[ad_1] The UK was a target market for Robinhood for a long time, especially with a number of other companies also offering commission-free stock trading. That included Revolut, Freetrade and Trading 212, amongst others, all of which offered a similar sort of service in the market. Robinhood markets itself as a zero-fee stock-trading app which […]
Category: money
Facebook’s global currency plans were always doomed
[ad_1] Now, Libra will tie itself to a series of currencies, including US Dollars, Euros, and British Pounds. As TechCrunch explains, “when you send one Libra, you’ll actually send a fraction of USD-backed, EUR-backed, GBP-backed (etc.) stablecoins.” That should be an effective hedge against currency fluctuations, but it’ll hardly remove the risk for buyers or […]
The IRS won’t ask you to report ‘Fortnite’ V-Bucks on tax returns
[ad_1] The tax forms won’t clarify matters, though. Schedule 1 in Form 1040 asks taxpayers if they have “any financial interest in any virtual currency” without a definition or an indication of what to do next. While many will check with the IRS for a clarification or simply assume the tax bureau is referring to […]
Tech companies won’t become banks, but they’ll pretend to
[ad_1] You can’t escape stories of tech companies dipping their toes into banking. This year, Google revealed it’s working on a check-clearing platform for 2020, and Facebook relaunched its own payments platform. Apple launched a credit card in partnership with Goldman Sachs’ Marcus digital bank, too. As hardware sales and ad revenues dry up, these […]
Facebook releases Zuckerberg’s upcoming testimony in defense of Libra
[ad_1] According to Zuckerberg, Facebook is “committed to taking the time to get this right.” But he also points out that China could reveal a similar system in the coming months. “If America doesn’t innovate, our financial leadership is not guaranteed,” Zuckerberg’s prepared statement reads. Supposedly, Facebook isn’t just motivated by self-interest. “Over the long […]
Facebook’s Libra loses one more member as its council becomes official
[ad_1] PayPal, eBay, Mastercard, Visa and Stripe were some the most prominent companies to pull out, each of them leaving within days of each other. Not that Facebook is deterred. Libra Association policy head Dante Disparte told Reuters that the departures were a “correction” and “not a setback.” The outfit also touted the number of […]
EU grills Facebook over Libra’s financial and privacy risks
[ad_1] The questioning is part of a larger EU effort to determine if and how Libra should be regulated, provided it’s even allowed to operate in the region. There are significant hurdles to that happening. The European Central Bank’s Benoît Coeuré has warned that the standards for approval “will be very high,” and the French […]
Facebook’s Libra currency will get half its backing from the US dollar
[ad_1] This isn’t surprising given Facebook’s home turf and the usual strength of the US dollar. The absence of certain currencies might work in Libra’s favor, too. The absence of China’s yuan could appease American politicians scrutinizing the currency by assuaging their fears of Chinese influence. US officials have long accused China of softening the […]
Central banks to question Facebook over Libra cryptocurrency
[ad_1] In response, Libra reiterated its earlier stance that it “welcome[s] this engagement” with politicians and regulators, and that it “deliberately” set out a long launch schedule to discuss issues and modify its plans based on feedback. The conversation might not go the way Facebook and the Libra team hope. Coeuré in particular has warned […]
China’s official digital currency is nearly ready
[ad_1] It’ll rely on a two-tier split, with the People’s Bank on top and commercial banks below, ostensibly to help deal with the sheer size of China’s economy and population. Also, it won’t rely entirely on the blockchain that forms the backbone of cryptocurrencies. It just couldn’t deliver the throughput needed for retail, Changchun said. […]