Technology: Zuckerberg's testimony could make or break Facebook's Libra - PressFrom - US
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Technology Zuckerberg's testimony could make or break Facebook's Libra

11:10  10 october  2019
11:10  10 october  2019 Source:   qz.com

Congress will grill Mark Zuckerberg over Libra October 23rd

  Congress will grill Mark Zuckerberg over Libra October 23rd Mark Zuckerberg will be under the spotlight of regulators once again when Facebook's CEO testifies before the Financial Services Committee this month. The congressional panel is set to grill him October 23rd over Facebook's planned cryptocurrency Libra and digital wallet Calibra. Zuckerberg will be the sole witness at the hearing, titled "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors." Until now,Zuckerberg will be the sole witness at the hearing, titled "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors." Until now, Facebook has opted to mainly send Calibra CEO David Marcus to discuss Libra with regulators.

You can change this preference below. Mark Zuckerberg kicks off two days of congressional testimony on Tuesday over the leak of data and Cambridge Analytica.

Mark Elliot Zuckerberg (/ˈzʌkərbɜːrɡ/; born May 14, 1984) is an American technology entrepreneur and philanthropist. Zuckerberg is known for co-founding and leading Facebook as its chairman and chief

Facebook’s plan for Libra, a global cryptocurrency, doesn’t make much sense.

Mark Zuckerberg in a blue shirt© Provided by Atlantic Media, Inc.

At a high level, cryptocurrencies have repeatedly proven vulnerable to theft. Although blockchains themselves have (usually) remained secure, users have lost billions of dollars. From basic password management to phishing scams, crypto is, well, dangerous. There’s nobody to save you if your bitcoin gets stolen—no insurance, no customer service. You are your own security, for better or worse.

More worrisome, though, is what would happen if a cryptocurrency, like Libra, were launched on a large scale. The storage and security challenges particular to the crypto community could affect a far greater swath of the global financial system. People who turn to Facebook’s Libra to transfer money could face challenges normally associated with bitcoin’s irreversible transactions. What happens if somebody steals someone’s password? And what if they accidentally send money to the wrong person? It could have difficult ramifications for the financial industry.

Facebook's Libra loses one more member as its council becomes official

  Facebook's Libra loses one more member as its council becomes official Facebook couldn't avoid losing another Libra Association member before it formalized the cryptocurrency's council. Booking Holding, the company behind Booking.com, Kayak and Priceline, has withdrawn from the Libra Association just before the organization's members signed the council charter, elected its Board of Directors and appointed executive team members. The move leaves 21 initial members, including Facebook's own Calibra wallet as well as Lyft, Uber, Spotify and telecoms like Iliad and Vodafone.PayPal, eBay, Mastercard, Visa and Stripe were some the most prominent companies to pull out, each of them leaving within days of each other.

Facebook CEO Mark Zuckerberg arrives to testify before a joint hearing of the US Senate Sidestepping any gotcha questions or meme-worthy sound bites, Zuckerberg ’ s repetitive answers Facebook knew this day was coming, and worked to build Zuckerberg a fortress of facts he could

Mark Zuckerberg , Facebook ’ s chief executive, said he planned to build systems and products that create a type of “digital living room” where people can expect their discussions to be private.CreditCreditEliot Blondet/SIPA, via Associated Press.

In particular, policymakers worry that Libra—which would provide users a digital token tied a basket of government-backed currencies—may lack appropriate anti-money laundering and counter-terrorist financing controls. The regulatory pressure has been sufficient to scare off at least one partner, PayPal, which on Friday (Oct. 4) backed out of the Libra Association, the Switzerland-based group overseeing the cryptocurrency.

Additional members, like Visa and Mastercard, may also be reconsidering their commitments.

As the Libra Association seemingly teeters, the project has also lost its product chief, Simon Morris. He left the group in August, just two months after Libra’s public unveiling, according to The Telegraph.

France says it will block Facebook's Libra cryptocurrency in Europe

France says it will block Facebook's Libra cryptocurrency in Europe Facebook's Libra cryptocurrency has run into another stumbling block. Less than a month after the EU opened up an antitrust investigation into the project, officials in France have announced that they "cannot authorize" Libra on European soil. Speaking at an OECD conference in Paris on Thursday, French finance minister Bruno Le Maire said Libra would put the sovereignty of governments at risk. "All these concerns around Libra are serious," he said, according to a translation by CNBC. "So I want to say this with a lot of clarity: In these conditions, we cannot authorize the development of Libra on European soil.

Facebook CEO Mark Zuckerberg faces touch questions from senators about the company' s data-privacy policies. Subscribe to TIME ►► http Get closer to the world of entertainment and celebrity news as TIME gives you access and insight on the people who make what you watch, read and share

Facebook ’ s chief executive on the right to privacy, banning Cambridge Analytica and the things he is Later Zuckerberg corrected himself. “I want to correct one thing that I said earlier in response to a We made a mistake by not doing so. But I just wanted to make sure that I updated that because I

With Facebook attracting ever greater scrutiny and doubt, CEO Mark Zuckerberg will soon testify about his company’s crypto aspirations. He’s expected to appear before the House Financial Services Committee on Oct. 23. David Marcus, who leads Calibra (Facebook’s crypto wallet), testified before the same committee in July but did little assuage lawmakers’ concerns. (Likely adding insult to injury, Marcus was the president of PayPal before joining Facebook.)

Zuckerberg’s performance will be a key moment for Libra’s future—it could determine whether the nucleus of the Libra Association remains intact, or whether it collapses under lawmakers’ pressure. It’s easy to imagine how Zuck will testify: Libra won’t launch until it’s addressed regulators’ concerns… We will take the time to get this right.

