PYMNTS

JANUARY 29, 2020

Facebook reported a 51 percent spike in its costs and expenses for the full year 2019 — that increase coming as the social media platform faces more questions from regulators and policymakers about its present and planned endeavors. 29), and reported that total costs and expenses hit some $46.71 Challenges to Come.

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PYMNTS

FEBRUARY 14, 2020

12) that the federal government would be rolling out new regulations regarding cryptocurrency at the Financial Crimes Enforcement Network (FCEN). He said that there had to be a balancing act — the tech should be allowed to move forward and innovate. Secretary of the Treasury Steven Mnuchin said Wednesday (Feb. In the U.S.,

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PYMNTS

FEBRUARY 27, 2020

A digital coin could also minimize financial innovation in the private sector and pull money from commercial banks, in terms of deposits, especially if they pull off a low-cost digital currency. In an advanced economy, the way to deal with problems like money laundering is through oversight and government regulations , Amamiya said.

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PYMNTS

JUNE 20, 2019

Federal Reserve Chairman Jerome Powell revealed that Facebook has spoken to the central bank about its upcoming cryptocurrency, called Libra. There’s just a tremendous amount of innovation going on out there,” he said. But Powell believes the social media giant will overcome any issues before Libra is launched.

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PYMNTS

JULY 1, 2019

With the idea of pegging Libra’s value to a basket of international currencies, Facebook ’s proposed cryptocurrency would bring tax challenges to European users, per tax lawyers. Unlike social media … the terms of engagement for innovations such as Libra must be adopted in advance of any launch.”.

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PYMNTS

JULY 14, 2019

Japanese authorities have formed a task force to study the impact of Facebook’s proposed cryptocurrency , Libra, according to reports. The group’s goal is to work on policies that will deal with how Libra is going to affect payments, monetary policy, regulation and taxes. He said he believes that Libra is “a big mistake.”.

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PYMNTS

MARCH 7, 2018

Ripple — the blockchain company whose technology powers the cryptocurrency XRP — has created a new payment app in which transactions are settled instantly. While many regulators around the world are banning cryptocurrency trading, Japan has embraced it.

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PYMNTS

JULY 15, 2019

To determine if Facebook needs a banking license to roll out Libra, Britain’s outgoing finance minister has said that regulators and not lawmakers should make the decision. The official, Philip Hammond, also noted that the government of Britain will “engage” with the cryptocurrency and will not try to halt it, CNBC reported.

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PYMNTS

APRIL 2, 2018

Cryptocurrencies continued to dip on the heels of various regulatory actions focused on trading activities and exchanges. The specific directive from William Galvin, the state’s head securities regulator, commands that those firms abandon the sale of what have been termed “unregistered securities.” Same alarms, different week.

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PYMNTS

JULY 27, 2018

Reuters , citing a 92-page analysis by the SEC of the bitcoin ETF — which was created by Cameron and Tyler Winklevoss, the twin brothers who started Gemini Trust , a cryptocurrency exchange — reported the SEC wasn’t convinced the ETF couldn’t be manipulated.

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Bank Innovation

APRIL 6, 2018

Many expressed their anger at the Reserve Bank of India on social media platform under the hashtag #RBICantStopMe. India’s central bank’s decision to ban all banks and entities that come under its authority did not go well with the country’s crypto traders/investors.

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Bank Innovation

SEPTEMBER 8, 2017

Chinese insurance company ZhongAn Online Property and Casualty Insurance, which boasts a customer base of 500 million people, has obtained approval to open an initial public offering (IPO) on the Hong Kong stock exchange. China’s first online-only insurance company hopes that the IPO will raise as much as $1.5 billion USD.

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Bank Innovation

SEPTEMBER 27, 2017

fintech firm, Bittrex, and South Korean app developer, Dunamu, an affiliate of the country’s largest messaging platform, Kakao, have teamed up to launch a new, massive cryptocurrency exchange platform in South Korea.

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PYMNTS

MARCH 22, 2019

Much hype and hope surrounds the adoption of cryptocurrencies — bitcoin among them as the marquee name in the space, of course — beyond the Wild West of speculative trading that exists now. Regulators are investigating whether the company overstated its investment in small business lending firm QuarterSpot.

