A growing number of governments have responded to Facebook’s cryptocurrency plans including China, France, India, Japan, South Korea, Russia, Singapore, Thailand, the U.K., and the U.S. Several intergovernmental organizations have also weighed in such as the European Central Bank and the Bank of International Settlements.
Also read: G20 Leaders Issue Declaration on Crypto Assets – A Look at Their Commitments
Facebook’s Libra Project
Facebook unveiled its plans last month for newly formed subsidiary Calibra which aims to provide financial services via the Libra network. “The first product Calibra will introduce is a digital wallet for Libra, a new global currency powered by blockchain technology. The wallet will be available in Messenger, Whatsapp and as a standalone app — and we expect to launch in 2020,” the social media giant announced. Calibra has been providing information to central banks worldwide regarding its Libra plans to create understanding and exchange information, according to…