Dsm Capital Partners Lifted Its Position in Facebook (FB) by $388895 as Stock Value Rose; Mufg …

Some Historical INTC News: 08/05/2018 – VenueNext Receives Investment from Intel Capital; 15/05/2018 – Intel wants to expand its production …

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Dsm Capital Partners Llc increased its stake in Facebook (FB) by 0.09% based on its latest 2019Q2 regulatory filing with the SEC. Dsm Capital Partners Llc bought 2,015 shares as the company’s stock rose 0.62% . The hedge fund held 2.20 million shares of the technology company at the end of 2019Q2, valued at $424.58 million, up from 2.20M at the end of the previous reported quarter. Dsm Capital Partners Llc who had been investing in Facebook for a number of months, seems to be bullish on the $534.04B market cap company. The stock decreased 0.15% or $0.28 during the last trading session, reaching $187.19. About 11.44M shares traded. Facebook, Inc. (NASDAQ:FB) has risen 13.54% since September 14, 2018 and is uptrending. It has outperformed by 13.54% the S&P500. Some Historical FB News: 13/04/2018 – The tiny Cambridge department sucked into Facebook big data furore; 27/03/2018 – CNBC Wires: Facebook’s Zuckerberg to testify before U.S. Congress; 18/03/2018 – New York Post: NBC News’ Andy Lack is not a fan of Facebook; 03/05/2018 – Facebook’s Double Standard on Privacy: Employees Vs. the Rest of Us; 30/03/2018 – Facebook Memo Reveals Angst Over Growth Culture’s Consequences; 09/04/2018 – Facebook co-founder says reckoning over its data use is `overdue’; 10/04/2018 – ABC6: #BREAKING: Facebook CEO Mark Zuckerberg tells Congress company didn’t do enough to prevent harm, per @AP; 19/03/2018 – Five Prime Therapeutics Licenses New Target to UCB Originating from its Proprietary Protein Discovery Platform; 23/04/2018 – Facebook’s Next Headache: European Regulators — Barron’s Blog; 22/03/2018 – FACEBOOK COO SHERYL SANDBERG SAYS THERE WILL ALWAYS BE BAD ACTORS- CNBC

Mufg Americas Holdings Corp decreased its stake in Intel Corp (INTC) by 6.39% based on its latest 2019Q2 regulatory filing with the SEC. Mufg Americas Holdings Corp sold 38,017 shares as the company’s stock declined 0.41% . The institutional investor held 556,950 shares of the semiconductors company at the end of 2019Q2, valued at $26.66M, down from 594,967 at the end of the previous reported quarter. Mufg Americas Holdings Corp who had been investing in Intel Corp for a number of months, seems to be less bullish one the $232.75B market cap company. The stock decreased 0.89% or $0.47 during the last trading session, reaching $52.54. About 14.76M shares traded. Intel Corporation (NASDAQ:INTC) has risen 6.00% since September 14, 2018 and is uptrending. It has outperformed by 6.00% the S&P500. Some Historical INTC News: 08/05/2018 – VenueNext Receives Investment from Intel Capital; 15/05/2018 – Intel wants to expand its production operations in Israel, with the government saying the U.S. chipmaker would invest about $5 billion; 28/05/2018 – Techmeme: Source: US Equal Employment Opportunity Commission investigating potential age discrimination in Intel’s 2016 cuts; 30/05/2018 – Mapbox partners Microsoft, Intel to provide self-driving car maps; 08/05/2018 – Tom’s Hardware: Intel Postpones Patching ‘Spectre NG’ CPU Flaws; 26/04/2018 – After-hours buzz: AMZN, INTC, SBUX & more; 16/05/2018 – Australian Gov: US Patent Issued to Intel on May 15 for “Device, system and method of controlling access to location sources”; 25/05/2018 – Intel AI Head: ‘Vast Explosion of Applications’ — Barron’s Blog; 18/05/2018 – 19-Year-Old Engineer Builds Autonomous Window Cleaner for Commercial Buildings; 15/03/2018 – Mark R. Warner: Joint Statement: Senate Intel Committee Leaders on Russian Nerve Agent Attack on British Soil

