192.40 -0.20 (-0.10%)
Pre-Market: 5:36AM EDT
|Bid||192.20 x 1300|
|Ask||192.99 x 800|
|Day's Range||191.57 - 193.98|
|52 Week Range||123.02 - 218.62|
|Beta (3Y Monthly)||1.33|
|PE Ratio (TTM)||28.58|
|Earnings Date||Jul 23, 2019 - Jul 29, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||222.30|
One reason why investors may be going gaga over the recent mini-flurry of IPOs (Uber, Beyond Meat, Slack, etc) is the simple fact there are so few of them.
A new bipartisan bill would require big tech companies to disclose how much consumer data is worth and how it's being used.
Technology companies want a larger role in the global financial system and the Bank for International Settlements is suggesting a “new regulatory compass” for big tech’s future finance endeavors.
Facebook's planned global 'Libra' cryptocurrency must respect anti-money laundering regulations and it must seek banking licences if it offers banking services, France's central bank chief said in a magazine interview. Facebook Inc announced plans last week to introduce a new global cryptocurrency called Libra as part of an effort to expand into digital payments.
(Bloomberg) -- Iran said the path to a diplomatic solution with the U.S. had closed after the Trump administration imposed sanctions against its supreme leader and other top officials, raising tensions days after the downing of an American drone brought the Middle East to the brink of war.President Donald Trump on Monday unveiled sanctions on Ayatollah Ali Khamenei and eight senior military commanders that deny him and his office access to financial resources. Treasury Secretary Steven Mnuchin said financial restrictions would also be introduced against Iran’s Foreign Minister Javad Zarif later this week.“The futile sanctions against the Iranian leader and the country’s chief diplomat mean the permanent closure of the diplomatic path with the government of the United States,” the Foreign Ministry’s spokesman, Abbas Mousavi, was quoted as saying by semi-official Iranian Students News Agency. “The Trump government is in the process of destroying all the established international mechanisms for maintaining global peace and security.”Treasury futures pushed higher and most Asian stock markets slipped as increasing tensions rattled investors. Oil steadied after rallying almost 8% in three days as investors weighed mixed signals from the White House on Iran and signs that an extension of the OPEC+ production cuts may not be assured.Trump last week abruptly canceled planned air strikes against Iran for shooting down the drone. The administration also blames Tehran for recent attacks on oil tankers near the Persian Gulf.Tensions have spiked in the Gulf since May, when the Trump administration revoked waivers on the import of Iranian oil, squeezing its economy a year after the U.S. walked away from the landmark 2015 deal meant to prevent the Islamic Republic from developing a nuclear weapon. Since then, a spate of attacks on oil tankers near the Strait of Hormuz shipping choke point have raised the specter of war and pushed up oil prices.The new penalties are unlikely to have a significant impact on a country that’s already in recession due to stringent U.S. sanctions on its oil sector and has been largely shut out of the global financial system. The U.S. has sanctioned more than 80% of Iran’s economy, according to Secretary of State Michael Pompeo, who is in Saudi Arabia and the United Arab Emirates this week to rally a front against Iran.Trump has coupled his “maximum pressure” campaign of sanctions with invitations to sit down with Iranian leaders. In an interview that aired Sunday on NBC’s “Meet the Press,” the president said that he thinks Iranian leaders want to negotiate and he’s willing to talk with no preconditions except that the outcome must be Iran acquiring no nuclear weapons.“The supreme leader of Iran is the one who ultimately is responsible for the hostile conduct of the regime,” Trump said on Monday.Iran has denied involvement in the tanker incidents. President Hassan Rouhani said on Tuesday that his country’s airspace was a “red line” and dismissed Trump’s offer to talk as a “lie.”“You say let’s talk and then you sanction the foreign minister. This clearly shows that you’re lying,” he said in a speech carried live on Iranian state TV. “Today, you get a sense from the government in the U.S. and in the White House that there’s a massive amount of confusion and frustration. The expectation they had was to tear apart the country within two or three months but they have seen it has become more resistant.”Russian Foreign Minister Sergei Lavrov warned of the danger of the “deeply personalized” sanctions against Khamenei, saying events remind him of the run-up to the U.S. invasion of Iraq in 2003.“We’re very concerned at what’s going on,” Lavrov told reporters in Moscow. The latest U.S. punitive measures “send the signal that the situation is moving in a very bad direction.” Russia is a signatory to the nuclear deal and an ally of Iran’s in Syria’s civil war.Annoy the IraniansThe new restrictions serve as symbolic reprimand for the recent attacks, according to former Treasury officials.