Published: Fri, June 21, 2019
Markets | By Otis Pena

Here’s what you need to know about Facebook’s Libra cryptocurrency

Here’s what you need to know about Facebook’s Libra cryptocurrency

The matter is not restricted to the U.S. as the Swiss lawmakers said they were in contact with the initiators of the Libra project but declined to comment on the matter.

The announcement comes one day after the social media giant unveiled plans to launch a global cryptocurrency, which immediately attracted attention from regulators across the globe, and skepticism from Washington.

She has also asked Facebook executives to testify before the committee. "The fairness element of Libra is offended by this, it's the least selfish of the signs. they do not forget to ask for things and Facebook didn't ask them".

Facebook COO Sheryl Sandberg in an interview with Bloomberg TV has said that the company's cryptocurrency is a "long way from launch". Not only that, but U.S. lawmakers are calling Facebook executives to testify before the Congress regarding user privacy and data security. Facebook confirmed that Calibra, which is the digital wallet for Libra transfers, will not be available in countries where cryptocurrencies are banned.

"Rude of Facebook to name their new crypto "Libra" when everyone knows Scorpios are the most strategic of the signs and have all the best-kept secrets", Twitter user Kendall Little quipped.

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"Facebook is already too big and too powerful, and it has used that power to exploit users' data without protecting their privacy". Facebook set up the Switzerland-based not-for-profit Libra Association to govern the activities of the digital currency. "We will wind up having quite high expectations from a safety and soundness and regulatory standpoint if they do decide to move forward with something".

Powell, however, explained that the Fed does not have "plenary authority" over cryptocurrencies like Libra, although it could make a significant input on payment systems through global forums. Existing money-transfer firms say complying with all the rules can be an onerous and expensive business. The apex bank, in its April 6 circular, had said that "entities regulated by the Reserve Bank shall not deal in VCs (virtual currencies) or provide services for facilitating any person or entity in dealing with or settling VCs".

The Guardian also has an opinion piece putting the boot in, including pointing out that there are already widespread and popular systems of mobile payments in Africa and India. "It's not obvious why someone here would choose to hold Libra with some exchange rate risk, when they could use pounds".

They are also open- sourcing the code for the Libra Blockchain and launching Libra's initial testnet for developers.

Facebook said people can keep their individual transactions from appearing on the blockchain by using Calibra's wallet app, though in that case, Calibra itself would have people's data.

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