital wallet called Calibra. "We view this as a complement to Facebook's mission to connect people wherever they are; that includes allowing them to exchange value," Calibra vice president of operations Tomer Barel told AFP. "Many people who use Facebook are in countries where there are barriers to banking or credit." Calibra is being built into Facebook's Messenger and WhatsApp with a goal of letting users send Libra as easily as they might fire off a text message. Libra learned from the many other cryptocurrencies that have preceded it such as bitcoin and is designed to avoid the roller-coaster valuations that have attracted speculation and caused ruin. Real-world currency used to buy Libra will go into a reserve backing the digital money, the value of which will mirror stable currencies such as the US dollar and the euro, according to its creators. "It is backed by a reserve of assets that ensures utility and low volatility," Tomer said. For the digital currency to operate on a global scale, Libra is relying on a platform of blockchain technology that uses about 100 trusted computer "nodes" to validate and register transactions. The Libra Association will be the only entity able to "mint or burn" the digital currency, maintaining supply in tune with demand and assets in reserve, according to Barel. "It is not about trusting Facebook, it is effectively trust in the association's founding organizations that this is independent and democratic," Disparte said. The launch comes with Facebook seeking to move past a series of lapses on privacy and data protection which have tarnished its image and spark scrutiny from regulators around the world. Chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments. The new Calibra digital wallet promises to eventually give Facebook opportunities to build financial services into its offerings, offer expand its own commerce and let more small businesses buy ads at the social network. "We certainly see long-term value for Facebook," Barel said. Financial information at Calibra will be kept strictly separate from social data at Facebook and won't be used to target ads, Calibra vice president of product Kevin Weil told AFP. Libra will be a regulated currency, subject to local laws in markets regarding fraud, guarding against money laundering and more, according to Weil.

Libra: Facebook unveils cryptocurrency meant to be new 'global currency'

Facebook is set Tuesday to unveil a bid to bring <a href="https://www.wionews.com/world/facebooks-cryptocurrency-based-payments-system-gets-big-backers-reports-227004">cryptocurrency payments</a> into the mainstream, reportedly with the endorsement of governments and financial giants.&nbsp;

The world's biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of <a href="https://www.wionews.com/world/facebook-plans-cryptocurrency-launch-next-year-report-221431">"blockchain" technologies</a> such as bitcoin.&nbsp;

Facebook is setting up a consortium called "Libra" which, according to the Wall Street Journal, has been joined by more than a dozen companies including Visa, Mastercard, PayPal and Uber.

The companies along with venture capitalists and telecommunications firms will reportedly invest around $10 million each into the consortium.

Facebook has been trying to ward off hostile regulatory scrutiny after a series of privacy abuses and the spread of fake news.

The consortium will be managed externally and will seek to build trust among consumers by pegging the virtual coin to a basket of currencies including the dollar and euro, the Journal said.

Facebook has already sought blessings from the US Treasury and the Bank of England, the BBC reported last month.

Regulators have been reticent about cryptocurrencies, not only due to potential abuse by criminals but the wild swings in their value harming consumers.

With more than two billion users across its platforms, which include WhatsApp and Instagram, Facebook could have the clout to bring cryptocurrency out of the fringes and emulate the likes of WeChat in China, where the US site is banned.

WeChat allows its users to chat, shop and play games without leaving its platform, generating more revenue by offering a one-stop portal.&nbsp;

Buffeted by the privacy storms, chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments.

But it will need to overcome questions of trust and privacy, not least over how financial data will be stored. Some analysts are betting that the heavyweight Libra consortium will help to do that.

Facebook's crypto initiative could facilitate shopping, applications and gaming, and would leverage its broad user base in Asia, RBC analyst Mark Mahaney said in a research note last week.

It "may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams", he wrote.

Facebook is set Tuesday to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of governments and financial giants.

