The Libra and Calibra projects continue to generate news articles, mainly negative vibes by the financial and political institutions around the globe. Let’s review the most relevant information released today.
Facebook’s Libra ‘Too Dangerous’
In an article by CCN.com the recent words by one member of the ECB Executive Board, Benoit Coeure asserting his belief that Libra is too dangerous for the system to let it operate without rules. That comes after Calibra’s David Marcus post reminding that Facebook is only one among more than 30 Founding Members and that they announced early on this project just to “encourage open discussion by design.”
China’s Central Bank Cryptocurrency speeded up to Fight Libra
Also, ccn.com reports that Wand Xin, director of the research bureau for People’s Bank of China announced the start of a research program to launch a central-bank controlled cryptocurrency.
If [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability, and the international monetary system?”
Indian Authorities Expressed concerns over Libra
Subhash Garg, Secretary for Economic Affairs at India’s Ministry of Finance declared on Saturday in an interview to Bloomberg that they are not happy with private currencies as seems to be the case of Libra.
“Design of the Facebook currency has not been fully explained,”
“But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.”
India has almost totally banned cryptocurrencies and crypto exchanges, forbidding banks to deal with them, and, according to the Bloomberg article is drafting a law with stiff penalties on their use.
JPMorgan Coin and Telegram¡s TON: are they alternatives to Libra?
In an article, COINTELEGRAPH’s Daniele Pozzi compares Microsoft’s Libra, JPMorgan Coin and Telegram’s TON. All these coins are designed for transactions although their technology, aims, and objective users may differ, especially JPMorgan Coin.
All three projects are currently at test level, but the disclosed information about them can be used to make a comparison table to spot differences and confluences.
You can read the full analysis in the link of this article above, but let’s mention two interesting facts.
JPM as StableCoin
The most important feature about this Ethereum-based JPM Coin is its fully backed US-Pegged coin using 100% collateral. The original aim is to facilitate real-time transactions between big institutions. If in the future this coin reaches the exchanges it could debase all current stablecoins.
TON as Alternative to Libra Coin for people concerned about Privacy
Pavel Durov, one of the creators of social media Vkontakte (VK) and Telegram, had already shown that he stands against governments to protect their user’s privacy rights when he refused to hand over personal information to Russian Authorities and was forced to abandon his company and leave his country. They also had to adapt and move headquarters from the USA to Berlin, over the fight for privacy in his Telegram instant messaging platform.
TON aims to a decentralised vision of the economy to allow peer-to-peer exchanges and has the potential to aim at the same kind of users Libra aims. The advantages posed by TON being: permissionless by design and protected against the inquisitive eyes of the states.
More in-depth information about TON in a future article.