“It will have an effect because it will annoy the Iranians and make negotiations hard to pull off if the supreme leader is sanctioned,” said Brian O’Toole, a senior fellow at the Atlantic Council who previously worked in the U.S. Treasury Department’s sanctions unit.At the United Nations on Monday, Iran’s Ambassador Majid Takht Ravanchi ruled out one-on-one talks with the U.S., urging Secretary-General Antonio Guterres to help organize regional talks instead. “You cannot start dialogue with someone who is threatening you, who is intimidating you,” Ravanchi told reporters.Outside a session of the Security Council called by the U.S. -- where Iran wasn’t invited to participate -- U.K. Ambassador Karen Pierce told reporters that “there’s a lot of desire to see de-escalation and to look for diplomatic solutions. At the same time, one has to take very seriously the sorts of attacks that have occurred on the tankers, which is dangerous for international shipping, dangerous for regional security.”Khamenei’s WealthKhamenei, who was initially elected president of the nascent republic in 1981, has “possessions” valued at an estimated $200 billion, according to a Facebook post by the U.S. embassy in Baghdad in April. He’s backed by the Islamic Revolutionary Guard Corps and has survived an assassination attempt and front-line combat.The U.S. Treasury Department said Monday those sanctioned also include eight officials of the Guard Corps who supervised “malicious regional activities,” including its ballistic missile program and “harassment and sabotage” of commercial ships in international waters.Skilled DiplomatMnuchin said the U.S. will impose financial restrictions on Zarif “later this week.” Typically, the U.S. doesn’t announce sanctions in advance against individuals so they don’t hide assets before penalties take effect.Zarif, viewed as Iran’s most skilled diplomat, was lead negotiator in the multi-party nuclear accord reached in 2015 under the Obama administration that Trump has since rejected.Any financial institution that knowingly assists with a financial transaction for those who were sanctioned could be cut off from the U.S. financial system, according to the Treasury.(Updates with remarks by Russian foreign minister from 12th paragraph.)\--With assistance from Henry Meyer.To contact the reporter on this story: Golnar Motevalli in Tehran at firstname.lastname@example.orgTo contact the editors responsible for this story: Lin Noueihed at email@example.com, Amy Teibel, Mark WilliamsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The world's most popular cryptocurrency just surpassed $11,000, but inherent flaws make it a terrible long-term investment.
The price of Bitcoin soared above $11,000 on Monday for the first time in more than a year. Analysts point to Facebook’s cryptocurrency project Libra as one driver for the rally.
Australian judge finds media companies have a responsibility to ensure defamatory remarks are not posted on social media. Major media companies and Facebook are scrambling to come to grips with a landmark ruling by an Australian judge that found publishers are legally responsible for pre-moderating comments on the social media site. On Monday in the New South Wales supreme court judge Stephen Rothman found that commercial entities, including media companies, could be regarded as the publishers of comments made on Facebook, and as such had a responsibility to ensure defamatory remarks were not posted in the first place. The judgment has potentially profound impacts on the way news organisations in Australia interact with the social media giant, and prompted immediate backlash from the country’s largest media companies. “This ruling shows how far out of step Australia’s defamation laws are with other English-speaking democracies and highlights the urgent need for change,” News Corp Australia said in a statement following the ruling. “It defies belief that media organisations are held responsible for comments made by other people on social media pages. “It is ridiculous that the media company is held responsible while Facebook, which gives us no ability to turn off comments on its platform, bears no responsibility at all.” The ruling was made in a pre-trial hearing over a defamation case brought by 22-year-old Dylan Voller against a number of media outlets over comments made by readers on Facebook. Voller, whose treatment as a detainee inside the Don Dale youth detention centre in the Northern Territory triggered a royal commission in 2016, is suing the Australian, the Sydney Morning Herald and the Centralian Advocate newspapers, as well as Sky News Australia’s the Bolt Report. The action relates not to the articles themselves, but to comments made about Voller by members of the public on 10 Facebook posts published on the companies’ public Facebook pages in 2016 and 2017, which he alleges carried false and defamatory imputations. News organisations in Australia were already liable for Facebook comments made on articles posted on their public pages, but until now the test related to whether a publisher had been negligent in not removing potentially defamatory comments. However, in a pre-trial ruling on Monday, Rothman found media companies in effect had a responsibility to pre-moderate them. “Up until yesterday the general thread [was] if you knew or ought to have known a defamatory post was there, you had to take it down,” Paul Gordon, a social media lawyer at Wallmans lawyers in Adelaide told Guardian Australia. “What the judge yesterday found was a bit different, because it wasn’t alleged by Voller that the media companies had been negligent in failing to the take down the comments. Instead, the