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Global financial watchdogs take aim at Big Tech’s data dominance

LONDON (Reuters) – Google, Alibaba and other “Big Tech” companies could be forced to share data on financial services customers with banks and financial technology firms to prevent unfair competition. As Facebook’s plan for its Libra “stablecoin” faces scrutin... More »


Crypto backed by crypto: Dai seeks to change ‘stablecoin’ game

LONDON (Reuters) – Some are backed by dollars. Others by gold. But this “stablecoin” isn’t tied to any major asset – it’s backed by another cryptocurrency. Stablecoins, such as Facebook’s (FB.O) Libra, are a new breed of cryptocurrencies that aim to escape the... More »


PayPal becomes first member to exit Facebook’s Libra Association

WASHINGTON (Reuters) – U.S. payments processor PayPal Holdings Inc (PYPL.O) said on Friday it was leaving Libra Association, the entity managing the Facebook-led effort to build global digital currency Libra, making it the first member to exit the group. PayPa... More »


France, Germany blast Facebook’s Libra, back public cryptocurrency

HELSINKI (Reuters) – France and Germany said on Friday that Facebook Inc’s (FB.O) Libra currency posed risks to the financial sector that could block its authorization in Europe, and backed the development of an alternative public cryptocurrency. The criticism... More »


Skirting U.S. sanctions, Cubans flock to cryptocurrency to shop…

HAVANA (Reuters) – Jason Sanchez, 35, was able to start buying spare parts online last year for his cellphone repair shop in Havana thanks to the advent of cryptocurrency trading in Communist-run Cuba. Cuba, which in many ways remains stuck in the analogue pas... More »


Facebook’s Libra seeks Swiss payment system license

ZURICH (Reuters) – Facebook’s (FB.O) Libra cryptocurrency project is seeking a Swiss payment system license, financial watchdog FINMA said on Wednesday, noting the breadth of the planned services would require broad oversight. The world’s largest social media ... More »


Swiss-based Libra will have to meet tough U.S. standards: U.S….

BERN (Reuters) – The Facebook-led (FB.O) Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground, a senior U.S. Treasury official said on Tuesday. Any cryptocurrency pro... More »


Fugitive U.S. tech guru: Cryptocurrency is next Cuban revolution

HAVANA (Reuters) – On the run from U.S. tax authorities, tech guru John McAfee puffs a cigar aboard his towering white yacht in a Havana harbor and says he can help Cuba evade the U.S. government too – by launching a cryptocurrency that defeats a U.S. trade em... More »


Mir card payment system looks beyond Russia

MOSCOW (Reuters) – After Western sanctions gutted Russia’s financial system five years ago, a new bank card began appearing in the wallets of many Russians. Now the country is hoping to introduce its cards, known as Mir cards, to foreign markets where Russian ... More »


U.S. charges My Big Coin virtual currency firm founder with fraud

BOSTON (Reuters) – The founder of a Nevada-based company was arrested on Wednesday on federal charges he participated in a $6 million scheme to defraud people who wanted to buy a virtual currency called My Big Coin that he claimed was backed by gold. Randall C... More »