India, U.S. Governments Move to Rein in Facebook, Libra Cryptocurrency Project

2019-7-30 18:14

The Facebook Libra cryptocurrency project is facing pushback from Indian lawmakers. According to Economic Affairs Secretary Subhash Garg, the firm’s digital currency is privately-controlled and this fact alone makes the government particularly distrustful and unlikely to approve its use within the country.

The Reserve Bank of India has already prohibited financial institutions from dealing in cryptocurrencies. An inter-agency committee was also recently reported to be working on a bill barring Indian citizens and businesses from possessing, mining, or trading in crypto.

The news comes at a time when Facebook is trying to mollify legislators that are skeptical about its private user data collection practices, especially in regard to its yet-to-be-launched Libra network.

The company is believed to have been betting on the Indian market to catalyze Libra adoption, at least initially, before its attempts were squashed.

The U.S. Government Is Skeptical About the Facebook Coin

Legislators in the United States are also wary about the potentially disruptive Facebook crypto project. Last week, the Federal Reserve chairman, Jerome Powell outlined a series of concerns surrounding the Libra cryptocurrency.

He said that the digital currency had the potential to destabilize the economy, cause large-scale data privacy issues and aid money laundering activities.

The widely publicized statement caused bitcoin’s value to plummet by approximately 12 percent within 24 hours.

According to Scott Galloway, a Professor of Marketing at the NYU Stern School of Business, there is good reason to be worried about Facebook’s cryptocurrency.

According to the analyst, Facebook’s foray into the remittance market would give the company too much power over people’s lives and there is a danger in allowing this to happen.

In his view, the company already controls the media and the narrative in a lot of social issues. Enabling the social media giant to also control money would inadvertently allow it and malicious third party actors to weaponize its platforms.

U.S. President Donald Trump has also added another twist to the regulatory debacle. Going by his latest tweets on the matter, Facebook and Co may be forced to register the Libra Association as a bank that operates under U.S. banking statutes.

Adding to the company’s woes, the Federal Trade Commission (FTC) has just approved a $5 billion fine resulting from its 2018 data handling scandal.  There are also reports of a planned law that will prevent large tech companies such as Facebook from dabbling in digital asset ventures.

According to a just-released Reuters report, the House Financial Services Committee is currently drafting a bill that includes a fine of $1 million a day for firms found to have violated the rules.

The document apparently describes a large tech company as an enterprise whose annual revenues exceed $25 billion.

(Featured Image Credit: The Washington Post/Getty Images)

The post India, U.S. Governments Move to Rein in Facebook, Libra Cryptocurrency Project appeared first on CoinCentral.

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libra project → Результатов: 126


The Fed Fires Shots At Libra: FedNow Will Provide Instant Payments Without Bypassing Regulations

In a speech given on Thursday, Lael Brainard, the Federal Reserve governor canvassed on various financial issues in the United States and the world and the issue of stablecoin like Libra was raised. The Facebook led project that was launched last year with lots of publicity, has been said to fuel the clamor by central […]

2020-8-7 22:58


Фото:

Facebook Plans to Redesign Project Libra Due to Regulatory Hurdles 

Facebook and the Libra Association are making plans to redesign project Libra in a bid to scale the ending regulatory hurdles that have plagued the global crypto project. Sources say the proposed Libra network may function as a payments network, supporting other cryptocurrencies including central bank digital currencies (CBDCs), reports Bloomberg on March 4, 2020.

2020-3-4 18:00


Фото:

Doubt Surrounds US Regulators' Ability To Address Libra Issues

In a letter written to the heads of five congressional committees, organizations including the Service Employees International Union and the Consumer Federation of America expressed their fears that regulators are not prepared to address the issues Facebook's Libra project presents and that the social networking giant needs to present a fuller picture of its plans.

2019-7-3 00:07


Известный финансист считает, что Libra может разрушить национальные экономики

По мнению финансиста Стивена Гринвилла, бывшего главы Резервного Банка Австралии, а ныне аналитика сиднейского Института Лоуи, в процессе продвижения своих новых планов Facebook может сокрушить целые национальные экономики.

2019-7-2 16:55


Фото:

Around The Block With Jeff And Dave – July 1, 2019 Facebook Libra and Calibra, Metlife Using Ethereum, Bitcoin (BTC) at 11,000?, Kevin Hsu of BlockVC Interview, and More!

In this episode, we do a deep technical dive into Facebook Libra and ask, is it trustworthy? Will it be valuable or even viable? Or will it crash and burn? In other news, Metlife is adopting Ethereum, but what will this mean for the future of the project? Bitcoin is the eighth largest currency inRead MoreRead More.

2019-7-2 18:23


Calibra will have to support Bitcoin, at some point, to survive, claims Anthony Pompliano

Libra, the groundbreaking cryptocurrency project unearthed by Facebook earlier this month has been called several things within the crypto-community. From a ‘crypto-look-a-like,’ to a ‘stablecoin impersonator,’ to ‘big-tech controlled crypto,’ and even the trivial names like ‘Zuck Buck,’ and ‘you’ve got Gemini, well, I’ve got Libra.

2019-6-29 08:30


Фото:

Facebook’s Libra partners remain cautious amid growing scrutiny from regulators

Facebook‘s Libra partners have reportedly signed non-binding agreements, meaning they’re not obliged to promote or use the digital token and can abandon the project if they decide to do so. According to the New York Times, which cites anonymous executives from seven of Facebook‘s partners, some of the companies are being cautious about associating themselves too closely with Libra due to the company’s ongoing issues with regulators.

2019-6-26 11:25


Фото:

Facebook Pushes on with Cryptocurrency Recruitment Despite Libra Project Criticism

Facebook is advertising job offers for a cryptocurrency wallet data engineer and regulatory policy expert as it moves forward with its plans for the Libra project. Meanwhile, stakeholders across the cryptocurrency and mainstream finance industries, as well as government officials, continue to express concerns about the company’s foray into the world of cryptocurrency payments.

2019-6-25 15:00


Zcash’s revolutionary blockchain hits first fork in the road; Adamant Capital Founder questions move

Zcash, the privacy-centric cryptocurrency project, swiftly stole the Libra’s limelight and switched the debate from payments and fiat-backing to blockchain technology and scalability. Lofty ambitions of Zcash aside, the Electric Coin Company’s [ECC] new blockchain has not convinced everyone in the community just yet.

2019-6-24 16:30