Facebook Narrows Scope of Proposed Libra Cryptocurrency

Facebook and its partners pulled back their ambitious plans for the Libra cryptocurrency, which was unveiled last June as “a futuristic global money” that could be the foundation of a “new kind of financial system.” In the months since its June debut, the Libra project has encountered a range of obstacles and the scrutiny of regulators. The Swiss-backed Libra Association, citing global opposition to the project, now aims to create a payment network with coins tied to a local currency. Continue reading Facebook Narrows Scope of Proposed Libra Cryptocurrency

New Cryptocurrency Planned by Messaging App Telegram

Social network Telegram is moving ahead with its plans to issue its own cryptocurrency, dubbed Gram, within the next two months. The 200 million to 300 million global users of its messaging app will also have access to Gram digital wallets. Telegram appears to have the same ambitions for Gram that Facebook has for its Libra cryptocurrency: as a way to move money worldwide. In early 2018, Telegram tapped $1.7 billion from prominent investors including major Silicon Valley venture capitalists to launch the fund. Continue reading New Cryptocurrency Planned by Messaging App Telegram

Google Announces Plans to Bring Electronic IDs to Android

On the final day of its annual I/O developer conference in Mountain View last week, Google announced plans to bring Electronic IDs like driver’s licenses and club memberships to Android, and that all new Android Q devices would be required to encrypt user data. These developments could move users one step closer to using digital wallets as valid identification for in-person transactions. As part of the announcement, Google indicated that it’s looking into adding Electronic ID support so developers can build mobile apps for secure ID use.

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