Facebook's Libra cryptocurrency to launch in January 2021

News Network
November 27, 2020

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Facebook's Libra cryptocurrency is readying to launch as early as January, the Financial Times reported on Friday, citing three unidentified people involved in the project. The Geneva-based Libra Association that will issue and govern Libra plans to launch a single digital coin backed by the dollar, the FT said, citing one of the people.

The move would represent an even bigger scaling-back of the project's ambitions than that proposed in April in response to a regulatory and political backlash against the project. Libra, unveiled by Facebook Inc last year, was relaunched in slimmed-down form after regulators and central banks across the world raised concerns it could upset financial stability and erode mainstream power over money.

The Libra Association, of which Facebook is one of 27 members, is seeking the go-ahead from Switzerland's markets watchdog to issue a series of stablecoins backed by individual traditional currencies, as well as a token based on the currency-pegged stablecoins. Yet under the body's new plan, other coins backed by traditional currencies, as well as the composite, would be introduced at a later date, the FT said.

The Libra Association did not immediately reply to a request for comment. FINMA, the Swiss regulator, did not elaborate beyond a statement in April confirming receipt of Libra's application for a payments licence. Stablecoins are designed to avoid the volatility typical of cryptocurrencies such as bitcoin, making them in theory more suitable for payments and money transfers.

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News Network
November 29,2024

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New DelhiI: The Supreme Court on Friday asked the Sambhal Shahi Jama Masjid committee to approach the Allahabad High Court and told the district court not to act until then upon a survey ordered on a claim of the mosque having built on a pre-existing temple.

A bench of Chief Justice of India Sanjiv Khanna and Sanjay Kumar directed Uttar Pradesh to maintain peace and harmony in the area, where four protesters were killed during the heavy stone pelting. The court also ordered the survey report of the advocate commissioner's report should be kept in sealed cover.

"We don't want anything to happen in the meanwhile...Let them (Shahi Jama Masjid committee) exercise appropriate remedies. We will keep this pending," the bench said.

Advocate Vishnu Shankar Jain, appearing for plaintiff Hari Shankar Jain and others submitted the next date of hearing has been fixed for January 8 before the civil judge (senior division).

Senior advocate Huzefa Ahmadi, appearing for the petitioner committee, contended the order is capable of great public mischief. He said as of 10 such suits are pending across the country where the survey is sought to be conducted.

"We hope and trust the trial court will not take any proceedings...We have not expressed any opinion on merits," the bench said, fixing the matter for consideration in the week commencing on January 6.

In case any revision application is filed, it should be heard within three days before the High Court, the bench ordered.

At the outset, the bench said it had some reservations with the order passed by the Civil Judge (senior division) on November 19.

The court told the Uttar Pradesh government represented by Additional Solicitor General K M Nataraj that the district administration has to remain neutral and maintain peace in the area.

The court directed the plaintiff not to file any papers.

It also ordered the advocate commissioner's report should be kept in a sealed cover.

The petitioner committee questioned the validity of the survey ordered within a short period, triggering violence in the area and leading to the death of four protestors.

The plea filed by the Committee of Management, Shahi Jama Masjid, Sambhal claimed "the hot haste" in which the survey was allowed and conducted all within a day and suddenly another survey was conducted after a couple of days with a notice of barely six hours that had given rise to widespread communal tensions and threatened the secular and democratic fabric of the nation.

The survey was ordered by a civil judge (senior division) on a suit filed by advocate Hari Shankar Jain and others.

According to the plaintiffs, Shahi Jama Masjid at Chandausi was built by Mughal emperor Babar in 1526 after demolishing the Shri Harihar temple.

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News Network
November 22,2024

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Bengaluru, Nov 22: For the second day running, the Karnataka BJP on Friday staged a statewide protest condemning the government’s alleged move to notify land of farmers as Waqf property.

The BJP staged a protest before the offices of Deputy Commissioners at district headquarters.

The BJP leaders are vehemently demanding that the state government cancel a 1974 Gazette notification in this regard.

The agitators are also demanding scrapping of the Waqf Board and the resignation of Chief Minister Siddaramaiah and Minister for Waqf and Housing Zameer Ahmad Khan.

The BJP MLAs, MLCs, MPs gathered in the premises of Freedom Park and staged a protest under the leadership of Leader of Opposition R. Ashoka and slammed the state government.

MLA T.S. Srivatsa led the protest in Mysuru and hundreds of party workers and farmers staged the protest under the leadership of former MP Pratap Simha in Kodagu.

Former MP Sumalatha Ambareesh led the agitation in Mandya.

This was the first time that Sumalatha took part in the party’s programme after the Lok Sabha elections.

State President B.Y. Vijayendra claimed, “The Congress government in Karnataka is issuing notices to farmers claiming the ownership of their lands to the Waqf Board and pushing them on the streets overnight.”

In the first week of December, three teams formed by the BJP will travel across the state and record the grievances of farmers.

“The state government is attempting to snatch away the lands belonging to temples as well,” Vijayendra alleged and added that the teams would comprise all senior leaders of the BJP.

Meanwhile, the police have taken Sri Ram Sena chief Pramod Muthalik into custody while staging a protest march to the office of Zameer Ahmad Khan in Bengaluru.

Muthalik along with Hindutva activists was planning to lay siege to Zameer’s office over the Waqf row.

The police stopped Muthalik and requested him to submit the memorandum by reaching the minister’s office in a vehicle. However, Muthalik refused to go with the police and continued his footmarch. The police took him into custody following arguments.

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News Network
November 28,2024

Mangaluru: The upcoming assembly session at Suvarna Soudha, Belagavi, scheduled from December 9 to 19, will primarily focus on addressing issues pertaining to North Karnataka, according to Assembly Speaker U T Khader. "While the main emphasis will be on North Karnataka, concerns from other regions will also be part of the discussions," he clarified.

Speaking to reporters at the Circuit House in Mangaluru on Thursday, Khader shared that a meeting of the Business Advisory Committee had been convened, with the Chief Minister, Leader of the Opposition, and other key figures in attendance to ensure effective deliberations during the session.

"The session was initially planned from December 9 to 20. However, it was later decided to conclude it by December 19, as the All India Kannada Literary Convention is set to begin on December 20 in Mandya," Khader explained.

When asked about the process for discussions in the Assembly, Khader assured, "Discussions will take place according to the established rules."

The Speaker also highlighted his participation in various international conferences. "As Speaker of the Legislative Assembly, I have consistently sought opportunities to represent the Assembly at overseas conventions. I am pleased to announce that I will be attending the International Peace Conference in Vatican City," he said. "It is an honor to participate as a representative of the Mangaluru constituency and as the Speaker of the Assembly."

In response to questions about government grants, Khader remarked, "Grants do not come automatically. MLAs must actively follow up with the relevant authorities rather than simply complain about the lack of grants in their constituencies."

Addressing the tragic incident of three students drowning at a resort in Ullal, the Speaker emphasized, "The Deputy Commissioner has been instructed to enforce strict safety measures in resorts to prevent such incidents in the future."

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