judge found the companies were responsible for putting them up in the first place. “That’s really the key difference. You have a situation where now media companies are responsible not just for taking down comments when they see them, but for preventing them going up in the first place. It places a significantly bigger burden on media companies from what was previously in place.” Rothman found that since media companies use of a public Facebook page “is about their own commercial interests”, they effectively “assume the risks” of defamatory comments made by users. He also found that it was possible for media companies to essentially pre-moderate comments made by users by using comment filters which included pronouns, definite and indefinite articles, and all conjunctions and prepositions. “The judge recognised there is no in-built system on Facebook that allows you to prevent the publication of comments on Facebook prior to it becoming public,” Gordon said. “But he also found it would be possible to create a filter using commonly used words like ‘and’, ‘he’, ‘she’, ‘but’, in order to capture most posts. And that’s what he said media organisations should be doing, duct-taping together a filter using common words.” News Corp Australia has said it is reviewing the decision “with a view to an appeal”, while the Sydney Morning Herald said it was considering its options and “the implications the ruling may have on the industry”. Dennis Muller, a senior research fellow at the centre for advancing journalism at the University of Melbourne told Guardian Australia the ruling placed “a significant new burden” on media organisations and that “the obvious question to ask” was whether news companies would reconsider their relationship with Facebook. “The other thing is to pressure the government to assert under Australian law that Facebook is a publisher and can therefore share in the burden,” he said. “You see Facebook get away with these things by saying ‘we’re not a publisher, we’re a common carrier. It’s a fiction. Facebook is a publisher for all practical purposes and if Australian law were to say you are deemed to be a publisher it would have to share in that responsibility.” The ruling has again sparked debate about Australia’s restrictive defamation laws, which have not changed since 2006 but are currently being reviewed by state attorneys general. It also comes as News Corp Australia, Nine and the ABC prepare to ask the Morrison government this week for an overhaul of media protection laws following Australian Federal Police raids against media companies which sparked press freedom concerns. The shadow attorney general, Mark Dreyfus, said the ruling could mean that any operator of a public Facebook page could be liable for third-party comments, including politicians. “It’s clearly capable of applying to any operator of a public Facebook page,” he said. “It’s a decision about the operation of a public Facebook page and third-party user comments appearing on that page.” Dreyfus said Australia’s defamation laws had not kept pace with rapid technological change, and said the laws needed updating to reflect the modern digital age. “It (the ruling) is an application of current Australian law and squarely raises the question of whether we think the law as it stands is appropriate for the digital era.”
(Bloomberg) -- JPMorgan Chase & Co. is seeing interest from clients in the U.S., Europe and Japan on the potential for its prototype digital coin to speed up trading of securities such as bonds.JPM Coin could enable “instant” delivery of bonds on a blockchain platform, said Umar Farooq, head of digital treasury services and blockchain at the U.S. bank. “We believe that a lot of securities over time, in five to 20 years, will increasingly become digital or get tokenized,” he said in an interview in Tokyo.Unveiled in February, JPM Coin is pegged to the U.S. dollar and uses the bank’s private blockchain. JPMorgan has been testing the token to enable institutional clients to transfer payments instantly, it said at the time.The idea of using blockchain to speed up trading settlement isn’t new: stock exchanges from Hong Kong, Australia and Canada are among those that are exploring the possibility. The race to develop digital coins reached a new level earlier this month when Facebook Inc. announced plans for a cryptocurrency called Libra, which will be backed by assets including bank deposits.Read why Facebook chose the stablecoin path to cryptoFor bond transactions, JPM Coin would allow traders to instantly deliver the securities in exchange for cash, according to Farooq. The buyer purchases JPM Coins in advance, putting them in their JPMorgan deposit account, while the seller’s bonds are represented by tokens. Computer programs on a blockchain platform then complete the transaction.The time savings could be significant. For now, it usually takes a seller of Japanese government bonds two days to electronically deliver them to the buyer in exchange for cash, said Shuichi Ohsaki, chief rates strategist at Bank of America Merrill Lynch in Tokyo.JPMorgan will probably begin pilot testing JPM Coin with a few clients to see how it helps to quickly transfer money between them, Farooq said. The testing could take place around the end of the year if relevant regulators approve it, he added.To contact the reporters on this story: Takashi Nakamichi in Tokyo at firstname.lastname@example.org;Takako