A unified front of regulatory authorities is being created that opposes Facebook's plans with Libra

A unified front of regulatory authorities is being created that opposes Facebook’s plans with Libra

There was no doubt that the cryptocurrency of Facebook Libra would counteract, but facing an unified front was not predicted.

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Regulatory authorities from the US, Britain, the European Union and four other governments have asked Facebook to answer some questions about how it will protect user data.

The social network has not been able to meet the regulatory authorities’ requirements in the past and there is no assurance that it will do better with Libra in their letter to the social network.

The authorities want to know that Libra will have taken the necessary measures to protect personal data, including transparency and adequate means of protecting personal data with a minimum collection of information.

They also want to know if those companies that process payments will adhere to these obligations and apply the same standards in different countries.

The group expects a response from Facebook even though it has not set a deadline. The social network one way or another should address these concerns. Politicians have gone so far as to propose a temporary ban on working in the Libra.

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neOadviser – TECH

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Meet Libra, Facebook's long-awaited Cryptocurrency

Meet Libra, Facebook’s long-awaited Cryptocurrency

According to the white paper, Facebook’s cryptocurrency called “Libra” will operate in the Libra Blockchain and rely on a reserve of assets that will give it a stable value by protecting against fluctuations.

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These assets are bank deposits and short-term securities that will be held in the Book Reserve for each booklet that is issued for circulation.

The new payroll coefficient will be overseen by a non-profit organization based in Switzerland, the “Libra Association”, which consists of names such as Mastercard, PayPal, Visa, Stripe, eBay, Coinbase, Andreessen Horowitz and Uber as its founders.

Facebook hopes to expand this organization to 100 members ahead of Libra debut in the first half of 2020.

The Libra Organization is run by the Council of Libra Association. The members of the council are the founders where each leads a network node and is required a minimum initial $10 million investment.

Every 10 million provides one vote per entity to the council. Facebook also introduced the Libra Invesment Token, a currency other than that of the Equinox Libra which can be bought and distributed in the form of dividends for the founder of the organization and the accredited investors.

Because Libra is not technically tied to a state-owned currency, the white paper says users may not always swap the currency for a certain amount of paper money even though Facebook claims that reserve assets are chosen to minimize the variation of the cryptocurrency.

While reserve assets are geographically distributed to ensure its decentralization, the only reserve is managed by the Libra Association.

New Libra coins are created when authorized resellers buy coins from paper-based organizations and are destroyed when resellers sell currency to the organization again.

Facebook says the software that enables Libra blockchain implementation is open-source and serves an ecosystem of interoperable financial services by expanding the involvement of actors and investors.

Earlier reports say the currency will be used to ease Facebook payments and in platforms like WhatsApp, Messenger and Instagram exposing them to 2.7 billion active users per month.

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So what do you think about this? Let us know your thoughts in the comments section below, follow us on twitter and facebook for more news and updates.

neOadviser – TECH

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