Facebook’s Libra stablecoin may be years from becoming a reality, but that didn’t stop a group of blockchain companies calling itself OpenLibra from announcing plans to fork the stablecoin. News of the preemptive split came at the Ethereum developer conference Devcon 5 in Osaka, Japan on October 9. Lucas Geiger, co-founder of blockchain infrastructure firm Wireline, described the OpenLibra project, as aimed squarely at the corporate control of Libra. Essentially, OpenLibra would be pegged to the Libra coin, a cryptocurrency which will be backed by a basket of fiat currencies to keep its price level. Using the tagline “lock the door open,” the newly launched OpenLibra website called itself an…
PayPal has formally withdrawn from the Libra Association, the payments company announced on October 4.
The Libra Association would not quite deny reports that digital payment service PayPal is withdrawing from the group, designed to oversee Facebook’s highly controversial, proposed cryptocurrency.
France’s economy and finance minister has put the first real spoke in the wheels of Facebook’s Libra cryptocurrency project, promising to block its use in the European Union.