Taniguchi in Tokyo at email@example.comTo contact the editors responsible for this story: Marcus Wright at firstname.lastname@example.org, Russell WardFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Policy makers around the globe have been cool to the idea of Facebook Inc.’s planned Libra cryptocurrency. In Switzerland? They liked it so much, Facebook decided to set up shop there.Geneva is “excited” to work with Facebook, the canton’s economic development chief Pierre Maudet said last week after it emerged Facebook had picked the Swiss city as the home of the Libra Association, a not-for-profit organization that will govern the payment network and manage a financial reserve for the cryptocurrency. The Swiss State Secretariat for International Finance said it’s a “positive sign that Switzerland can play a role in an ambitious international project.”The move reflects the country’s light-touch approach to regulation and an enthusiasm for digital currency not shared by officials elsewhere who worry about its potential as a haunt for criminals. Swiss politicians have gushed about the potential of “Crypto Valley” in the low-tax Swiss city of Zug, and then-Finance Minister Johann Schneider-Ammann last year even talked about Crypto Valley morphing into a “Crypto Nation Switzerland.”“Switzerland’s regulation is much lighter than in other European countries when it comes to cryptocurrencies,” said Sven Korschinowski, a partner at KPMG. “It made sense for Libra to come to Switzerland.”So far, though, there’s little to see. Unlike, Berlin and London, Geneva has no tech district to speak of. For now, Libra is renting space at a shared office on an island in the Rhone River on the site of a former branch of Coutts bank. Other tenants include PayPal Holdings Inc. and Crypto Finance AG.Facebook designed Libra to be a less volatile rival to Bitcoin by pegging it to a basket of existing currencies and securities. Bank of England Governor Mark Carney said he approaches the idea “with an open mind but not an open door.” Others have been less enthusiastic.French Finance Minister Bruno Le Maire said “it is out of question’’ that Libra “become a sovereign currency,” and he called on colleagues to scrutinize Facebook’s plans. Maxine Waters, chair of the U.S. House Financial Services Committee urged a halt in developing the token until Congress can examine it. Even Facebook’s co-founder has said he’s against it.A series of fraudulent initial coin offerings in the U.S. has worried Washington regulators that cryptocurrencies risk becoming a magnet for crime - and Switzerland is not immune. The Wannacry hackers in 2017 tapped a Swiss bitcoin exchange to launder the proceeds of their extortion scheme.Later that year, Swiss financial regulator Finma warned the public about digital coin scams, shut down one operator and opened investigations into others. At the same time, it’s given at least one company, Crypto Finance, the same license as professional fund managers, meaning it can manage and distribute domestic and foreign funds and provide advice to investors.Finma said last week it’s in contact with Facebook to determine if the project would need approval. More broadly, however, Finma’s approach to regulating crypto has gone down well with Crypto Valley executives. “Finma deserves a lot of credit for being very pragmatic and patient in the way they have been approaching the subject,” said John Hucker, the president of the Swiss Finance & Technology Association.It was Switzerland’s appeal as a place to connect to civil society and international organizations that clinched it for Facebook, said Dante Disparte, a spokesman for Libra.“Our goal is to manage Libra, the technology and the digital currency very much like a public good, so where better than Switzerland to make this kind of global organization and project,” he said in an interview.What may also have helped in the Swiss city’s favor is that David Marcus, who heads up Libra, grew up in Geneva. He briefly studied at the University of Geneva before going on to become a tech entrepreneur, eventually becoming president of PayPal Holdings Inc. Marcus's knowledge of and affinity for Geneva helped, said Disparte, “but I can’t say that he alone influenced the decision.”Cryptocurrencies also offer a new area to compete in now that Swiss private banking has been so undermined by foreign prosecutors looking to root out tax evaders stashing their fortunes in Switzerland, says Andre Brunner, a cryptocurrency expert at Capco in Frankfurt.“With bank secrecy under threat, crypto is a door to a new world and you have the lawyers and the currency experts here, the ecosystems,” said Brunner.Ultimately, it may come down to Switzerland’s history of pragmatism, he says.“As long as it’s legally sound and well set up, I think the Swiss government’s attitude is more ‘come and be our guest’ rather than ‘we don’t want to have anything to do with this’ - and risk missing out.”To contact the authors of this story: Hugo Miller in Geneva at email@example.comLeonard Kehnscherper in Zurich at firstname.lastname@example.orgTo contact the editor responsible for this story: Jan Dahinten at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Investing.com - The crypto market traded in the green on Tuesday in Asia, with Bitcoin holding tight on its grip above $11,000. The total market cap rose further to $333.4 billion from $320 billion the day before.
