Wednesday, 23 October, 2019

United States lawmakers are moving to stop Facebook from launching Libra

Facebook urged to pause Libra crypto-currency project Will you use Facebook's Libra cryptocurrency?
Russell Knight | 21 June, 2019, 13:57

Still, if the Libra successfully runs the gauntlet, it could be a huge windfall for Facebook.

The company says Calibra will only share user information with parent company Facebook and third parties when it receives user permission to do so.

"We will demand guarantees that such transactions can not be diverted, for example for financing terrorism", he said on Europe-1 radio.

She cited the firm's history of controversies involving user-data among her concerns, and called on Facebook's executives to testify before her committee.

Just hours after the social media giant unveiled early plans for the Libra cryptocurrency, French Finance Minister Bruno Le Maire insisted that only governments can issue sovereign currencies.

The inherent risks and corresponding regulatory requirements when any company engages in financial services, particularly a social media company the size of Facebook, will be the focus of legislators and regulators across the globe as Libra prepares to cater to the 1.7 billion people without bank accounts it hopes to target, as well as billions of existing Facebook users. In the State Duma of the Russian Federation, they said that Libra in the country would not only not be legalized, but would also restrict foreign sites through which it could be acquired.

Chair of the House Financial Representatives Committee for Financial Services Maxine Waters said that Facebook should agree to postpone the project until the audit is complete. User information might also be shared in some other "limited cases", such as when law enforcement requests information, Facebook said in a statement.

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But the company has said it will implement technologies to prevent fraud and money laundering.

United Kingdom regulators are not yet waving a red flag in front of the Facebook crypto-currency train - but they are making it clear that if it does gather speed they will want to step in.

Representatives of other countries also responded to the Facebook initiative. Here's what you need to know.

The company says it especially wants to reach an estimated 1.7 billion "unbanked" people across the world who now do not use a bank.

Calibra said it won't use financial data to target ads on Facebook. Central banks have also expressed caution because they remain unsure of whether cryptocurrencies could destabilise economies and traditional currencies in the global financial markets.

Facebook has promised not to use any Calibra data to improve targeting of its advertising.

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