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Calibra’s David Marcus told a banking seminar hosted by the Group of 30 in Washington that instead of having a synthetic unit…Libra could be a series of stablecoins: a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc.
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“The IMF should take over Libra with a view to reinventing the international monetary system in a manner reflecting John Maynard Keynes’ rejected proposal at the 1944 Bretton Woods Conference for an International Clearing Union.”
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“Industry sources have told the FT that the decisive factor was a letter that Democratic Senators Sherrod Brown and Brian Schatz sent to Mastercard, Visa and Stripe. It warned that proceeding with the project would expose even their non-Libra businesses to heavier regulatory scrutiny.”
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Ex-Fed Chair nominee Stephen Moore is part of a group that will launch a USD-pegged stablecoin called Frax. It will be fractionally-backed and use algorithms to loan out its reserves and collect interest to maintain the peg.
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This filing is reportedly only the latest part of Bitfinex’ ongoing initiative to recover $880 million that were held at Crypto Capital when the payment processor was seized by authorities in Poland in April of last year as part of a money-laundering investigation.
Kiffmeister’s Fintech Daily Digest 10/21/2019
