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Inside Libra

Inside Libra (Jul 24th, 2019)

1. Libra scam ads have already been uncovered across nearly a dozen accounts, groups, and pages on Facebook and Instagram, claiming to be official avenues for the hotly discussed digital currency, according to an investigation. A report from the Washington Post, found that some of the scams involved the participation of the yet-to-be-released coin at a discount price through third-party websites. Others included fake pages that used official Libra marketing, Facebook’s logo, and photos of CEO Mark Zuckerberg. –THE VERGE

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2. The 28 founding partners of Facebook's Libra Association have yet to become official, according to Alfred F. Kelly, Jr., the CEO and board chair of Visa, which is one of the companies that has expressed an interest in joining. During a Q3 2019 earnings call, Kelly explained that even though they are one of 27 businesses that have signed a "nonbinding letter of intent," communicating interest to join Libra, not one has officially joined. Some of the other so-called founding members include Coinbase, Lyft, Mastercard, and PayPal. –COIN DESK

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3. A survey has found that people in the U.S. trust Bitcoin more than they do the proposed Libra stablecoin and the Calibre wallet Facebook is planning to launch next year. The poll by consumer insights provider CivicScience found that of the 1,799 people, only two percent indicated they would trust Libra over Bitcoin. Notably, 40 percent stated that they trusted Libra less than Bitcoin and other cryptocurrencies, with nearly 20 percent of the opinion that they trusted it "about the same." –CIVIC SCIENCE

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4. Switzerland's privacy watchdog is, reportedly, still waiting to receive a reply from Facebook providing details of its Libra project. Libra, is projected to be governed in Switzerland; however, the Federal Data Protection and Information Commissioner (FDPIC) has yet to receive a reply to its July 17 letter seeking additional information to determine its role. In particular, the watchdog is keen to know what personal data will be processed. –REUTERS

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5. Brad Garlinghouse, CEO of Ripple, has stated that Facebook's proposed Libra coin doesn't mean that all crypto should be painted with "one broad brush." Speaking in an interview, he said that while regulation is important, the U.S. government should understand that not all crypto is the same. By putting everything under one umbrella, Garlinghouse said this could stifle innovation in the U.S. –FOX BUSINESS

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6. An investigation into Facebook's Libra may be on the table with British MPs who fear it could be open to fraud. That's according to MP Damian Collins, chair of the Digital, Culture, Media and Sport Committee. He remains concerned about Facebook's ability to maintain the safety of personal information from its billions of users following its less than positive history involving data scandals. –FINANCIAL NEWS

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7. Jens Weidmann, president of Germany’s central bank, the Deutsche Bundesbank, appears to have come out in favor of Facebook's Libra. At a recent G7 meeting, the banking chief noted that there was "no reason to be alarmed," but that there was "reason to be vigilant." He also, reportedly, said that if Libra could deliver on its promise, it may end up being "attractive to consumers." –COINTELEGRAPH

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This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

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