Facebook Crypto Plans Floundering as Global Regulatory Pressure Mounts

2019-8-6 16:00

Following a couple of weeks of outright lambasting by US lawmakers, Facebook’s Libra crypto project appears to be cracking at the seams before it even gets off the ground. A fresh round of regulatory pressure has piled on this week from concerned countries around the world.

Facebook Crypto Angst Escalates

In the two months following the social media giant’s announcement of its crypto ambitions to become effectively the world’s largest bank, the pressure against it has mounted. According to reports, data protection and privacy authorities in the US, UK, EU, Canada, and Australia have issued a joint statement sharing concerns about Facebook’s foray into digital assets.

In an announcement today, the Office of the Australian Information Commissioner and the UK Information Commissioner’s Office jointly called for more information from the web monopoly on how the Libra network will secure and protect personal information.

Australian Information and Privacy Commissioner, Angelene Falk, stated:

“This is an important step in a global regulatory movement that is holding online companies to account for how they handle personal information. Given the many initiatives taking place in our finance and technology sector, privacy must be a key component of any significant digital initiative such as Libra.”

The joint statement added that the company has failed to specifically address the information handling practices that will be in place to secure and protect personal information. The concerns are unsurprising considering the firm’s involvement in recent scandals involving data privacy and online security.

Facebook was slapped with a $5 billion fine by the Federal Trade Commission over the Cambridge Analytica imbroglio at about the same time it announced Libra so the timing was not great. Acknowledging this, the statement continued …

“Many of us in the regulatory community have had to address previous episodes where Facebook’s handling of people’s information has not met the expectations of regulators, or their own users.”

Before adding …

“Additionally, given the current plans for a rapid implementation of Libra and Calibra, we are surprised and concerned that this further detail is not yet available.”

Facebook boss Mark Zuckerberg and project head David Marcus have yet to respond to this, the latest in an ever increasing cauldron of concern over the firm’s grand crypto and global finance ambitions. It is likely some back pedaling will need to be done before the proposed launch date next year comes around.

Several nations, including Facebook’s largest market – India, have already kyboshed the project before it has even arrived. China has banned the platform outright which means almost 40 percent of the world’s population in these two countries will not have access.

With mounting pressure from the rest of the planet, the future of Libra is looking very shaky indeed.

Image from Shutterstock

The post Facebook Crypto Plans Floundering as Global Regulatory Pressure Mounts appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 4.67 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0045617 (-100%)

facebook crypto regulatory pressure global following plans

facebook crypto → Ðåçóëüòàòîâ: 126


Watch: Facebook’s Crypto Chief Suffers Brutal Senate Backlash

The US Senate Committee on Banking, Housing, and Urban Affairs held a hearing on Facebook’s Libra project this morning, with Facebook crypto chief David Marcus in the hot seat. After a lengthy introduction by Idaho Senator Mike Crapo in which he called Facebook’s aims “commendable,” the committee discussed the potential ramifications of Facebook banking services.

2019-7-17 20:20


Fed Chairman Swears ‘Very High’ Scrutiny Against Facebook’s Crypto Libra

Federal Reserve Chairman Jerome Powell said his agency – as well as the rest of the federal government – will be looking carefully at Facebook’s Libra cryptocurrency. The Unspoken Advantage of Large Companies Entering Crypto He promised that Facebook would be held to very “high” standards, implying that the social media giant should be able […] The post Fed Chairman Swears ‘Very High’ Scrutiny Against Facebook’s Crypto Libra appeared first on CCN Markets

2019-6-27 15:21


Fed Chairman Swears 'Very High' Scrutiny Against Facebook's Crypto Libra

Federal Reserve Chairman Jerome Powell said his agency – as well as the rest of the federal government – will be looking carefully at Facebook’s Libra cryptocurrency. The Unspoken Advantage of Large Companies Entering Crypto He promised that Facebook would be held to very “high” standards, implying that the social media giant should be able […] The post Fed Chairman Swears 'Very High' Scrutiny Against Facebook's Crypto Libra appeared first on CCN Markets

2019-6-28 15:21


Facebook Crypto Advertisement Campaigns Brought Under Siege by Dutch Billionaire John De Mol

Facebook is on the cusp of battling yet another lawsuit filed against its name. It is nearly one year ago when the social media giant decided to close down the crypto advertising ban. In a press release published by Facebook Business on 26th June 2018 and authored by Facebook’s product director Rob Leathern, states that, […] The post Facebook Crypto Advertisement Campaigns Brought Under Siege by Dutch Billionaire John De Mol appeared first on ZyCrypto.

2019-6-7 19:46


Facebook’s Crypto Shopping Spree Isn’t Over Yet. Here’s Who Else They Might Acquire.

Facebook’s crypto ambitions are reportedly not limited to its acquisition of blockchain startup Chainspace, according to The Information. Facebook Has Met with at Least Three More Crypto Startups Citing unnamed sources, the publication said Facebook has been eyeing several blockchain startups with a view of making acquisitions.

2019-2-7 23:40


Facebook ðàçðåøèë ðåêëàìó Coinbase

Êðóïíåéøàÿ â ìèðå ñîöèàëüíàÿ ñåòü Facebook äîáàâèëà àìåðèêàíñêóþ êîìïàíèþ Coinbase â ñïèñîê îäîáðåííûõ ðåêëàìîäàòåëåé. Facebook banned ads for crypto earlier this year. Proud to say we’ve now been whitelisted and are back introducing more people to an open financial system 👌 pic.

2018-7-21 19:44


Facebook Restores Coinbase Crypto Ads, No Intent to Block Legitimate Companies

The CEO of Coinbase has just announced that the platform has just been approved to display ads on the largest social media platform in the world, Facebook. Facebook Repeals Ban On Crypto-Related Advertisements As the market began to run last year, so did cryptocurrency ad sightings, with dozens, if not hundreds of cryptocurrency companies promoting.

2018-7-21 14:39


Ôîòî:

Facebook Reshuffle Structure To Further Compliment Blockchain Research

Reports out today suggest that social media giants Facebook have embarked on a major structural reshuffle in order to enhance their new blockchain research project. We now know that Facebook have established a blockchain research working group in order to investigate and research the implications of blockchain technologies both within Facebook and within the wider community.

2018-7-6 17:30