Facebook May Discuss GlobalCoin With CFTC

CFTC wants to understand whether GlobalCoin falls under its regulation
03 June 2019   167

Operator of the world's largest social network Facebook Inc. held talks with the US Commodity Futures Trading Commission (CFTC). The main theme was a stablecoin called GlobalCoin, reports the Financial Times, citing the head of department, Christopher Giancarlo.

The discussion is in the early stage. CFTC intends to find out whether GlobalCoin falls under its regulation. The agency expressed a desire to better understand the nature of stablecoin, says the publication.

Earlier, the media reported that Facebook is already in talks with representatives of the US Treasury and Bank of England governor Mark Carney, as well as with Western Union, Visa and Mastercard regarding the initiative, code-named Libra.

At the beginning of May, The Wall Street Journal announced the development of Libra, a new payment network based on a steylcoin secured by a basket of fiat currencies.

At the moment, CFTC is allegedly not sure whether GlobalCoin falls under their regulation, however, they believe that if stablecoin is pegged to the US dollar, then derivatives may not be needed.

On May 2, Facebook registered Libra Networks in Geneva, Switzerland. It profile involves the development of infrastructure and software, in particular, related to investment activities, payment transactions, financing, identity management, data analysis, Big Data, blockchain and other technologies.

1st Alternative Zcash Client to be Created by Parity

The responsibility for the continued development and support of the new client called Zebra will be with the Zcash Foundation
18 June 2019   126

The leading developer of solutions for the Ethereum ecosystem, Parity Technologies, presented the first alternative client for cryptocurrency Zcash.

A new client called Zebra is designed to improve the security of the Zcash network. So, if the original Zcashd client will not be able to operate for some reason, the blockchain will be supported by nodes on Zebra.

In addition, with the help of an alternative client, developers will be able to identify bugs and eliminate defects in consensus.

The community wins across the board, as there are now more core developers working on clients, with more interests represented and clients taking different approaches on how to build apps on top. Zcash can now boast a more diversified community that can effectively tailor experiences for Layer 2 developers as well as end-users.

Fredrik Harryson
CTO, Parity Technologies

The responsibility for the continued development and support of the Zebra will be with the Zcash Foundation.