Investors sentiment decreased to 0.8 in Q2 2019. Its down 0.06, from 0.86 in 2019Q1. It turned negative, as 78 investors sold INTC shares while 717 reduced holdings. 111 funds opened positions while 523 raised stakes. 2.79 billion shares or 1.66% less from 2.84 billion shares in 2019Q1 were reported. Moreover, Howard Cap Management has 2.25% invested in Intel Corporation (NASDAQ:INTC) for 344,206 shares. Monetary Mngmt accumulated 36,245 shares. Clark Cap Group Inc has 419,361 shares. Delphi Mngmt Ma stated it has 1.29% in Intel Corporation (NASDAQ:INTC). Hilltop Holding holds 23,268 shares. Cognios Cap Limited Liability has invested 0.98% in Intel Corporation (NASDAQ:INTC). Da Davidson accumulated 896,905 shares or 0.8% of the stock. Royal London Asset Mngmt Limited stated it has 0.8% in Intel Corporation (NASDAQ:INTC). Platinum Mgmt Limited invested in 5.52 million shares or 6.21% of the stock. Oberweis Asset Management Inc reported 7,873 shares. Weik Capital Management holds 9,510 shares or 0.22% of its portfolio. Smith Chas P Assocs Pa Cpas reported 13,171 shares. Architects Inc holds 0.41% or 46,252 shares. Howe Rusling has 0.15% invested in Intel Corporation (NASDAQ:INTC). Mycio Wealth Llc reported 25,015 shares.

Mufg Americas Holdings Corp, which manages about $3.56B US Long portfolio, upped its stake in Vanguard Bd Index Fd Inc (BSV) by 5,489 shares to 102,126 shares, valued at $8.22M in 2019Q2, according to the filing. It also increased its holding in Vanguard Index Fds (VOO) by 34,801 shares in the quarter, for a total of 237,661 shares, and has risen its stake in Schwab Strategic Tr (SCHG).

More notable recent Intel Corporation (NASDAQ:INTC) news were published by: Nasdaq.com which released: “Intel Stock Gets More Value Oriented by the Day – Nasdaq” on June 06, 2019, also Nasdaq.com with their article: “Intel Corporation (INTC) Ex-Dividend Date Scheduled for August 06, 2019 – Nasdaq” published on August 05, 2019, Nasdaq.com published: “Definitely Don’t Buy Intel Stock Today! – Nasdaq” on May 10, 2019. More interesting news about Intel Corporation (NASDAQ:INTC) were released by: Nasdaq.com and their article: “Intel (INTC) Earnings After Bell: Will Management Guide Shares Up? – Nasdaq” published on July 25, 2019 as well as Nasdaq.com‘s news article titled: “Intel (INTC) Outpaces Stock Market Gains: What You Should Know – Nasdaq” with publication date: September 12, 2019.

Analysts await Intel Corporation (NASDAQ:INTC) to report earnings on October, 24. They expect $1.24 EPS, down 11.43% or $0.16 from last year’s $1.4 per share. INTC’s profit will be $5.49 billion for 10.59 P/E if the $1.24 EPS becomes a reality. After $1.06 actual EPS reported by Intel Corporation for the previous quarter, Wall Street now forecasts 16.98% EPS growth.

Since August 22, 2019, it had 0 insider buys, and 1 insider sale for $4.05 million activity.

Dsm Capital Partners Llc, which manages about $5.78 billion and $6.86 billion US Long portfolio, decreased its stake in Epam Systems (NYSE:EPAM) by 150,350 shares to 559,388 shares, valued at $96.83M in 2019Q2, according to the filing. It also reduced its holding in Globant (NYSE:GLOB) by 3,525 shares in the quarter, leaving it with 16,210 shares, and cut its stake in Zoetis (NYSE:ZTS).