Facebook needs to figure out how to handle the mountains of libel it’s hosting, and don’t forget about YouTube, or Twitter.
(Bloomberg) -- Apple Inc. is significantly increasing its footprint in Seattle as its expands on a previously announced plan to boost hiring, bringing an additional 2,000 jobs to the area in the next five years.The iPhone maker signed a lease for office space at 333 Dexter, a 660,000-square-foot (61,300-square-meter) development in the South Lake Union neighborhood being built by Kilroy Realty Corp., according to the office of Mayor Jenny Durkan.“These new jobs confirm what we already knew: We have the best talent and city anywhere,” Durkan said in an emailed statement. “Apple’s expanded footprint in Seattle is another example of the growing opportunity that exists for residents of Seattle and the economic powerhouse our city has become.”For years, cranes have dotted the Seattle skyline as builders rushed to accommodate a swelling population and rapidly growing tech firms, led by Amazon.com Inc. That company now employs more than 45,000 at its headquarters in town and occupies about a fifth of the city’s prime office real estate. Other firms have been muscling in to recruit from Seattle’s deep well of engineers. Both Google and Facebook Inc. are leasing offices near 333 Dexter.Apple has a relatively modest presence in the city of about 500 employees. In December, the company said that it planned to add 1,000 jobs in the area over three years as part of a national expansion that also includes spending $1 billion on a new campus in Austin, Texas.To contact the reporter on this story: Noah Buhayar in Seattle at firstname.lastname@example.orgTo contact the editors responsible for this story: Rob Urban at email@example.com, Dan Reichl, David ScheerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- President Donald Trump imposed sanctions on Iran’s supreme leader, Ayatollah Ali Khamenei, and eight senior military commanders, a provocative step designed to increase pressure on the Islamic Republic.Trump told reporters at the White House on Monday that the penalties would deny Khamenei and his office access to financial resources.“The supreme leader of Iran is the one who ultimately is responsible for the hostile conduct of the regime,” Trump said.Trump last week abruptly canceled planned air strikes against Iran for shooting down a U.S. Navy drone on Thursday. The administration also blames Iran for recent attacks on oil tankers near the Persian Gulf, though Iran denies it.The penalties won’t have a significant impact on a country that’s already in recession and facing heavy sanctions from the U.S. Still, the new restrictions serve as symbolic reprimand for the attacks, according to former Treasury officials.‘Annoy the Iranians’“It will have an effect because it will annoy the Iranians and make negotiations hard to pull off if the supreme leader is sanctioned,” said Brian O’Toole, a senior fellow at the Atlantic Council who previously worked in the U.S. Treasury Department’s sanctions unit.The U.S. already has sanctioned more than 80% of Iran’s economy, according to Secretary of State Michael Pompeo, who visited Saudi Arabia and the United Arab Emirates to rally a front against Iran.Trump has coupled his “maximum pressure” campaign of sanctions with invitations to sit down with Iranian leaders. In an interview that aired Sunday on NBC’s “Meet the Press,” the president said that he thinks Iranian leaders want to negotiate and he’s willing to talk with no preconditions except that the outcome must be Iran acquiring no nuclear weapons.At the United Nations on Monday, Iran’s Ambassador Majid Takht Ravanchi ruled out one-on-one talks with the U.S., urging Secretary-General Antonio Guterres to help organize regional talks instead. “You cannot start dialogue with someone who is threatening you, who is intimidating you,” Ravanchi told reporters.Outside a session of the Security Council called by the U.S. -- where Iran wasn’t invited to participate -- U.K. Ambassador Karen Pierce told reporters that “there’s a lot of desire to see de-escalation and to look for diplomatic solutions. At the same time, one has to take very seriously the sorts of attacks that have occurred on the tankers, which is dangerous for international shipping, dangerous for regional security.”Reflecting the same ambivalence, French Ambassador François Delattre said “maximum pressure only makes sense with maximum diplomacy.”Khamenei’s WealthKhamenei, who was initially elected president of the nascent republic in 1981, has “possessions” valued at an estimated at $200 billion, according to a Facebook