Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

FACEBOOK INC

(FB)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Central banks sketch out digital currency as China forges ahead

10/09/2020 | 03:24am EDT
FILE PHOTO: Representations of Bitcoin, Saudi riyal, yuan, Turkish lira, pound, U.S. dollar, ruro and Jordanian dinar banknotes are seen in this illustration

LONDON (Reuters) - A group of seven major central banks including the U.S. Federal Reserve set out on Friday how a digital currency could look like to help catch up with China's "trail blazing" and leapfrog private projects like Facebook Inc Libra stablecoin.

The central banks and the Bank for International Settlements (BIS), said core features should include resilience, availability at low or no cost, appropriate standards and clear legal framework, and an appropriate role for the private sector.

Bank of England (BoE) Deputy Governor and chair of a BIS committee on payments Jon Cunliffe said the rise in cashless payments since lockdowns to fight the pandemic has accelerated how technology is changing forms of money.

Central banks began looking closely at digital currencies after Facebook last year announced its yet-to-be-launched digital token Libra that would be backed by a mixture of major currencies and government debt. The body behind Libra has since tweaked plans and now hopes to launch several "stablecoins" backed by individual currencies.

Central banks need to keep up to avoid the private sector plugging payments gaps in unsuitable ways, Cunliffe said.

Besides the Fed and the BoE, the seven central banks that have teamed up with the BIS include the European Central Bank, the Swiss National Bank and Bank of Japan, but not the People's Bank of China.

China is already piloting a digital renminbi, with the PBOC saying it would boost the yuan's reach in a world currently dominated by the dollar.

Japan's top financial diplomat, Kenji Okamura, said on Thursday that China was seeking to win a first-mover advantage in building its own digital currency, warning it was "something we should be afraid of".

"I don't think this is a race between central banks," Cunliffe said, adding that no one central bank digital currency (CBDC) answer was going to dominate the whole world.

Benoit Coeure, head of innovation at the BIS, said there was no international race, but there was an advantage for central banks to quickly catch up with the private sector and get ahead of the curve to shape the future.

The International Monetary Fund could play an important role in dealing with any cross-border "spillovers" from a national CBDC, Coeure said.

(Reporting by Huw Jones and Tom Wilson, editing by Emelia Sithole-Matarise)

By Huw Jones and Tom Wilson


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) -0.60% 5.187 Delayed Quote.1.65%
EURO / BRITISH POUND (EUR/GBP) 0.56% 0.85902 Delayed Quote.-4.02%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) -0.36% 7.6539 Delayed Quote.-3.74%
EURO / JAPANESE YEN (EUR/JPY) -0.51% 130.712 Delayed Quote.5.47%
FACEBOOK INC -2.04% 329.66 Delayed Quote.23.19%
S&P GSCI CORN INDEX 5.05% 476.7801 Delayed Quote.13.33%
All news about FACEBOOK INC
03:38pFed Statement 'Very Bullish' For Tech Stocks, Wedbush Says
MT
06:22aFacebook's 'Neighborhoods' faces crowded niche market, profiling concerns
RE
05:05aExclusive - Google searches for new measure of skin tones to curb bias in pro..
RE
06/17GLOBAL MARKETS : Tech shares buck trend as hawkish Fed weighs on global stock ma..
RE
06/17Nasdaq closes up on tech stocks strength, as hawkish Fed limits S&P
RE
06/17POST-FED MARKET RETURNS TO FAMILIAR : buy tech
RE
06/17Tech shares buck trend as Wall Street, bonds slide
RE
06/17STREET COLOR : Facebook's Zuckerberg Sees Oculus VR Headsets as Being as Big as ..
MT
06/17FACEBOOKá : launches ads globally for Instagram Reels
RE
06/17FACEBOOKá : More people view crypto assets as acceptable investment, says UK wat..
RE
More news
Financials (USD)
Sales 2021 115 B - -
Net income 2021 37 701 M - -
Net cash 2021 84 017 M - -
P/E ratio 2021 25,9x
Yield 2021 -
Capitalization 954 B 954 B -
EV / Sales 2021 7,54x
EV / Sales 2022 6,13x
Nbr of Employees 60 654
Free-Float 83,9%
Chart FACEBOOK INC
Duration : Period :
Facebook Inc Technical Analysis Chart | FB | US30303M1027 | MarketScreener
Technical analysis trends FACEBOOK INC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 53
Average target price 384,54 $
Last Close Price 336,51 $
Spread / Highest target 36,7%
Spread / Average Target 14,3%
Spread / Lowest Target -33,1%
EPS Revisions
Managers and Directors
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
Sector and Competitors
1st jan.Capitalization (M$)
FACEBOOK INC23.19%954 162
KUAISHOU TECHNOLOGY0.00%102 034
TWITTER, INC.12.11%48 334
MATCH GROUP, INC.-0.62%40 609
BUMBLE INC.0.00%5 977
NEW WORK SE-3.93%1 801