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Not launching Libra unless regulators are satisfied: Facebook
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IANS | 16 Jul, 2019
Facebook is not going to launch its digital coin Libra unless regulators
are fully satisfied and all necessary approvals are in place.
Under
Facebook subsidiary Calibra, the social networking giant has planned to
introduce a digital wallet for Libra. The wallet will be available on
Messenger, WhatsApp and as a standalone app and is expected to be
launched in 2020.
According to David Marcus, Head of Calibra who
is set to face Senate Banking Committee over Libra concerns on Tuesday,
US and state regulators will be involved when it comes to regulating
services that offer Libra, reports The Verge.
Facebook is treating Libra as a "payment tool, not an investment".
States
would montior Calibra as a money transmitter, with the US Federal Trade
Commission overseeing consumer protections, said Marcus.
"The
Libra Association won't keep personal data beyond basic transaction info
and Facebook won't share Calibra wallet info with the rest of the
company," Engadget quoted Marcus as saying.
US Federal Reserve Chair Jerome Powell has raised "serious concern" over Libra.
Testifying
before the House Financial Services Committee last week, Powell raised
serious objections on Facebook cryptocurrency slated to arrive in 2020.
"I
just think it cannot go forward without there being broad satisfaction
with the way the company has addressed money laundering and other
issues," Powell told the House Financial Services Committee.
"Libra
raises many serious concerns regarding privacy, money laundering,
consumer protection and financial stability," Powell added.
In a
letter sent to Facebook executives, US lawmakers have officially asked
the social networking giant to cease all development of its Libra
cryptocurrency.
Facebook has reportedly reached a whopping $5 billion settlement with the US FTC in the Cambridge Analytica privacy violations.
The
report of the $5 billion settlement, the largest ever by the FTC
against a tech company over privacy issues after a $22.5 million
settlement with Google in 2012.
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