Facebook is set Tuesday to unveil a bid to bring cryptocurrency payments into the mainstream, reportedly with the endorsement of governments and financial giants. The world's biggest social network is expected to outline details of a virtual currency launching next year that it hopes will avoid the rollercoaster volatility of "blockchain" technologies such as bitcoin. Facebook is setting up a consortium called "Libra" which, according to the Wall Street Journal, has been joined by more than a dozen companies including Visa, Mastercard, PayPal and Uber. The companies along with venture capitalists and telecommunications firms will reportedly invest around $10 million each into the consortium. Facebook has been trying to ward off hostile regulatory scrutiny after a series of privacy abuses and the spread of fake news. The consortium will be managed externally and will seek to build trust among consumers by pegging the virtual coin to a basket of currencies including the dollar and euro, the Journal said. Facebook has already sought blessings from the US Treasury and the Bank of England, the BBC reported last month. Regulators have been reticent about cryptocurrencies, not only due to potential abuse by criminals but the wild swings in their value harming consumers. With more than two billion users across its platforms, which include WhatsApp and Instagram, Facebook could have the clout to bring cryptocurrency out of the fringes and emulate the likes of WeChat in China, where the US site is banned. WeChat allows its users to chat, shop and play games without leaving its platform, generating more revenue by offering a one-stop portal. Buffeted by the privacy storms, chief executive Mark Zuckerberg has promised a new direction for Facebook built around smaller groups, private messaging and payments. But it will need to overcome questions of trust and privacy, not least over how financial data will be stored. Some analysts are betting that the heavyweight Libra consortium will help to do that. Facebook's crypto initiative could facilitate shopping, applications and gaming, and would leverage its broad user base in Asia, RBC analyst Mark Mahaney said in a research note last week. It "may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams", he wrote.

Facebook all set to unveil new cryptocurrency

<a href="https://www.wionews.com/world/facebook-to-tighten-live-stream-access-after-mosque-attacks-206634">Facebook</a> Inc has enlisted more than a dozen companies including Visa Inc, Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc to back its new cryptocurrency, the Wall Street Journal reported on Thursday.

Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter.

The money will fund the creation of the coin, which will be pegged to a basket of government-issued currencies, the report said.

<a href="https://www.wionews.com/world/facebook-charged-with-racial-discrimination-over-targeted-housing-ads-206344">Facebook</a>, Mastercard, Paypal, Visa and Uber did not immediately respond to requests for comment.

Facebook Inc has enlisted more than a dozen companies including Visa Inc, Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc to back its new cryptocurrency, the Wall Street Journal reported on Thursday.

Facebook Inc has enlisted more than a dozen companies including Visa Inc, Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc to back its new cryptocurrency, the Wall Street Journal reported on Thursday. Each company will invest around $10 million in a consortium that will govern the cryptocurrency, the WSJ reported, citing people familiar with the matter. The money will fund the creation of the coin, which will be pegged to a basket of government-issued currencies, the report said. Facebook, Mastercard, Paypal, Visa and Uber did not immediately respond to requests for comment.

Facebook's cryptocurrency-based payments system gets big backers: Report

Warren Buffett once called bitcoin "probably rat poison squared." He'll now have to dine with one of the cryptocurrency's biggest fans.

Cryptocurrency pioneer Justin Sun revealed on Monday that he bid the record $4.57 million at a charity auction to have <a href="https://www.wionews.com/business-economy/billionaire-warren-buffett-gives-new-hint-about-his-successor-216033">lunch with Buffett</a>, the billionaire chairman of Berkshire Hathaway Inc.

Sun's winning bid, which the 28-year-old announced on Twitter, was confirmed by the Glide Foundation, whose five-day online auction on eBay ended on Friday night.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
I officially announce I’ve won the record-setting 20th-anniversary charity lunch hosted by <a href="https://twitter.com/WarrenBuffett?ref_src=twsrc%5Etfw">@WarrenBuffett</a>. I’ll also invite <a href="https://twitter.com/hashtag/blockchain?src=hash&amp;ref_src=twsrc%5Etfw">#blockchain</a> industry leaders to meet with a titan of investment. I hope this benefits everyone. <a href="https://twitter.com/hashtag/TRON?src=hash&amp;ref_src=twsrc%5Etfw">#TRON</a> <a href="https://twitter.com/hashtag/TRX?src=hash&amp;ref_src=twsrc%5Etfw">#TRX</a> <a href="https://twitter.com/hashtag/BTT?src=hash&amp;ref_src=twsrc%5Etfw">#BTT</a> <a href="https://twitter.com/hashtag/BitTorrent?src=hash&amp;ref_src=twsrc%5Etfw">#BitTorrent</a> <a href="https://t.co/EMZ4TMhgpR">pic.twitter.com/EMZ4TMhgpR</a>
— Justin Sun (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1135577230489268224?ref_src=twsrc%5Etfw">June 3, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Glide is located in San Francisco's Tenderloin district and serves the poor, homeless and those battling substance abuse.