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Facebook (FB) Shareholder Dragoneer Investment Group Trimmed Stake by $6.33 Million as Stock …

Indexiq Advisors Llc increased its stake in Finisar Corp (FNSR) by 24.29% based on its latest 2019Q2 regulatory filing with the SEC. Indexiq Advisors …

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Indexiq Advisors Llc increased its stake in Finisar Corp (FNSR) by 24.29% based on its latest 2019Q2 regulatory filing with the SEC. Indexiq Advisors Llc bought 427,636 shares as the company’s stock declined 0.04% . The institutional investor held 2.19M shares of the semiconductors company at the end of 2019Q2, valued at $50.04 million, up from 1.76 million at the end of the previous reported quarter. Indexiq Advisors Llc who had been investing in Finisar Corp for a number of months, seems to be bullish on the $2.76 billion market cap company. The stock decreased 1.33% or $0.31 during the last trading session, reaching $22.98. About 1.34 million shares traded or 6.32% up from the average. Finisar Corporation (NASDAQ:FNSR) has risen 39.73% since September 14, 2018 and is uptrending. It has outperformed by 39.73% the S&P500. Some Historical FNSR News: 15/05/2018 – Pioneer Investment Management Exits Position in Finisar; 15/05/2018 – Engaged Capital Buys New 2.2% Position in Finisar; 08/03/2018 – Finisar Sees 4Q Rev $300M-$320M; 08/03/2018 – FINISAR CORP QTRLY SHR LOSS $0.49; 08/03/2018 – Finisar 3Q Rev $332.4M; 15/05/2018 – Engaged Capital Adds Finisar, Exits Medifast, Cuts NCR: 13F; 08/03/2018 – Finisar 3Q Loss/Shr 49c; 08/03/2018 – Finisar 3Q Adj EPS 20c; 09/05/2018 – Finisar Short-Interest Ratio Rises 66% to 10 Days; 21/05/2018 – Finisar (FNSR) Gains on Positive Win Chatter

Dragoneer Investment Group Llc decreased its stake in Facebook Inc (FB) by 6.82% based on its latest 2019Q2 regulatory filing with the SEC. Dragoneer Investment Group Llc sold 32,801 shares as the company’s stock rose 0.62% . The institutional investor held 448,465 shares of the technology company at the end of 2019Q2, valued at $86.55 million, down from 481,266 at the end of the previous reported quarter. Dragoneer Investment Group Llc who had been investing in Facebook Inc for a number of months, seems to be less bullish one the $534.04B market cap company. The stock decreased 0.15% or $0.28 during the last trading session, reaching $187.19. About 11.44 million shares traded. Facebook, Inc. (NASDAQ:FB) has risen 13.54% since September 14, 2018 and is uptrending. It has outperformed by 13.54% the S&P500. Some Historical FB News: 17/05/2018 – FACEBOOK: ANNOUNCING NEW ELECTION PARTNERSHIP WITH ATLANTIC COU; 28/03/2018 – Elon Musk deleted both SpaceX and Tesla’s Facebook pages because Facebook gives him “the willies.” via @CNBCMakeIt; 18/03/2018 – Facebook Post Pushes Norway Government to the Brink of Collapse; 27/03/2018 – CNBC Wires: FACEBOOK CEO PLANS TO TESTIFY BEFORE U.S. CONGRESS ON DATA PRIVACY ISSUES; 20/03/2018 – Mike Butcher: BREAKING: Cambridge Analytica, the data firm at the center of the Facebook controversy, has suspended its CEO; 21/03/2018 – REFILE-Academic in Facebook storm worked on Russian ‘dark’ personality project; 28/03/2018 – Facebook to Stop Providing Information From Its Platform to Data Brokers; 03/04/2018 – US StratCommand: Facebook; 10/04/2018 – LIVE: Facebook CEO Mark Zuckerberg testifies before Congress in the wake of the Cambridge Analytica data scandal; 29/05/2018 – Generation Z is already moving away from Facebook, and 6 more industries could be next

Dragoneer Investment Group Llc, which manages about $450.59M and $2.51 billion US Long portfolio, upped its stake in Upwork Inc by 1.42 million shares to 3.02 million shares, valued at $48.58M in 2019Q2, according to the filing.

Since August 22, 2019, it had 0 insider purchases, and 1 sale for $4.05 million activity.