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PYMNTS

JANUARY 31, 2018

For years, throughout the volatility of cryptocurrency values, some industry experts have assured investors and innovators that blockchain is the disruptor in which the market should place its faith. Blockchain isn’t un-hackable, and regulators have recently warned about the potential of fraudulent initial coin offerings (ICOs).

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PYMNTS

JUNE 21, 2019

In a Financial Times opinion piece, Facebook Co-founder Chris Hughes contends that the social media platform’s Libra cryptocurrency could move power into the wrong hands. At the same time, he noted that regulators should not underrate the disruptive potential of the cryptocurrency.

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PYMNTS

JULY 15, 2019

That breach started a groundswell of bi-partisan support for fines, other penalties related to governance and personal liability of Facebook’s CEO, new regulations – and even the breakup of the company. Considering the media bashing about ad-supported platforms, consumers don’t mind seeing ads as much as one might think. (Yes,

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PYMNTS

MAY 6, 2019

The notion that Facebook is going to launch and ignite a global payments network, at scale, based on its own branded cryptocurrency and achieve global merchant and consumer acceptance is as likely as the predictions a decade ago that bitcoin and blockchain would, by now, become the internet of money. A Cryptocurrency Play in Three Acts.

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PYMNTS

JULY 12, 2019

Unlike social media … the terms of engagement for innovations such as Libra must be adopted in advance of any launch.”. Trump tweeted , “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.

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Gonzobanker

DECEMBER 14, 2023

Award – goes to CNBC’s Jim Cramer , who lamented that banks should have been innovating offerings like those delivered by PayPal and Square. The Bank Regulator Working for Merchants Award! Seems like maybe this has been forgotten when it comes to these regulations. The “What the Hell Are Bankers Doing?”

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PYMNTS

JULY 15, 2019

It has been about a month since Facebook pulled back the curtain on its vision for Libra – a blockchain-backed cryptocurrency with the lofty aim of connecting the 1.7 And regulators in the U.S. But will regulators want to come to the table – or is it more likely they will want to shut it down?

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PYMNTS

OCTOBER 7, 2019

Instead of piling on, though, I’d rather be constructive and lay out what we’ve learned from the Libra experience that may be helpful to other innovators who have big ideas to change the world. Some innovators the world over are solving the real problems of these 1.5 One: Solve A Solvable Problem. Two: Be Clear About What You Are.

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PYMNTS

AUGUST 5, 2019

There has been no summer slowdown for regulatory overtures toward technology firms, spanning social media, antitrust concerns and the cryptocurrency arenas. Back then, Facebook said the FTC was examining “areas of social networking or social media services, digital advertising and/or mobile or online applications.”.

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social media cryptocurrency Google Regulation 122

Lex Sokolin

AUGUST 19, 2020

In a world where Facebook is creating a paytech unit focused on global commerce under David Marcus (former president at PayPal, head of Facebook Messenger for 4 years, and of course the face of Facebook’s cryptocurrency effort Libra) tells you enough about how much space will be left for B2C banking. So what else can a neobank do?

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PYMNTS

JUNE 24, 2019

If there might be an overarching theme this past week on the as-yet-to debut Libra cryptocurrency it would boil down to a single word: Caution. Wall Street seems focused on the social media giant, beleaguered as it is with privacy concerns. That spells regulation and caution. All Libra, all the time?

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Lex Sokolin

JULY 22, 2019

Home photo albums grew from a few dozen mundane, poorly composed pictures, to millions of images immaculately designed and filtered for social media. Today’s innovations of Artificial Intelligence and Blockchain are opening up a new frontier for the machines, and their implications for our creativity. It is a heavy burden.

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Lex Sokolin

JULY 22, 2019

Home photo albums grew from a few dozen mundane, poorly composed pictures, to millions of images immaculately designed and filtered for social media. Today’s innovations of Artificial Intelligence and Blockchain are opening up a new frontier for the machines, and their implications for our creativity. It is a heavy burden.

US 40

US social media blockchain Examples 40