Consumer groups call for a moratorium on Libra until ‘profound questions’ are answered


990D2FE0-6CC1-44A0-B793-86E2E4164409

Some 33 consumer and public-policy groups sent a letter Tuesday to five Congressional committees and federal regulators asking for a moratorium on the Facebook Inc.-backed Libra cryptocurrency.

“We call on Congress and regulators to impose a moratorium on Facebook’s Libra and related plans until the profound questions raised by the proposal are addressed,” says the letter. “We also urge Facebook to put its implementation of its plans for the new cryptocurrency, Libra, on hold until the Congress and regulators have an opportunity to assess and react to a far more detailed presentation than has yet been made public.”

Among the signatories are the Consumer Federation of America, Consumer Reports, the Economic Policy Institute, the Electronic Privacy Information Center, Public Citizen, U.S. PIRG, and the Woodstock Institute.

Continue reading… “Consumer groups call for a moratorium on Libra until ‘profound questions’ are answered”

0

Mark Zuckerberg is about to become the head of a Swiss Bank. 3 reasons it should make you think

 

169A72E6-B923-418B-AA1F-147DDF59E79D

Mark Zuckerberg is about to become the head of a very big bank based in Switzerland. Libra is Facebooks’ new cryptocurrency. Imagine sitting in a room thinking about what else you can sell to your 2.4bn people (including some bots) backed by a $1bn in guarantees from companies as wide as Paypal, Mastercard and Uber. This has the opportunity to severely disrupt existing financial transactions markets but also the deeper psychology of trust of our collective financial systems, collective expectations for what currency can and should do and also our personal relationships. For example, please pay me to socially post positive things about you. Just drop me some Libra.

Continue reading… “Mark Zuckerberg is about to become the head of a Swiss Bank. 3 reasons it should make you think”

0

Facebook’s Calibra is a secret weapon for monetizing its new cryptocurrency

 

999F7EAD-0187-4162-83B8-9EFCFC94955B

The newly formed subsidiary will build Facebook’s digital wallet

Facebook’s announcement this morning of a new cryptocurrency, Libra, and the nonprofit association that will oversee it raises questions about the future of global banking and Facebook’s role in it. But behind Facebook’s ambitions to create a quasi-nation state ruled by mostly corporate interests is a secret weapon, one the company hopes it can use to create another platform used by billions of people — and generate enormous new revenue streams along the way.

It’s called Calibra, and it’s a new subsidiary of Facebook the company is launching to build financial services and software on top of the Libra blockchain. At first blush, Calibra resembles a fairly standard payments company — but its tight integration with Facebook’s enormous user base could give it a significant advantage over any rivals. Thanks to its proximity to the technical development of Libra, and its ability to leverage WhatsApp, Messenger, and Instagram, Calibra could very well become Facebook’s next big thing.

Continue reading… “Facebook’s Calibra is a secret weapon for monetizing its new cryptocurrency”

0