Investors sentiment increased to 1.19 in Q2 2019. Its up 0.04, from 1.15 in 2019Q1. It improved, as 45 investors sold FB shares while 600 reduced holdings. 170 funds opened positions while 597 raised stakes. 1.72 billion shares or 2.09% more from 1.69 billion shares in 2019Q1 were reported. 2.02M were reported by Toronto Dominion Bancorp. Georgia-based Rowland & Communications Inv Counsel Adv has invested 0% in Facebook, Inc. (NASDAQ:FB). Piedmont Inv has invested 2.48% in Facebook, Inc. (NASDAQ:FB). Wafra Inc has 174,215 shares for 1.13% of their portfolio. Plancorp Limited Liability Corporation reported 2,840 shares. Markel Corp invested in 0.42% or 141,530 shares. Adage Capital Grp Lc invested in 2.93M shares. Cap Wealth Planning Limited Liability Com owns 17,960 shares. Hbk Sorce Advisory Ltd Liability reported 22,664 shares. Montag & Caldwell Limited Liability holds 4.95% in Facebook, Inc. (NASDAQ:FB) or 499,072 shares. Susquehanna Int Ltd Liability Partnership holds 1.41 million shares. Jnba Fin Advisors reported 2,305 shares. Duquesne Family Office Limited Liability Corporation has invested 0.2% in Facebook, Inc. (NASDAQ:FB). Hilltop Holding reported 9,202 shares. Capital Management Associates Ny accumulated 0.75% or 2,400 shares.

More notable recent Facebook, Inc. (NASDAQ:FB) news were published by: Livetradingnews.com which released: “Facebook, Inc. (NASDAQ:FB) Outpaces Stock Market Gains – Live Trading News” on September 09, 2019, also Seekingalpha.com with their article: “Instagram: Driving Facebook Forward – Seeking Alpha” published on August 28, 2019, Nasdaq.com published: “Mark Zuckerberg Sells Facebook Stock, But Don’t Panic Yet – Nasdaq” on September 06, 2019. More interesting news about Facebook, Inc. (NASDAQ:FB) were released by: Nasdaq.com and their article: “Buy Facebook (FB) Stock on Instagram ‘Checkout’ E-Commerce Innovation? – Nasdaq” published on April 02, 2019 as well as Seekingalpha.com‘s news article titled: “Facebook adds privacy control for face recognition – Seeking Alpha” with publication date: September 03, 2019.

Analysts await Facebook, Inc. (NASDAQ:FB) to report earnings on October, 29. They expect $1.94 earnings per share, up 10.23% or $0.18 from last year’s $1.76 per share. FB’s profit will be $5.53B for 24.12 P/E if the $1.94 EPS becomes a reality. After $0.91 actual earnings per share reported by Facebook, Inc. for the previous quarter, Wall Street now forecasts 113.19% EPS growth.

Indexiq Advisors Llc, which manages about $1.21 billion and $3.26B US Long portfolio, decreased its stake in Vanguard Intl Equity Index F (VPL) by 69,599 shares to 46,658 shares, valued at $3.08M in 2019Q2, according to the filing. It also reduced its holding in Vanguard Intl Equity Index F (VGK) by 28,296 shares in the quarter, leaving it with 68,060 shares, and cut its stake in First Comwlth Finl Corp Pa (NYSE:FCF).

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Why is France’s finance minister at war with Facebook’s cryptocurrency?

French Finance Minister Bruno Le Maire only has harsh words for Libra, Facebook’s planned cryptocurrency. He wants to block its development in …
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Bruno Le Maire has found a punching bag: Libra, Facebook’s blockchain currency project. On Thursday September 13, the French Finance Minister expressed his opposition to the development of the digital currency in Europe, asserting that: “Our monetary sovereignty is at stake.”

“It’s a bit like Bruno Le Maire versus Libra Act II or Act III,” Loïc Sauce, an economist and cryptocurrency expert at the Institute of Higher Education in Marketing and Commerce (ISTEC), told FRANCE 24. Le Maire has been wary of the project since Facebook announced in June its plan to enable its nearly two billion users to pay and send money with its new currency, Libra.

Protecting the government’s domain

Initially circumspect, Le Maire has since become openly hostile to the plan. In addition to the risk to sovereignty, he has also cited the “danger to consumers” and “systemic risk” when talking about Libra.

“The minister’s reaction is understandable. The power to mint coins is historically the prerogative of the state. Now there is a group of private enterprises (the Libra Association the non-profit that will oversee the currency includes companies such as MasterCard, Uber, Spotify and Vodaphone) saying that their currency is more useful than those being employed in the territories where Facebook is present,” said Michel-Emmanuel de Thuy, digital director at 99 Advisory, a management consulting firm that specialises in the financial sector.

