Libra Association Talks With EU Regulators Following Opposition

Bertrand Perez said that discussions were ongoing and there was still work to do, in one of his first public appearances on the job at a blockchain conference in Geneva, where the association is based.

The Libra Association is in talks with European Union regulators, according to its managing director, according to an interview with Reuters, Sept. 27.

Facebook’s Libra faced a cold reception in France and Germany

Since Facebook announced its intention to launch the Libra cryptocurrency, it has faced scrutiny from regulatory bodies across Europe and North America.

Facebook CEO Mark Zuckerberg has resorted to wining and dining US lawmakers, while French and German authorities have gone as far as to pledge that they will block Libra from operating in Europe.

Libra clearly hopes that getting EU regulators on board will carry some weight with France and Germany.

Launch date depends on progress with regulatory bodies

Perez, a former PayPal executive, explained that the network’s scheduled launch date of June 2020 would depend on the progress made with regulators. This was their “North Star”, Perez said, adding that a delay of one or two quarters would not be an issue.

“What is important is that we need to comply with the regulators and we need to make sure that they are on board with us and fully comfortable with our solutions.”

This echoed Zuckerberg’s sentiments that the most important thing was that Libra is “sensitive for society.”

China’s Fintech Stocks Soar Over 50% in 2019 Amid CBDC Anticipation

China Securities Index Co. (CSI) Fintech Theme Index has risen over 50% in 2019, outperforming the broader market.

Some stocks skyrocketing 200%

According to a Reuters report on Sept. 26, stocks of China’s fintech firms have seen a notable surge this year amid investors’ anticipation of China’s launch of its own digital currency as well as the demand it would generate for security and payment services.

As such, the CSI fintech theme index – which is composed of A-Share stocks relating to fintech, including payment and settlement, capital raising, wealth management and retail banking – has gained more than 50% so far in 2019, the report notes. Another major stock, Beijing Certificate Authority, which is focused on electronic authentication services, seen a record high this month after soaring almost 200% in 2019, according to Reuters.

No CBDC in the near future, PBoC says

Meanwhile, the People’s Bank of China (PBoC) recently denied rumors that it would launch its own digital currency in the near term as the bank reportedly claimed that it has no timetable to launch as of Sept. 24. The plans were first reported in late August 2019, when a local media outlet wrote that the PBoC was almost ready to launch its government-backed digital currency in the wake of Facebook’s introduction of Libra white paper in June.

According to a report from China-based publication the Business Times, some financial analysts were expecting that the country would launch its much-anticipated cryptocurrency on Nov. 11, which coincides with the country’s Single’s Day, one of the busiest electronic shopping events of the year.

cointelegraph.com

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