Sun can invite up to seven people to dine with Buffett at the Smith &amp; Wollensky steakhouse in midtown Manhattan.

"I'm delighted with the fact that Justin has won the lunch and am looking forward to meeting him and his friends," Buffett said in a statement provided by his assistant. "We are going to have a good time and Glide will use his contribution to help many thousands of people."

Buffett, 88, has raised about $34.2 million for Glide in 20 annual auctions since 2000. His first wife, Susan, who died in 2004, introduced him to Glide after volunteering there.

Sun, who has a master's degree from the University of Pennsylvania, launched Tron or TRX token in 2017, and raised about $70 million in an initial coin offering. He bought San Francisco-based BitTorrent for $120 million in cash last year.

In Twitter posts, Sun said he plans to invite industry leaders from the blockchain community to dine with Buffett, who he called "a titan of investment. I hope this benefits everyone."

Buffett has run Berkshire since 1965.

The Omaha, Nebraska-based conglomerate owns more than 90 businesses such as the Geico auto insurer and BNSF railroad, and invests in stocks such as Apple Inc, Coca-Cola Co and Wells Fargo &amp; Co.

At Berkshire's annual meeting last month, Buffett likened wagering on bitcoin to betting on zero or double-zero on a Las Vegas roulette wheel. "I have to say, bitcoin has rejuvenated that feeling in me," Buffett said. 
&nbsp;

Warren Buffett once called bitcoin "probably rat poison squared." He'll now have to dine with one of the cryptocurrency's biggest fans. Cryptocurrency pioneer Justin Sun revealed on Monday that he bid the record $4.

Warren Buffett once called bitcoin "probably rat poison squared." He'll now have to dine with one of the cryptocurrency's biggest fans. Cryptocurrency pioneer Justin Sun revealed on Monday that he bid the record $4.57 million at a charity auction to have lunch with Buffett, the billionaire chairman of Berkshire Hathaway Inc. Sun's winning bid, which the 28-year-old announced on Twitter, was confirmed by the Glide Foundation, whose five-day online auction on eBay ended on Friday night. I officially announce I’ve won the record-setting 20th-anniversary charity lunch hosted by @WarrenBuffett. I’ll also invite #blockchain industry leaders to meet with a titan of investment. I hope this benefits everyone. #TRON #TRX #BTT #BitTorrent pic.twitter.com/EMZ4TMhgpR — Justin Sun (@justinsuntron) June 3, 2019 × Glide is located in San Francisco's Tenderloin district and serves the poor, homeless and those battling substance abuse. Sun can invite up to seven people to dine with Buffett at the Smith & Wollensky steakhouse in midtown Manhattan. "I'm delighted with the fact that Justin has won the lunch and am looking forward to meeting him and his friends," Buffett said in a statement provided by his assistant. "We are going to have a good time and Glide will use his contribution to help many thousands of people." Buffett, 88, has raised about $34.2 million for Glide in 20 annual auctions since 2000. His first wife, Susan, who died in 2004, introduced him to Glide after volunteering there. Sun, who has a master's degree from the University of Pennsylvania, launched Tron or TRX token in 2017, and raised about $70 million in an initial coin offering. He bought San Francisco-based BitTorrent for $120 million in cash last year. In Twitter posts, Sun said he plans to invite industry leaders from the blockchain community to dine with Buffett, who he called "a titan of investment. I hope this benefits everyone." Buffett has run Berkshire since 1965. The Omaha, Nebraska-based conglomerate owns more than 90 businesses such as the Geico auto insurer and BNSF railroad, and invests in stocks such as Apple Inc, Coca-Cola Co and Wells Fargo & Co. At Berkshire's annual meeting last month, Buffett likened wagering on bitcoin to betting on zero or double-zero on a Las Vegas roulette wheel. "I have to say, bitcoin has rejuvenated that feeling in me," Buffett said.

Cryptocurrency pioneer Justin Sun pays $4.57 million for lunch with Warren Buffett

Facebook has been in contact with US and British financial regulators with a view to launching its own cryptocurrency next year, the BBC reported on Friday.&nbsp;

"GlobalCoin" would work with a new digital payments system in about a dozen countries, starting in the first quarter of 2020, the broadcaster said on its website.

