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Shopify Added to Libra Association, Congress Updates Hearing Schedule

Facebook’s polarizing Libra Association—the social media giant’s attempt at creating a stable globalcoin network—added a new member, Shopify, to its ranks. The news comes on the same day the U.S. House Committee on Financial Services announced its March meeting calendar, complete with a Tuesday, March 24 hearing on (what else?) digital currencies.

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Shopify is a global commerce company that offers tools for retail businesses, according to information from the company. It is based in Ottawa, Canada and boasts more than a million clients in 175 countries. “As online commerce becomes increasingly borderless, it’s easy to forget that payments and the value exchange of goods are not a solved problem everywhere. Much of the world’s financial infrastructure was not built to handle the scale and needs of internet commerce,” reads a press release. “Our mission is to make commerce better for everyone and to do that, we spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better. That’s why we decided to become a member of the Libra Association.”

Shopify said it will work toward creating an inclusive payment network supporting consumers and merchants, will advocate for transparency, ease of access to capital, and consumer safety and privacy. “We want to create an infrastructure that empowers more entrepreneurs around the world. We’re excited to be part of the Libra Association and look forward to how the project may improve commerce everywhere.”

FROM TWITTER

Casey Newton @CaseyNewton

"Shopify announcedShopify announced that it is joining the Libra Association—a critical first step down the path toward eventually announcing that it is leaving the Libra Association"

The announcement comes in tandem with the March calendar for the U.S. House Committee on Financial Services. Notably, the Subcommittee on National Security, International Development, and Monetary Policy has a hearing set for Tuesday, March 24, titled “A Review of Domestic and International Approaches to Digital Currencies.” The committee did not publish a list of guests as of press time.

Additionally, the Committee on Financial Services will host a number of other hearings, including:

  • March 4— The Subcommittee on National Security, International Development, and Monetary Policy: “The Traffickers’ Roadmap: How Bad Actors Exploit Financial Systems to Facilitate the Illicit Trade in People, Animals, Drugs, and Weapons.”
  • March 6—The Subcommittee on Consumer Protection and Financial Institutions: “Modern-Day Redlining: the Burden on Underbanked and Excluded Communities in New York.” (Takes place in New York)
  • March 25—The Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets: “The End of LIBOR: Transitioning to an Alternative Interest Rate Calculation for Mortgages, Student Loans, Derivatives, and Other Financial Products.”

Recently, Libra enumerated some of its plans (PDF) to address issues raised by the G7, a group of countries exploring solutions to global financial issues, among other matters. A G7 Working Group report called “Investigating the Impact of Global Stablecoins (GSCs),” examined the impact the coins could have on the global economy and prompted the retort.

“The Libra Association is committed to building a system that replicates or exceeds current standards for consumer protection, financial stability, and global cooperation to prevent money laundering and illicit finance while preserving national sovereignty over monetary policy,” reads the coalition’s response.

Libra addressed several topics, specifically:

  • Global Trend Toward Stablecoins—“The Libra Association was created to help realize the long-term potential of technology to improve access and lower the cost of financial services for billions of people.”
  • Fair Competition and Market Integrity
  • Anti-Money Laundering (AML), Know Your Customer (KYC) Compliance, and Taxation
  • Consumer Rights—“Libra coin holders will enjoy protections and legal rights similar to the protections and legal rights of existing financial products.”
  • Financial Stability, Systemic Risk, and Cybersecurity
  • Data Privacy and Portability
  • Private Payment Networks and Governance
  • Opportunity to Improve Cross Border Payments—“The Libra Association is committed to expanding financial inclusion, economic empowerment, and access to the global economy for billions of people and small businesses.”
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