Facebook faces a rough road ahead with Libra, but defections by high-profile partners are unlikely to spell the end for the digital currency
Small toy figures are seen on representations of virtual currency in front of the Libra logo in this illustration picture, June 21, 2019.
Libra's supporters say it could open online purchasing to millions of people who do not have access to bank accounts and could reduce the cost of sending money across borders. It's easy to see how attractive an alternative like Libra could be to people in countries beset with hyperinflation, such as Venezuela and Zimbabwe .
"The only reason they want the companies is because it looks good," she said. "It was never a democratic blockchain. It was always run by Facebook and a couple of financial companies that were going along for the ride.""You have to remember, this is the blockchain. This is the internet. It's pretty much unstoppable," she added.
In July, Waters and other committee Democrats sent a letter to Facebook requesting a halt on moving forward with the currency and with the digital wallet, called Calibra, which would be used in the new currency system. House Democrats also have threatened legislation that would block big tech companies from getting into banking.
Still, Facebook is "going to get access to a lot of financial data," Forrester analyst Aurelie L'Hostis said. "What are they going to do with that information and what are they going to put in place to safeguard that information?" Calibra said it won't use financial data to target ads on Facebook. It also said it won't share financial data with Facebook, though there are exceptions that haven't been fully spelled out, including situations where data sharing would "keep people safe."Congress, the Federal Trade Commission and the Justice Department are all looking into whether Big Tech giants such as Facebook and Google have gotten too big.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Facebook's libra cryptocurrency coalition is falling apart as eBay, Visa, Mastercard and Stripe jump shipThe news comes one week after PayPal announced its withdrawal as government regulators continue to scrutinize the plans.
Weiterlesen »
Facebook's Libra project loses EBay, Stripe, Mastercard and VisaEBay, Stripe, Mastercard and Visa followed PayPal in abandoning Libra, underscoring concerns that the Facebook-led cryptocurrency project won’t pass legal muster.
Weiterlesen »
Facebook's Libra currency battered by defections, pushbackFacebook faces a rough road ahead with Libra, but defections by high-profile partners are still unlikely to spell the end for the digital currency.
Weiterlesen »
Blackouts, China pressure and Facebook's libra unravels: What happened in Silicon Valley this weekMuch of the Bay Area lost power, a big crypto project lost its mojo and big companies lost the meaning of free speech.
Weiterlesen »