Not long ago, Facebook made an announcement that it will enter the cryptocurrency market with a new currency called pound and a wallet for the currency called calibra. Obviously, with the company’s checkered track record, Libra is going to be a tough sell for the company and Chris Hughes, co-founder of Facebook, agrees.
Chris Hughes, co-founder of Facebook. Reuters
In a series of tweets, Hughes mentioned that Libra has a long and difficult road to success. In fact, he has called this new cryptocurrency “terrifying”.
“At the beginning of the week, I thought the problem would be that it would strengthen the corporate power of Facebook. Now, in a few days, I think the problem is different and bigger: a new layer of monetary control between central banks and individuals , Mediated by corporations, “Hughes tweeted.
This isn’t the first time Hughes has raised concerns about Libra. In a opinion article in Financial times, Hughes wrote “Libra would hand over much of the control of monetary policy from central banks to these private companies, which also include Visa, Uber and Vodafone. If global regulators don’t act now, very soon it could be too late.”
1. #Libra has a long way to go before it succeeds, but in theory, it’s brilliant and scary. At the beginning of the week, I thought the problem would be that it would strengthen the corporate power of Facebook.
– Chris Hughes (@chrishughes) June 21, 2019
Earlier, in an interview with Facebook COO Sheryl Sandberg mentioned that regulators I have concerns about Facebook’s new cryptocurrency. Sandberg also mentioned that the Libra Association, which will handle the currency, will be based in Geneva and will be made up of 27 companies, including Visa, Mastercard, Uber, Spotify and more.
Hughes also expressed concern about how big Facebook has gotten in May when he wrote an op-ed for The New York Times What is it “time to break facebook“and that Mark Zuckerberg has given” uncontrolled power “and influence” far beyond that of anyone else in the private sector or in government. “
(Facebook’s Libra: Here’s How It Could Affect India’s Regulatory Stance On Cryptocurrencies)
(The presentation of the Libra cryptocurrency on Facebook draws attention to ‘stablecoins’)
(Calibra: Hours After Launch, US Politicians Call On Facebook To Stop Cryptocurrency Project)
(Facebook’s cryptocurrency project raises privacy concerns and is asked to stop the program)
(Facebook’s Libra cryptocurrency project will be examined by the United States Senate on July 16)
(Facebook Libra: How It Could Affect Currency Markets From An Indian Perspective)
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