TechNews By TOPMAG.PW

Facebook’s planned virtual unit Libra, already under heavy attack from US president Donald Trump and global regulators, faces scepticism among the wider cryptocurrency community as well.

One theme – besides Brexit – dominated discussion among the movers and shakers from London’s financial technology or FinTech industry as gathered for their annual get-together: the future of virtual currencies.

“Can I just ask you to raise your hand if you would not be willing to use Libra?” asked the moderator at an event at London’s recent ‘FinTech Week’. In the room, filled with about 100 experts and media who closely track the sector, about two-thirds of participants raised their hand to express distrust at the upstart currency.

Helen Disney, founder and boss of Unblocked Events, which promotes the blockchain technology that powers many cryptocurrencies, acknowledged growing doubts over who exactly would oversee and regulate Libra’s operation.

Power to the people

People are “concerned about how the governance … would work”, Disney shared. “The cryptocurrency community is very libertarian in thinking,” its “about giving power to the people, democratisation of finance, keeping away from big banks and companies who control (the) economy,” she said.

Last week’s gathering came one month after Facebook announced to the world its plans for the virtual currency. Libra, which is widely regarded as a challenger to dominant global player Bitcoin, is expected to launch in the first half of 2020.

Whereas Bitcoin is decentralised, Libra will be co-managed by 100 partner firms, including Facebook’s newly-minted financial services division Calibra. The companies behind Libra – which will be backed with a basket of real-world currencies – include payment giants Visa, MasterCard and PayPal, as well as taxi-hailing services Lyft and Uber.

To access Libra on smartphones, users will go through a virtual wallet that will also be named Calibra. While Facebook boasts an enormous customer base dotted across the globe that should facilitate Libra’s uptake, it firm also been plagued by privacy concerns that could make users hesitate.


“Can’t wait for a cryptocurrency with the ethics of Uber, the censorship resistance of Paypal, and the centralisation of Visa, all tied together under the proven privacy of Facebook,” said Sarah Jamie Lewis, head of non-profit research organisation Open Privacy.

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Lalasticlala

See More Photos Here====>: http://topmag.pw/2019/07/15/facebooks-libra-currency-under-fire/

Can't wait to see it happen

Don’t think Facebook is going down soon
They’re the biggest Tech Giants in the world

odiereke:
Can't wait to see it happen

It Will Be WOW

Bet9jaVirtual:
Don’t think Facebook is going down soon
They’re the biggest Tech Giants in the world

They are big but not the biggest, not even in US. Google, Apple are way bigger.

This project was poorly handled. Unless it was only a publicity stunt.

This best approach would have been, to allow Libra develop and lunch as an independent crypto currency (secretly funded by Facebook). When it succeeds, Facebook will just formerly partner or acquire it.

Same approach worked with WhatsApp and Instagram. If Facebook had started those, it would not have succeeded.

Mark just wants to monopolize everything sha .

yahoo boys warming up already like 'food don ready',they hack your Facebook account and calibrate your calibra.