Similar articles
Advertisement
Advertisement

On News You May Have Missed: Facebook Wants To Get It's Own Currency And US Senators Don't Wanna Hear It



Facebook has come under bipartisan attack in the US Congress over its plans to launch a new digital currency, with one prominent senator accusing the social media giant of displaying "breathtaking arrogance" in its bid to access people's savings.

Facebook announced in June that it planned to launch a cryptocurrency known as Libra next year, a proposal that has caused alarm because of the enormous market power the company wields and its recent history of data breaches.

Advertisement
The US Federal Trade Commission last week approved a fine of roughly US$5 billion ($7.1 billion) against Facebook for mishandling users’ personal information.

Speaking at a special hearing of the Senate Banking Committee on Tuesday, local time, Democratic Senator Sherrod Brown said: "Facebook is dangerous.

"Like a toddler who has gotten his hands on a book of matches, Facebook has burned down the house over and over, and called every arson a learning experience."

Referencing Facebook's early motto of "move fast and break things", Brown said the company could not be trusted to handle people's money.

"They moved fast and broke our political discourse. They moved fast and broke journalism. They moved fast and helped incite a genocide. They moved fast and they’re helping to undermine our democracy," said Brown, a popular senator from Ohio who surprised many observers by declining to run for president this year.

"We would be crazy to give them a chance to experiment with people’s bank accounts, to use powerful tools they don’t understand like monetary policy to jeopardise hardworking Americans’ ability to provide for their family."
 
Brown said Facebook had displayed a "breathtaking amount of arrogance" in believing it could provide a currency for the entire world after its recent scandals

David Marcus, head of blockchain with Facebook speaks during a Senate Banking Committee hearing in Washington, DC.CREDIT:BLOOMBERG

Republican Senator Martha McSally said: "I don't trust you guys.

"Instead of cleaning up your house you are launching into a new business model."

US President Donald Trump tweeted last week that the Libra, "will have little standing or dependability".
 
Trump said he was "not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air".

US Federal Reserve chairman Jerome Powell warned last week that "Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability".

Facebook was represented at the hearings by David Marcus, the head of the company's new digital currency division Calibra.

He said the new currency would make transferring money across the globe quicker and cheaper than traditional bank transfers. 

"The status quo is not working for many - it is too expensive for people around the world to use and transfer their money," he said.

"We believe Libra can offer a more efficient, low-cost, and secure alternative."

He assured the Senate committee that Facebook would not begin offering Libra until it has received government approval and regulatory concerns are addressed.

"We know we need to take the time to get this right," Marcus said.
 
"I know we have to earn people's trust for a very long period of time."

Facebook has been under increasing pressure over its huge market power, with leading Democratic presidential contenders Elizabeth Warren and Bernie Sanders vowing to break the company up to promote competition.

Senators on the committee raised a range of concerns on Tuesday, including about how the company would prevent money laundering, fraud and the violation of international sanctions.

Facebook has said it wants to make Libra available through its Messenger feature and texting platform WhatsApp, as well as through a standalone app.
 
Calibra has pledged that it will not share customer data with Facebook or external third parties unless it has consent, or in "limited cases," where it is necessary.

Marcus said Facebook would not monetise users’ data related to Libra, and that no financial or account data from the Libra network would be shared with Facebook.

"We’ve heard loud and clear from people, they don’t want those two types of data streams connected," Marcus said.

Source: The Sydney Morning Herald

Do you think Facebook should be allowed it's own Cryptocurrency?


Log in to Like & Comment

 2 likes
 
 






Lovely (Basic)   2 weeks ago
Visit back


Loading...


Advertisement

Articles that may interest you


On News you may have missed: Desperate Migrant tried to get into Britain from France with Flipper

If you were wondering, how desperate a migrant can get just to get into Britain, you are in for a surprise, because they is no limit. Read on!A migran...

 


On News you may have missed: Floods, mudslides and lightning kill at least 75 as monsoon blasts Nepal, Bangladesh and India

Flooding and landslides triggered by heavy rainfall have killed at least 50 people in Nepal in the past few days, with more deaths reported across the...

 


On News you may have missed: Isreali minister is criticized and faces backlash for Seeming to rebuke homosexualism

I bet you didn't know that Israel has long accepted homosexuals. The LGBT community in Isreal is really strong by the way.Jerusalem (CNN). An Isr...

 


NIGERIA CURRENCY!!! Know the meaning of the Arabic words on the Nigerian currency and other features

Have you ever looked at a Nigerian Currency and wondered what all the text and pictures meant, well how about I take you on a tour and explain what ev...

 


On News you may have missed: The Complete story-Sexual Allegations against R Kelly

In July 2017, BuzzFeed published a story about two young women whose parents believe they are being abused and manipulated in a cultlike rel...

 

Advertisement

Uploads that may interest you

Been sitting eyes wide open behind these four walls, hoping you'd call It's just a cruel existence like there's no point hoping at all Baby, baby, I feel crazy, up all night, all night and every day Give me something, oh, but you say nothing What is happening to me? I don't wanna live forever, 'cause I know I'll be living in vain And I don't wanna fit wherever I just wanna keep calling your name until you come back home I just wanna keep calling your name until you come back home I just wanna keep calling your name until you come back home I'm sitting eyes wide open and I got one thing stuck in my mind Wondering if I dodged a bullet or just lost the love of my life, oh Baby, baby, I feel crazy Up all night, all night and every day I gave you something, but you gave me nothing What is happening to me? I don't wanna live forever, 'cause I know I'll be living in vain And I don't wanna fit (fit, babe) wherever (wherever) I just wanna keep calling your name until you come back home I just wanna keep calling your name until you come back home I just wanna keep calling your name until you come back home I've been looking sad in all the nicest places Baby, baby, I feel crazy I see you around in all these empty faces Up all night, all night and every day I've been looking sad in all the nicest places Give me something, oh, but you say nothing Now I'm in a cab, I tell 'em where your place is What is happening to me? I don't wanna live forever, 'cause I know I'll be living in vain And I don't wanna fit wherever I just wanna keep calling your name until you come back home I just wanna keep calling your name until you come back home I just wanna keep calling your name until you come back home I just wanna keep calling your name until you come back home I just wanna keep calling your name until you come back home I just wanna keep calling your name until you come back home Until you come back home

I Wanna Grow Old With You by Westlife [World of our own album].mp3

Lucky Dube - Its not easy.mp3

Performance of Davido newly signed artist

How To Use Facebook Blocker

Advertisement

Loading...


Use our Android app for a better experience
| | Policy | Contact us | PejoWeb © 2020