News Technology

Facebook’s cryptocurrency – Libra will let you buy things or send money to people with nearly zero fees, has come under further attack at a US hearing.

The politicians said that the company is “delusional” and non-trusted. They said that they do not trust Facebook to operate a global cryptocurrency.

Facebook executive David Marcus has been questioned by the Senate Banking Committee over FB’s intention to launch its Libra digital currency.

Senator Sherrod Brown said that the company had showed “through scandal after scandal that it doesn’t deserve our trust”.

Facebook executive David Marcus at the Senate Banking Committee hearing

Before launching a new business model, the tech giant had been advised to clean up its house. Last moth, the company had announced its plan to launch a digital currency, probably by next year.

But, initially, the company had to get the Washington lawmakers on its side. But, several criticisms came soon after the company had revealed its plan to launch Libra, even from President, Donald Trump.

Trump’s last week tweet said that he is not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.

Facebook said that Libra won’t be an investment vehicle and that the company and its partners have no plans to act like a central bank.

Former chairman of the Commodity Futures Trading Commission said in an interview that, “We don’t actually have a regulatory framework that sufficiently addresses the cash market for digital assets that aren’t securities, like bitcoin. We don’t have a comprehensive way of looking at it”.

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News

After the announcement of its Cryptocurrency Libra, Facebook is being accused of stealing the logo from online bank – Current. The Fintech CEO claims that Facebook has ‘ripped off’ his bank start-up’s logo for Libra.

According to CEO Stuart Sopp, Facebook has used the same San Francisco-based design firm for its cryptocurrency. The logos are almost looking similar at the first view.

Sopp told media, “This is a funny way to try and create trust in a new global financial system – by ripping off another fintech firm”. The same San Francisco-based design firm named ‘Character’ had previously created the logo of Current in 2016.

“Facebook has all the money and resources in the world. If they truly wanted to make banking more inclusive and fair, they should’ve come up with their own ideas and branding, like we have”, said Sopp in an interview with cnbc.

Image courtesy: cnbc .com / images are subject to copyright

News Technology

The tech giant Facebook has announced the details of its cryptocurrency, Libra. This feature allows you to buy things or transfer money with nearly zero fees.

Libra cannot be actually termed as a product of Facebook alone. It is supported by the Geneva, Switzerland-based Libra Association, a non-profit organization with a long list of founding members who will jointly make decisions over Libra.

Apart from Facebook, the list has Mastercard, Visa, PayPal, Stripe, eBay, Uber, Lyft, Spotify, Coinbase, Xapo, Andreessen Horowitz, Union Square Ventures, Mercy Corps, and Women’s World Banking.

Libra is a stable coin. It is a special type of cryptocurrency that remains fairly stable compared to the value of another fairly stable real-world asset, such as the U.S. dollar.

Image courtesy: theverge .com / images are subject to copyright