post by the U.S. embassy in Baghdad in April. He’s backed by the Islamic Revolutionary Guard Corps and has survived an assassination attempt and front-line combat.The U.S. Treasury Department said Monday those sanctioned also include eight officials of the Guard Corps who supervised “malicious regional activities,” including its ballistic missile program and “harassment and sabotage” of commercial ships in international waters.Treasury Secretary Steven Mnuchin said at a news conference in Washington that some of the sanctions had been “in the works” and others were a result of “recent activities.” He said sanctions against the Islamic Republic have been effective in cutting off funds to the military and “locking up” the Iranian economy, and that the new penalties would be effective as well.Mnuchin said the U.S. will impose financial restrictions on Iran Foreign Minister Javad Zarif “later this week.” Typically, the U.S. doesn’t announce sanctions in advance against individuals so they don’t hide assets before penalties take effect.Zarif, viewed as Iran’s most skilled diplomat, was lead negotiator in the multi-party nuclear accord reached in 2015 under the Obama administration that Trump has since rejected.Trump told reporters Monday that, “A lot of restraint has been shown by us, a lot of restraint -- and that doesn’t mean we are going to show it in the future, but I thought that we want to give this a chance,” he said.Any financial institution that knowingly assists with a financial transaction for those who were sanctioned could be cut off from the U.S. financial system, according to the Treasury.Even before the new penalties were announced, the U.S. had applied sanctions to almost 1,000 Iranian entities, including banks, individuals, ships and aircraft. In May, the Trump administration prohibited the purchase of Iranian iron, steel, aluminum and copper.Tensions have spiked in the Gulf since May, when the Trump administration revoked waivers on the import of Iranian oil, squeezing its economy a year after the U.S. walked away from the landmark 2015 deal meant to prevent the Islamic Republic from developing a nuclear weapon. Since then, a spate of attacks on oil tankers near the Strait of Hormuz shipping choke point have raised the specter of war and pushed up oil prices. The U.S. has blamed the attacks on Tehran, which has denied any wrongdoing.On Monday, Trump questioned in comments on Twitter why the U.S. was protecting the shipping route on behalf of other countries.Hours later, a State Department official said the U.S. was seeking allies to join in a “Sentinel” program to deter Iran by equipping ships with cameras to monitor tanker traffic and document any threats. That would stop well short of the “tanker wars” of the 1980s, when the U.S. re-registered Kuwaiti ships under the U.S. flag and gave them armed escorts.(Updates with Iranian, other envoys at UN starting in ninth paragraph.)\--With assistance from Ladane Nasseri and Nick Wadhams.To contact the reporters on this story: Saleha Mohsin in Washington at firstname.lastname@example.org;Shannon Pettypiece in Washington at email@example.com;David Wainer in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Alex Wayne at email@example.com, Justin Blum, Larry LiebertFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
There are many things to be ironed out still with respect to banks and regulators before the currency officially launches in the first half of 2020.
US lawmakers and regulators are beginning to investigate big tech's growing power, but they need to look beyond size and into their very nature of these three companies (and find different solutions for each).
Ever since the news about Facebook’s (FB) cryptocurrency project broke, Bitcoin has rallied on the hope that Facebook’s entry in the space will help make cryptocurrencies mainstream. Facebook’s cryptocurrency will be called Libra and will be governed by an association with 28 founding members across industries.
LONDON/NEW YORK, June 24 (Reuters) - Bitcoin tested 15-month highs on Monday after jumping more than 10% over the weekend, with analysts ascribing the spike to growing optimism over the adoption of cryptocurrencies after Facebook unveiled its Libra digital coin. Facebook said last week it planned to launch a new cryptocurrency called Libra, though the announcement immediately led to questions from regulators and politicians across the world. Mati Greenspan, an analyst at eToro, said bitcoin's gains underscored growing optimism among retail investors that Facebook's plans were part of a wider trend of major companies adopting cryptocurrencies.