Previous reports have said<a href="https://www.wionews.com/world/i-started-facebook-i-run-it-and-im-responsible-for-what-happens-here-zuckerberg-at-joint-senate-committee-hearing-129702"> Facebook</a> is taking a serious look at blockchain technology under its "Project Libra", in part to tackle doubts about privacy among its many users following a series of scandals.

But the targeted date appears new. The BBC said Facebook had already spoken to Bank of England governor Mark Carney and to officials at the US Treasury and was expected to flesh out its plans this northern hemisphere summer.

Facebook's currency would be "stable coin", a digital unit pegged to the dollar in contrast to more anarchic means of virtual payment such as bitcoin, according to earlier reporting by Bloomberg and the Wall Street Journal among others.

With more than two billion users across its platforms, which include WhatsApp and Instagram, Facebook could have the clout to take cryptocurrency mainstream and emulate the likes of WeChat in China, where the US site is banned.

WeChat allows its users to chat, shop and play games without leaving its platform, generating more revenue by offering a one-stop portal.&nbsp;

Facebook chief <a href="https://www.wionews.com/world/facebook-breakup-could-boost-china-rivals-sheryl-sandberg-219504">Mark Zuckerberg</a> has said that adding e-commerce is the logical evolution of the company's advertising-based business model.&nbsp;

But such a step is likely to invite more intense regulatory scrutiny at a time when Facebook is already under a cloud for abuses of privacy and the spread of fake news.&nbsp;

Facebook said it had disabled 2.19 billion fake accounts in the first quarter of this year, nearly double the number of the three months prior.

But Zuckerberg on Thursday rejected the idea of breaking up the social media giant, saying that would hamper the fight against deceit and harmful online content.

Facebook has been in contact with US and British financial regulators with a view to launching its own cryptocurrency next year, the BBC reported on Friday. "GlobalCoin" would work with a new digital payments system in about a dozen countries, starting in the first quarter of 2020, the broadcaster said on its website.

Facebook has been in contact with US and British financial regulators with a view to launching its own cryptocurrency next year, the BBC reported on Friday. "GlobalCoin" would work with a new digital payments system in about a dozen countries, starting in the first quarter of 2020, the broadcaster said on its website. Previous reports have said Facebook is taking a serious look at blockchain technology under its "Project Libra", in part to tackle doubts about privacy among its many users following a series of scandals. But the targeted date appears new. The BBC said Facebook had already spoken to Bank of England governor Mark Carney and to officials at the US Treasury and was expected to flesh out its plans this northern hemisphere summer. Facebook's currency would be "stable coin", a digital unit pegged to the dollar in contrast to more anarchic means of virtual payment such as bitcoin, according to earlier reporting by Bloomberg and the Wall Street Journal among others. With more than two billion users across its platforms, which include WhatsApp and Instagram, Facebook could have the clout to take cryptocurrency mainstream and emulate the likes of WeChat in China, where the US site is banned. WeChat allows its users to chat, shop and play games without leaving its platform, generating more revenue by offering a one-stop portal. Facebook chief Mark Zuckerberg has said that adding e-commerce is the logical evolution of the company's advertising-based business model. But such a step is likely to invite more intense regulatory scrutiny at a time when Facebook is already under a cloud for abuses of privacy and the spread of fake news. Facebook said it had disabled 2.19 billion fake accounts in the first quarter of this year, nearly double the number of the three months prior. But Zuckerberg on Thursday rejected the idea of breaking up the social media giant, saying that would hamper the fight against deceit and harmful online content.

Facebook plans to launch its own 'GlobalCoin' cryptocurrency next year: Report

<a href="https://www.google.com/url?q=https://www.wionews.com/world/opinion-bitcoin-is-interesting-but-not-worth-investing-27266&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2mOO1bFnborPY9BfGg2sb6">Bitcoin</a>'s trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny.

Bitcoin volume in the top five digital currency exchanges totalled $2.14 billion last month, the lowest since April 2017 when the volume was just $845.7 million.

The original <a href="https://www.google.com/url?q=https://www.wionews.com/world/bitcoin-crashes-over-10-per-cent-on-bitstamp-27226&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggQMAQ&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1h4jzr1AO_DIQY_pRSorH9">cryptocurrency</a>, bitcoin has dropped more than 70 per cent since hitting an all-time high of nearly $20,000 in December 2017, a slump that has spread to all digital currencies.

