Facebook libra latest news

Here are the latest news and updates on Facebook's Libra cryptocurrency:

Recent Developments:

  1. Libra Association's New Members: In October 2020, the Libra Association announced the addition of six new members: Andreessen Horowitz, Coinbase, Gallery Capital, Kora, PayU, and Shopify. This brings the total number of members to 27.
  2. Libra's Delayed Launch: In October 2020, Facebook announced that it would delay the launch of Libra, citing regulatory challenges and the need for further development.
  3. Calibra's Rebranding: In November 2020, Calibra, Facebook's digital wallet and Libra's primary user interface, was rebranded as Novi.
  4. Libra's New Whitepaper: In December 2020, the Libra Association released a new whitepaper outlining the project's updated architecture, governance, and technical specifications.

Regulatory Challenges:

  1. US Senate Hearing: In July 2020, Facebook's CEO Mark Zuckerberg testified before the US Senate Banking Committee, facing questions about Libra's potential impact on financial stability and consumer protection.
  2. EU Regulatory Scrutiny: In October 2020, the European Union's financial regulator, the European Securities and Markets Authority (ESMA), expressed concerns about Libra's potential risks to financial stability and consumer protection.
  3. US Federal Reserve's Warning: In November 2020, the US Federal Reserve warned that Libra could pose significant risks to the global financial system if not properly regulated.

Technical Developments:

  1. Libra's Blockchain: In October 2020, the Libra Association announced that it would use a modified version of the Ethereum blockchain, called Libra's "Move" programming language, to develop the Libra network.
  2. Libra's Consensus Algorithm: In November 2020, the Libra Association revealed that it would use a proof-of-stake (PoS) consensus algorithm, called "HotStuff," to secure the Libra network.

Market Reaction:

  1. Libra's Market Value: Despite the delays and regulatory challenges, Libra's market value has remained relatively stable, with some estimates suggesting it could reach $10 billion by 2025.
  2. Cryptocurrency Market Impact: Libra's potential launch has had a significant impact on the cryptocurrency market, with some analysts predicting that it could increase adoption and drive growth in the sector.

Timeline:

  1. Q1 2021: The Libra Association plans to release a testnet version of the Libra network, allowing developers to test and validate the platform.
  2. Q2 2021: The Libra Association aims to launch the Libra network, pending regulatory approval.
  3. 2022: The Libra Association plans to launch Novi, the digital wallet and user interface for Libra.

Please note that the timeline is subject to change based on regulatory developments and other factors.