Emerging markets need more say on digital currencies like Libra, says Chinese official October 28, 2019 Governments in emerging markets should be given a greater say in the regulation of digital currencies such as Facebook Libra that could facilitate illegal capital flows and disrupt foreign exchange management, said a senior Chinese official. China has been moving to embrace financial technologies such as blockchain, and is preparing to launch its own digital [...]
Facebook announces launch of Facebook News October 25, 2019 Facebook has announced the launch of Facebook News, a new platform that will highlight news based on how relevant it is to individual users. In a blog post, Facebook’s vice president for global news partnerships said “Facebook News was built to bring people closer to the stories that affect their lives. We’ll continue to learn, [...]
‘I actually don’t know if Libra’s going to work’: Congress grills Zuckerberg over Facebook’s digital currency plans October 23, 2019 Facebook chief executive Mark Zuckerberg has appeared before Congress to defend the social media giant’s controversial proposed digital currency, Libra. Zuckerberg told US lawmakers that Facebook would not support Libra launching before the stablecoin has won the approval of all US financial regulators. Read more: Bitcoin falls to lowest level since June amid Libra concerns [...]
Bitcoin falls to lowest level since June amid Libra concerns October 23, 2019 Bitcoin has tumbled eight per cent as concerns mount over cryptocurrencies ahead of Facebook boss Mark Zuckerberg’s appearance before Congress this afternoon. Zuckerberg is set to be questioned on Libra, Facebook’s proposed digital currency, from 3pm UK time. Regulators and lawmakers from around the world have raised concerns about the possibility of Libra being used [...]
Banks could drop Facebook over Libra, ING head warns October 22, 2019 Banks could have to cut ties with Facebook if it launches Libra without first addressing regulators’ concerns over the possibility of the digital currency being used for money laundering, the head of ING was warned. Chief executive Ralph Hamers said banks such as ING act as “gatekeeper to the financial system”, and told the Financial [...]
MPs challenge Sir Nick Clegg over Facebook’s political ads rule change October 22, 2019 A top MP has written to Facebook vice president Sir Nick Clegg urging him to explain why the social media platform has overhauled its rules on political advertising. Damian Collins, chair of the Digital, Culture, Media and Sport (DCMS) Select Committee, warned the changes would “place a heavy constraint on [Facebook’s] ability to combat disinformation [...]
Facebook co-founder launches anti-monopoly trust October 17, 2019 One of Facebook’s co-founders has launched a $10m (£7.8m) anti-monopoly trust in an attempt to place extra scrutiny on big tech firms. Chris Hughes will launch the fund to support academic and policy research into market power. Read more: Facebook suffers a drop in brand value as consumer trust slides It will be a part [...]
Facebook suffers drop in brand value as consumer trust slides October 17, 2019 Facebook has suffered a second successive annual decline in its brand value as the social media firm faces a backlash over data use and its faltering move into digital currency. The Silicon Valley giant has dropped out of the top 10 rankings of the world’s most valuable brands, suffering a decline of almost 12 per [...]
DEBATE: Is the G7 warning the end for Facebook’s libra? October 16, 2019 Now that the G7 has issued a warning against the cryptocurrency, is this it for Facebook’s libra? YES, says Ana Bencic, president of Nexthash. Facebook’s libra is the most high-profile example of a centralised cryptocurrency and is a living example of how it will be perhaps the last one to exist. The G7’s warning to [...]
Booking.com owner becomes latest to abandon Facebook Libra October 14, 2019 Booking Holdings, the company behind websites including Booking.com, has become the latest firm to quit Facebook Libra, the social media giant’s embattled cryptocurrency project. Libra confirmed that Booking – which also operates sites including Opentable and Kayak – is withdrawing from the Libra Association, the stablecoin’s Swiss-based independent governing body. Read more: Facebook cryptocurrency Libra [...]