A global regulatory crackdown led by the <a href="https://www.google.com/url?q=https://www.wionews.com/world/the-bitcoin-bubble-how-we-know-it-will-burst-26216&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggTMAU&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2olCDFuIwYQNKiEL5MOftR">US Securities and Exchange Commission</a> has created concerns about greater oversight and acceptance of digital currencies as payments, taking the wind out of the once red-hot virtual assets.

Early this week, however, bitcoin recovered somewhat to hit a roughly five-month high of $5,345 on the <a href="https://www.google.com/url?q=https://www.wionews.com/world/opinion-bitcoin-is-a-highly-speculative-investment-why-caution-is-required-26092&amp;sa=U&amp;ved=0ahUKEwjOrcbUurjhAhX17XMBHb11CrMQFggZMAc&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw0m0lVK40Nce89zqY8Pa0_c">Bitstamp platform</a>, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said.

TradeBlock said in its research that as bitcoin trading volumes fell, digital asset exchanges started increasing the number of assets listed. It cited Coinbase, which has historically listed fewer assets than its peers, taking on two new currencies - Ripple and Stellar Lumens - over the last few months.

Coinbase's trading volume for March was $1.6 billion, a two-year low as well, TradeBlock data showed.

TradeBlock's research also showed that as volumes declined, digital currency exchanges began raising trading fees in 2018 and 2019.

"An increase in trading fees is in line with expectations that exchanges are looking to protect revenues, amidst continually dampened trading volumes," TradeBlock said. 
&nbsp;

Bitcoin's trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny.

Bitcoin's trading volume dropped to a two-year low in March, digital currency trading tool provider TradeBlock said in a report on Thursday, as investors remained spooked by increased regulatory scrutiny. Bitcoin volume in the top five digital currency exchanges totalled $2.14 billion last month, the lowest since April 2017 when the volume was just $845.7 million. The original cryptocurrency, bitcoin has dropped more than 70 per cent since hitting an all-time high of nearly $20,000 in December 2017, a slump that has spread to all digital currencies. A global regulatory crackdown led by the US Securities and Exchange Commission has created concerns about greater oversight and acceptance of digital currencies as payments, taking the wind out of the once red-hot virtual assets. Early this week, however, bitcoin recovered somewhat to hit a roughly five-month high of $5,345 on the Bitstamp platform, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said. TradeBlock said in its research that as bitcoin trading volumes fell, digital asset exchanges started increasing the number of assets listed. It cited Coinbase, which has historically listed fewer assets than its peers, taking on two new currencies - Ripple and Stellar Lumens - over the last few months. Coinbase's trading volume for March was $1.6 billion, a two-year low as well, TradeBlock data showed. TradeBlock's research also showed that as volumes declined, digital currency exchanges began raising trading fees in 2018 and 2019. "An increase in trading fees is in line with expectations that exchanges are looking to protect revenues, amidst continually dampened trading volumes," TradeBlock said.

Bitcoin trading volume hits two-year low in March

A rash of bomb threats were emailed on Thursday to hundreds of businesses, public offices and schools across the <a href="http://www.wionews.com/world/us-demands-access-for-us-diplomats-journalists-to-tibet-threatening-to-bar-chinese-officials-183865">United States</a> and Canada demanding payment in cryptocurrency, but none of the threats appeared credible, law enforcement officials said.

One email targeting a St Louis-area middle school was traced by local investigators to an internet protocol, or IP, address in Moscow, the sheriff's office in Lincoln County, Missouri said.

But US government sources speaking on background to Reuters said that such findings were inconclusive and that federal investigators doubted that Russians or the Russian government were involved.

The officials cautioned that such an IP address does not prove it came from Russia because the sender could have electronically laid a false trail to cover up its true origin. They suggested instead that the flurry of emails were part of a widescale digital hoax.

The security scare began shortly before 2 pm EST as police departments in major US cities coast to coast began reporting on Twitter that numerous local businesses had received the menacing emails - awkwardly worded threats to set off a bomb unless a bitcoin payment of $20,000 were received.

Four hours into the security scare, no actual explosives had been found, authorities said. But the threats prompted brief evacuations of a Toronto subway station and a newspaper office in Raleigh, North Carolina. Some public schools and businesses also were evacuated as a precaution.

Lincoln County, Missouri, sheriff's spokesman Lieutenant Andy Binder said authorities bused the students from a middle school receiving one of the threats to another campus as a precaution, but the school was later determined to be safe and classes will resume there on Friday.