Le Maire hasn’t shied away from hitting Facebook where it hurts. By raising the issue of monetary sovereignty, Le Maire is insinuating that, if successful, Libra could interfere with monetary policies, de Thuy noted. If two billion people turn to Libra for a portion of their online transactions, “governments risk losing control over a significant part of financial flows, which would deprive them of information that is important for determining monetary policy,” said Nathalie Janson, an economist and bitcoin specialist at the Neoma Business School.

For the time being, Facebook is only considering using Libra to allow its users to transfer funds through its site or its messaging services (WhatsApp, Messenger) and to pay some of its merchant partners online. “But as technological progress accelerates, some countries may fear that this dematerialised currency will, in the not too distant future, be used to pay for everyday purchases, such as baguettes,” de Thuy said.

Facebook ‘too big to fail’

In a world where Libra is established as a currency that competes with the euro, the dollar, or other currencies, Facebook would become de facto “too big to fail”, like the banks that governments cannot let go bankrupt for fear of destabilising their entire economies. If Mark Zuckerberg’s Facebook empire were to collapse, the money that users had in their Calibra virtual portfolios managed by Facebook “would not be covered by a government guarantee, as can be the case with bank accounts, and the losses could affect the entire economy. This is the systemic risk that Bruno Le Maire is referring to,” Janson explained.

These worst-case scenarios remain hypothetical and Libra is still in the development stages. But Le Maire believes that prevention is better than cure. He is not the only one: American senators also strongly expressed their opposition to Facebook’s planned currency during the July 2019 hearing of David Marcus.

But figuring out how to respond is not easy. “Lawmakers could, at most, prohibit the payment of taxes in Libra and a court could sanction a contract that uses this currency as a means of payment,” Janson said. Sauce concurred. “Beyond that, the state’s means of intervention are very limited. If an American website, for example, decides to allow payment in Libra, France cannot prohibit it,” he said.

A public cryptocurrency to counter Libra?

Likely aware of those limits, Le Maire seems to be in favour of creating a digital currency managed by central banks a kind of public Bitcoin – in response to Libra. In an interview with La Croix newspaper (and without ever mentioning Facebook’s initiative) he explained that such a digital currency would have the advantage of making “transactions faster and cheaper” (because there would be fewer costs associated with cash management) and would facilitate access to financial services for “less bankable” populations. These are, almost word for word, the advantages Facebook cited when presenting Libra.

Le Maire drove the point home on September 13 by issuing a joint statement with his German counterpart, Olaf Scholz, urging the European Central Bank (ECB) to “accelerate its thinking on a public digital currency”.

“This idea of a public virtual currency has been discussed by central banks for years, but has never been a priority. In a sense, it can be said that the threat of the arrival of Libra has made the debate on the modernisation of the currency more pressing,” de Thuy said.

Such a currency would have the advantage over Facebook’s of “benefitting from the official guarantee of the central bank”, Janson said. But all of the European governments would need to agree on its creation, first in principle and then on the details. In other words, Facebook may have time to introduce its Libra and cash in before the ECB even has a chance to propose an alternative.

The battle between certain countries including France and Facebook for the future of currency could have an unintended victim: the pioneering spirit of cryptocurrencies. Both Libra and the public project proposed by Le Maire call for systems controlled by a central body; whether it is the Libra Association in Geneva or the ECB. These projects are far from the ideal defended by Bitcoin’s promoters, who want to establish a system that would be free of intermediaries, such as banks, and of organisations at the top of the pyramid. Whether it is Libra or a public digital currency that gains a foothold, either would be a blow to the revolutionary ambitions of the original cryptocurrency movement, which aimed to establish a new financial system, Janson concluded.

<span lang=”EN-US”><span>This article was adapted from the original in French.</span></span>

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Why is France’s finance minister at war with Facebook’s cryptocurrency?

On Thursday September 13, the French Finance Minister expressed his opposition to the development of the digital currency in Europe, asserting that: …
Advertising

Bruno Le Maire has found a punching bag: Libra, Facebook’s blockchain currency project. On Thursday September 13, the French Finance Minister expressed his opposition to the development of the digital currency in Europe, asserting that: “Our monetary sovereignty is at stake.”

