Concerns regarding the Project Libra of Facebook by US Senate.
May 21, 2019 6:16 am,
In this digital age we live in, personal privacy has become a thing of the past. All the information and data about ourselves that we think are safe and secure, is actually available to a large group of people. This is especially true when it comes to social media websites such as Facebook. How do you think the advertisements you see while browsing through Facebook is exactly what you were looking for some time before? One thing that is sure is that it is no simple coincidence. Social media privacy is a topic for another day. This discussion is going to be about the stable coin under the project Libra that is going to be launched by Facebook very soon.
It was on December 2018 that the news regarding Facebook launching its very own stable coin was first surfaced. They wanted to have their Fbcoin so as to make the transactions and purchases through the website more quick and easy. This token could also be used across various other social media websites like Instagram and WhatsApp. Facebook has been making big moves towards the launch but a lot of information is not available as they have kept it fairly secret. It is known that they have invested around 1 billion USD for the project apart from seeking help from payment networks such as MasterCard and Visa.
Concerns regarding the project
Anything that breaches the privacy and security of the citizens is a concern for the US Senate. This is exactly the case when it comes to Facebook. There have been a lot of allegations regarding Facebook and its lack of security regarding the personal details of the users. Along with that, Facebook has now decided to launch its very own coin for transactions over the platform. This has triggered a lot of tensions in the US Senate. They have asked the founder Mark Zuckerberg as to how the privacy, especially the financial privacy of the users are going to be protected. The main reason for the questioning is because of the reason that no much information is available to the public to contemplate on.
Project Libra is the code name of the cryptocurrency project carried out by Facebook. The US Senate banking committee has written an open letter to Zuckerberg asking him to share more information regarding the project. The main concerns include the adherence to financial regulations and extent of consumer protection and privacy. The project was initialized in 2018 with a team headed by David Markus, who was the former board member of Coinbase. They have also sought help from Visa and MasterCard to come up with a token that will have great prospects in the future.