Facebook’s crypto adventure faces privacy concerns, political setback

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Facebook’s crypto adventure faces privacy concerns, political setback

On Tuesday, the 18th of June 2019, the social networking titan, Facebook Inc. had announced an ambitious plan to introduce a new cryptocurrency called Libra, however, Facebook Inc.’s crypto-cuddle had immediately raised privacy concerns alongside political backlash.

Apart from that, shortly after making the announcement, interviews with Facebook Inc. officials had revealed that the social networking mogul had already cemented its tie-up with 28 global partners including Mastercard, PayPal, Uber and others and formed an entity called Libra association based on Geneva, Switzerland to oversee the ins and outs of its new digital coin.

Nevertheless, no banks had not yet been part of the plan, marketing materials revealed. In order to smoothen up the transactions, Facebook Inc. had also created a subsidiary named Calibra, which would be offering a digital wallet for saving, sending and spending Libra cryptos.

Concomitantly, Calibra would be connected with the Facebook Inc’s messaging platform WhatsApp and Messenger. As the whole project would likely to be brought into the light by the first half of 2020, executives of Facebook Inc.

and other associates linked with crypto project Libra, had been quoted saying that the digital currency would offer unbanked access to financial services for the first time in the world’s history. Nonetheless, while Facebook executives alongside other associates were expressing sheer optimism over the project Libra, a perspicacious bunch of US regulators, lawmakers, and other officials around the globe had quickly raised concerns over the new digital coin, including the Chairwoman of the US House Financial Services Committee, Maxine Waters, who had called Facebook executives to testify before US congress and asked the company to stall the project until regulators were done reviewing it.