•   
  •   

Tech & ScienceFrance fears Facebook's digital currency will bring 'considerable disruption'

18:50  12 september  2019
18:50  12 september  2019 Source:   news.sky.com

Whitehall fears Brexit backlash from a Johnson government

Whitehall fears Brexit backlash from a Johnson government Whitehall fears Brexit backlash from a Johnson government

Facebook has been warned that it will not be allowed to launch its planned digital currency in Europe so long as concerns remain that it could destabilise the global Any breakdown in the functioning of this currency , in the management of its reserves, could create considerable financial disruption ."

Do you think Libra ( Facebook digital currency ) would be good for society? Is Ben Mezrich, the author behind The Social Network, right that we should fear Facebook ' s cryptocurrency Libra, and why or why not?

France fears Facebook's digital currency will bring 'considerable disruption' © Getty Facebook plans to launch Libra by mid-2020 Facebook has been warned that it will not be allowed to launch its planned digital currency in Europe so long as concerns remain that it could destabilise the global financial market.

The social media giant announced plans for its own cryptocurrency - Libra - earlier this summer, and said it would be used alongside a smartphone-based wallet app called Calibra before the middle of 2020.

French finance minister Bruno Le Maire has said the cryptocurrency will be barred from operating in Europe until worries about sovereignty, financial risks and potential market dominance are quelled.

Z Cars star Jeremy Kemp dies age 84, after 'suffering considerable ill-health' following the death of his American partner

Z Cars star Jeremy Kemp dies age 84, after 'suffering considerable ill-health' following the death of his American partner Actor Jeremy Kemp has died age 84. The Derbyshire born star appeared in shows such as Z Cars and The Winds of War.

France plans to block the development of Facebook ' s cryptocurrency Libra in Europe, citing fears of systemic financial risks and the potential for abuse of market dominance. Speaking at an OECD event on Thursday

Facebook ’ s proposed currency , Libra, has forced the Fed to consider the issue because of a fear that private companies could establish their own If the Fed doesn’t establish a digital currency , who will? The flurry of recent moves by Facebook and the Fed’s international counterparts has also caught the

Read more: Facebook offers more than £8,000 to anyone who can hack new cryptocurrency (The Independent)

Speaking at a meeting of the Organisation for Economic Co-operation and Development in Paris, he said consumers and companies alike would be put at risk.

Mr Le Maire added: "This eventual privatisation of money contains risks of abuse of dominant position, risks to sovereignty, and risks for consumers and for companies.

"Libra represents a systemic risk from the moment when you have two billion users. Any breakdown in the functioning of this currency, in the management of its reserves, could create considerable financial disruption."

France fears Facebook's digital currency will bring 'considerable disruption' © Other Libra will arrive as part of a smartphone-based wallet app called Calibra

Mr Le Maire did not spell out how France would be able to prevent Libra being rolled out in other European countries, including members of the European Union.

Homes evacuated as severe flooding brings disruption to parts of England

Homes evacuated as severe flooding brings disruption to parts of England At least 11 people from a small Cheshire town were rescued from flood waters within four hours of each other, according to the local fire station. Severe flooding resulted in a major incident being declared on Wednesday in Poynton, as heavy rain fell across parts of the country. Swathes of central, north-west and north-east England were covered by multiple flood warnings issued by the Environment Agency. An all-day yellow warning of heavy rain and thunderstorms was issued by the Met Office for England northwards from Manchester, Sheffield and Lincoln.

France has said it will block the development of Facebook ’ s Libra in Europe, dealing the cryptocurrency a fresh blow. He said the digital currency would have to meet the highest standards of prudential regulation and consumer protection, and address issues such as money laundering and

Digital currency will let billions of users make transactions, but is already facing opposition from US lawmakers amid privacy concerns.

Nations aside from France have already cast doubt on Libra, with Switzerland having said earlier this week that the proposed payment system should face strict rules typically reserved for banks.

Bank of England Governor Mark Carney was among those who suggested Libra would face strict regulation, and the UK data watchdog has also raised privacy fears over how customer details would be protected.

Watch: What is Libra? (The Independent)

Facebook has attempted to downplay the initial ambition of Libra, saying that at launch it will only allow payments between users via smartphones or other devices.

However, the currency will be open source - meaning it can be included in other and existing digital wallets.

Yale economist Stephen Roach: US declaring China a currency manipulator is an 'empty threat'

Yale economist Stephen Roach: US declaring China a currency manipulator is an 'empty threat' Yale economist Stephen Roach: US declaring China a currency manipulator is an 'empty threat'

During testimony before the Senate Banking Committee, Facebook ' s David Marcus pledged to work with lawmakers to address concerns over the company's new proposed digital currency , Libra. Mr. Marcus, a co-creator of Libra, took questions from lawmakers regarding a variety of concerns

Facebook Instagram Messenger WhatsApp Workplace Oculus Audience Network. Bring your business online Establish your presence Build relationships Optimize your efforts. And sitting at the bustling intersection of over 1.86B people and 5M advertisers, Facebook IQ has a unique, global

UK Information Commissioner Elizabeth Denham has warned that Libra "must work in tandem with people's privacy expectations and rights", with Facebook having suffered major damage to its reputation since the Cambridge Analytica data scandal emerged last year.

Slideshow: Twenty-four things to know before investing in cryptocurrencies (Fool)

France fears Facebook's digital currency will bring 'considerable disruption'

There was global outrage when it emerged the political consultancy firm had harvested the data of millions of Facebook profiles without consent - and used it for political advertising.

Facebook said 87 million users were affected and it was hit with a £500,000 fine in the UK for "serious breaches of data protection law" by failing to safeguard the personal information of its users.

Slideshow: How Facebook changed our lives (StarsInsider)

France fears Facebook's digital currency will bring 'considerable disruption'

MSN UK is committed to Empowering the Planet and taking urgent action to protect our environment. We’re supporting Friends of the Earth to help solve the climate crisis, please give generously here or find out more about our campaign here.

Fears that £4.8m gold toilet could be melted down by thieves after Blenheim Palace heist.
The gold toilet stolen from the birthplace of Winston Churchill could be melted down if it is not recovered soon

Topical videos:

usr: 1
This is interesting!