“It’s a bit like Bruno Le Maire versus Libra Act II or Act III,” Loïc Sauce, an economist and cryptocurrency expert at the Institute of Higher Education in Marketing and Commerce (ISTEC), told FRANCE 24. Le Maire has been wary of the project since Facebook announced in June its plan to enable its nearly two billion users to pay and send money with its new currency, Libra.

Protecting the government’s domain

Initially circumspect, Le Maire has since become openly hostile to the plan. In addition to the risk to sovereignty, he has also cited the “danger to consumers” and “systemic risk” when talking about Libra.

“The minister’s reaction is understandable. The power to mint coins is historically the prerogative of the state. Now there is a group of private enterprises (the Libra Association the non-profit that will oversee the currency includes companies such as MasterCard, Uber, Spotify and Vodaphone) saying that their currency is more useful than those being employed in the territories where Facebook is present,” said Michel-Emmanuel de Thuy, digital director at 99 Advisory, a management consulting firm that specialises in the financial sector.

Le Maire hasn’t shied away from hitting Facebook where it hurts. By raising the issue of monetary sovereignty, Le Maire is insinuating that, if successful, Libra could interfere with monetary policies, de Thuy noted. If two billion people turn to Libra for a portion of their online transactions, “governments risk losing control over a significant part of financial flows, which would deprive them of information that is important for determining monetary policy,” said Nathalie Janson, an economist and bitcoin specialist at the Neoma Business School.

For the time being, Facebook is only considering using Libra to allow its users to transfer funds through its site or its messaging services (WhatsApp, Messenger) and to pay some of its merchant partners online. “But as technological progress accelerates, some countries may fear that this dematerialised currency will, in the not too distant future, be used to pay for everyday purchases, such as baguettes,” de Thuy said.

Facebook ‘too big to fail’

In a world where Libra is established as a currency that competes with the euro, the dollar, or other currencies, Facebook would become de facto “too big to fail”, like the banks that governments cannot let go bankrupt for fear of destabilising their entire economies. If Mark Zuckerberg’s Facebook empire were to collapse, the money that users had in their Calibra virtual portfolios managed by Facebook “would not be covered by a government guarantee, as can be the case with bank accounts, and the losses could affect the entire economy. This is the systemic risk that Bruno Le Maire is referring to,” Janson explained.

These worst-case scenarios remain hypothetical and Libra is still in the development stages. But Le Maire believes that prevention is better than cure. He is not the only one: American senators also strongly expressed their opposition to Facebook’s planned currency during the July 2019 hearing of David Marcus.

But figuring out how to respond is not easy. “Lawmakers could, at most, prohibit the payment of taxes in Libra and a court could sanction a contract that uses this currency as a means of payment,” Janson said. Sauce concurred. “Beyond that, the state’s means of intervention are very limited. If an American website, for example, decides to allow payment in Libra, France cannot prohibit it,” he said.

A public cryptocurrency to counter Libra?

Likely aware of those limits, Le Maire seems to be in favour of creating a digital currency managed by central banks a kind of public Bitcoin – in response to Libra. In an interview with La Croix newspaper (and without ever mentioning Facebook’s initiative) he explained that such a digital currency would have the advantage of making “transactions faster and cheaper” (because there would be fewer costs associated with cash management) and would facilitate access to financial services for “less bankable” populations. These are, almost word for word, the advantages Facebook cited when presenting Libra.

Le Maire drove the point home on September 13 by issuing a joint statement with his German counterpart, Olaf Scholz, urging the European Central Bank (ECB) to “accelerate its thinking on a public digital currency”.

“This idea of a public virtual currency has been discussed by central banks for years, but has never been a priority. In a sense, it can be said that the threat of the arrival of Libra has made the debate on the modernisation of the currency more pressing,” de Thuy said.

Such a currency would have the advantage over Facebook’s of “benefitting from the official guarantee of the central bank”, Janson said. But all of the European governments would need to agree on its creation, first in principle and then on the details. In other words, Facebook may have time to introduce its Libra and cash in before the ECB even has a chance to propose an alternative.