Among other cities where bomb threats were reported by authorities were Washington, New York, Detroit, San Francisco, Los Angeles, Oklahoma City, Denver, Ottawa, and Calgary, Alberta.

Police at the University of Wisconsin in Madison tweeted an image taken of one email threat found to be circulating that said in part: "Good day. There is an explosive device (lead azide) in the building where your company is conducted. It is assembled according to my guide. It is compact and it is covered up very carefully. It can not damage the structure of the building, but in case of its explosion you will get many wounded people."

The campus police tweet concludes by referring to the emails as "a SCAM happening nationwide."

The FBI and other federal agencies were alerted to the email chains, officials said.

"We are aware of threats being made in cities across the country," Rukelt Dalberis, an FBI spokesman in Los Angeles, told Reuters separately. "We remain in touch with our law enforcement partners. We encourage the public to remain vigilant and report suspicious activities that could represent a threat."

A similar wave of emailed hoax bomb threats in December 2015 prompted officials in Los Angeles to close the city's public school system, which national law enforcement officials later criticized as an overreaction.

Two weeks previously, a married couple inspired by Islamic State had killed 14 people at a California county office building in a shooting rampage.

A teenager with dual Israeli-US citizenship was arrested in Israel in March 2017 for making bomb threats to more than 100 Jewish organizations and Jewish community centers (JCCs) in dozens of US states over several months.

A rash of bomb threats were emailed on Thursday to hundreds of businesses, public offices and schools across the United States and Canada demanding payment in cryptocurrency, but none of the threats appeared credible, law enforcement officials said.

A rash of bomb threats were emailed on Thursday to hundreds of businesses, public offices and schools across the United States and Canada demanding payment in cryptocurrency, but none of the threats appeared credible, law enforcement officials said. One email targeting a St Louis-area middle school was traced by local investigators to an internet protocol, or IP, address in Moscow, the sheriff's office in Lincoln County, Missouri said. But US government sources speaking on background to Reuters said that such findings were inconclusive and that federal investigators doubted that Russians or the Russian government were involved. The officials cautioned that such an IP address does not prove it came from Russia because the sender could have electronically laid a false trail to cover up its true origin. They suggested instead that the flurry of emails were part of a widescale digital hoax. The security scare began shortly before 2 pm EST as police departments in major US cities coast to coast began reporting on Twitter that numerous local businesses had received the menacing emails - awkwardly worded threats to set off a bomb unless a bitcoin payment of $20,000 were received. Four hours into the security scare, no actual explosives had been found, authorities said. But the threats prompted brief evacuations of a Toronto subway station and a newspaper office in Raleigh, North Carolina. Some public schools and businesses also were evacuated as a precaution. Lincoln County, Missouri, sheriff's spokesman Lieutenant Andy Binder said authorities bused the students from a middle school receiving one of the threats to another campus as a precaution, but the school was later determined to be safe and classes will resume there on Friday. Among other cities where bomb threats were reported by authorities were Washington, New York, Detroit, San Francisco, Los Angeles, Oklahoma City, Denver, Ottawa, and Calgary, Alberta. Police at the University of Wisconsin in Madison tweeted an image taken of one email threat found to be circulating that said in part: "Good day. There is an explosive device (lead azide) in the building where your company is conducted. It is assembled according to my guide. It is compact and it is covered up very carefully. It can not damage the structure of the building, but in case of its explosion you will get many wounded people." The campus police tweet concludes by referring to the emails as "a SCAM happening nationwide." The FBI and other federal agencies were alerted to the email chains, officials said. "We are aware of threats being made in cities across the country," Rukelt Dalberis, an FBI spokesman in Los Angeles, told Reuters separately. "We remain in touch with our law enforcement partners. We encourage the public to remain vigilant and report suspicious activities that could represent a threat." A similar wave of emailed hoax bomb threats in December 2015 prompted officials in Los Angeles to close the city's public school system, which national law enforcement officials later criticized as an overreaction. Two weeks previously, a married couple inspired by Islamic State had killed 14 people at a California county office building in a shooting rampage. A teenager with dual Israeli-US citizenship was arrested in Israel in March 2017 for making bomb threats to more than 100 Jewish organizations and Jewish community centers (JCCs) in dozens of US states over several months.

Bomb threats demanding bitcoin sweep US, Canada, none found credible

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