The battle between certain countries including France and Facebook for the future of currency could have an unintended victim: the pioneering spirit of cryptocurrencies. Both Libra and the public project proposed by Le Maire call for systems controlled by a central body; whether it is the Libra Association in Geneva or the ECB. These projects are far from the ideal defended by Bitcoin’s promoters, who want to establish a system that would be free of intermediaries, such as banks, and of organisations at the top of the pyramid. Whether it is Libra or a public digital currency that gains a foothold, either would be a blow to the revolutionary ambitions of the original cryptocurrency movement, which aimed to establish a new financial system, Janson concluded.

<span lang=”EN-US”><span>This article was adapted from the original in French.</span></span>

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Head of Libra Association Says Facebook’s Cryptocurrency Will Launch in 2020, Renminbi “Will …

Bertrand Perez, General Director of the Libra Association says Facebook has no plans to delay the launch of its global (crypto)currency network, …

Bertrand Perez, General Director of the Libra Association says Facebook has no plans to delay the launch of its global (crypto)currency network, despite outcry from global regulators.

“We are firmly maintaining our launch schedule, between the end of the first half of next year and the end of 2020,” Perez told online French news site Les Echos this week.

Facebook may be attempting to kowtow to powerful Western interests to help ease tensions if Perez comments to Les Echos are any indication.

In the interview, he assured the public, “the Renminbi will not be part of,” the basket of reserve currencies used to back Libra.

The comment is noteworthy.

In July, Chinese bankers convening at an academic conference at Peking University expressed serious concerns that Libra could upset the balance established by the International Monetary Fund’s Special Drawing Rights basket.

That basket currently includes the Chinese yuan, US dollars, Euros, Japanese yen and British pounds, and “serves as the unit of account of the IMF and some other international organizations.”

“If the digital currency (Libra) is closely associated with the US dollar,” said Wang Xin, director of the People’s Bank of China (PBOC), “it could create a scenario under which sovereign currencies would coexist with US dollar-centric digital currencies. But there would be in essence one boss, that is the US dollar and the United States. If so, it would bring a series of economic, financial and even international political consequences.”

Perez’ interview did nothing to quell China’s concerns:

“(The Libra coin) is 99% fixed, and will include the dollar, euro, yen, pound sterling and Singapore dollar…(as well as) very short-term government dept (less than one year) of these countries.”

As well:

“We are still thinking about weightings, but the dollar should have a very significant weight, around half.”

The Libra Association plans to ongoingly adjust basket holdings based on performance, said Perez:

“If there is a disaster on a currency or crisis between now and the launch of the Libra, we could remove it from the basket, but this decision should be subject to a vote and taken by a two-thirds majority of the association’s members.”

Critics have warned rapid implementation of Libra payments across Facebook’s network of 2.4 billion users could have a destabilizing effect on the current global financial balance and/or could undermine sanctions or illicit finance controls.

Critics have also questioned Facebook’s ability to competently act as a central bank adjusting the taps on a massive currency system, especially given the company’s dramatic mishandling of customer data (ie. the Cambridge Analytica affair).

Other critics have argued that history has proven that currency systems are best managed by elected bodies- not private companies.

The Libra Association has 28 current (mostly corporate) members, and Perez told Les Echos the association plans to bring that number to 100 by next year.

Perez also claimed the association has received “many more than a hundred” requests to join.

Perez dismissed concerns regarding the potentially destabilizing effect of Libra, and said the system will circulate, “a hundred and probably no more than $200 billion (units).”

According to the current model, Libra coins will be “stablecoins” designed to maintain a consistent value via rebalancing of assets in the reserve basket.

The relatively insubstantial amount of Libras (initially?) makes concerns about destabilization overblown, said Perez:

“This is a low figure compared to the global financial markets for currencies. We are not going to become a new BlackRock. For this reason, we do not believe that the fears about the destabilizing nature of this reserve on the monetary policy of the central banks whose currencies are in our basket are well founded. It is their monetary policies that will influence Libra, through the basket, and not the other way around.”

Perez added that, “Facebook’s motto encourages governments to accelerate their own cryptomoney projects”:

“We are also assuring central banks that…we are not going to create money. We are not here to do the work of the banks.”

While the Libra network will not be fully implemented until at least next year, Perez claimed that, “(Libra) is about to obtain…approval as a payment system in Switzerland.”

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