But those phrases are empty without action. Libra is losing, and fast. As it stands, the Association has pushed back the cryptocurrency’s launch date from the first half of 2020 to the second half. Onlookers, like Brad Garlinghouse, CEO of Ripple (one of the world’s largest crypto companies), have expressed skepticism about Libra ever launching. Perhaps, he’s right.

WSJ: Visa, Mastercard are reconsidering support for Facebook Libra

  WSJ: Visa, Mastercard are reconsidering support for Facebook Libra It has been a few months since Facebook officially announced its "Libra" cryptocurrency push with support from some big names including Visa and Mastercard. Since then we've heard little about it other than increasing scrutiny from regulators, bankers and politicians around the world, while those partners have mostly remained quiet. The Wall Street Journal reports today that executives from unnamed partner companies have refused to support Libra publicly, despite requests from Facebook for them to do so. It claims, based on anonymous sources, that Visa, Mastercard and others are now reconsidering their involvement altogether.

Mark Zuckerberg answered questions on how Facebook will handle future elections, whether it was a monopoly, and how it should be regulated. Mark Zuckerberg ' s testimony : Here are the key points you need to know. Published Wed, Apr 11 20184:53 AM EDTUpdated Wed, Apr 11 20189:02 AM EDT.

Facebook CEO Mark Zuckerberg ’ s testimonies before Congress last year were rife with lawmakers dispensing Similarly, Facebook Libra ’ s ‘virtual currency’ will have little standing or dependability. If Congress is already convinced “big is bad,” and Libra could make Facebook bigger, that may make

REGULATORY WATCH

There’s new tax guidance for cryptocurrencies. The US Internal Revenue Service (IRS) answered long-held questions from the cryptocurrency community through a new revenue ruling on Oct. 9. The agency prescribes how taxpayers should calculate the “fair market value” of their crypto holdings, thereby clarifying how investors ought to determine their crypto-tax obligations. For most crypto investors, this information is more than sufficient. Depending on whether they purchased their crypto through an exchange, from a peer, or received it in exchange for goods or services, the US tax agency has them covered. The IRS even explains that traders can use accounting standards, like first-in-first-out (FIFO) and specific identification, to minimize tax obligations.

However, in its discussion of network splits—better known as forks—the IRS makes an egregious misstep. Coin Center, a cryptocurrency advocacy group, explains that the agency’s approach imposes an unreasonable burden on investors. Anybody can fork a public network (like bitcoin), creating new digital coins without necessarily informing the existing network’s users. But the IRS essentially says it expects investors to pay taxes on any alternate versions of bitcoin—or for that matter, alternate versions of any other cryptocurrencies they hold.

Facebook’s Libra Association is being investigated by EU antitrust regulators

Facebook’s Libra Association is being investigated by EU antitrust regulators Facebook's Libra cryptocurrency project is being probed again, this time by European Union antitrust regulators. The European Commission said it is "currently investigating potential anti-competitive behavior," related to the Libra Association, Bloomberg reports. In a questionnaire sent out this month, the EU authority expressed concerns that Libra would unfairly shut out rivals. The investigation, still in its early stages, is examining the governance structure and membership of the Libra Association. The purpose-built, independent nonprofit is meant to govern the digital currency.

Now Facebook wants to make Libra the evolution of PayPal . It’ s hoping Libra will become simpler to set up, more Facebook says it hopes to reach 100 founding members before the official Libra launch and it’ s open to anyone that meets the requirements, including direct competitors like Google or Twitter.

Mark Zuckerberg , the billionaire founder and chief executive of Facebook , faced a much tougher crowd on the House side of Capitol Hill in his second day of congressional testimony . Over the two days, there were nearly 10 hours of hearings

“It’s like owing income tax when someone buries a gold bar on your property and doesn’t tell you about it,” writes Peter Van Valkenburgh, Coin Center’s director of research. “It’s absurd and impossible to reasonably comply.”

The agency’s FAQ on virtual currency transactions should help address the majority of crypto-tax questions. But if you’re looking for a pedantic take on the finer points of cryptocurrency taxation, look no further than Marco Santori, president and chief legal officer of Blockchain, a crypto wallet provider:

BITS AND PIECES
  • Stephen Curry won’t invest in CBD, blockchain, or gambling (Yahoo)
  • Algo Capital loses $1 million-$2 million after security breach (CoinDesk)
  • Why PayPal’s withdrawal from Facebook’s Libra project stings extra (Quartz)
  • The mystery of the disappearing ‘Cryptoqueen’ Ruja Ignatova (BBC)
  • Ohio suspends the payment of business taxes using bitcoin (Associated Press)
  • CoinDesk has a new chief content officer, blockchain cheerleader Michael Casey (Medium)
  • Fed’s Harker: Digital central bank currency ‘inevitable’ (Reuters)
  • Coinbase Pro updates fee structure (Coinbase Blog)

Please send news, tips, and Mark Zuckerberg memes to [email protected]. Today’s Private Key was written by Matthew De Silva and edited by Mike Murphy. Quality is not an act, it is a habit.

Zuckerberg confirms Facebook payment tests in India, Mexico in Verge leak .
Mark Zuckerberg revealed the company is testing the waters in India and Mexico.“We basically put out this big idea for enabling through our networks—through WhatsApp and Messenger—the ability for people to send money hopefully as easily as you can send a photo or other content across the world to different folks,” he said, according to the Verge’s transcript. “But we want to work with traditional currencies. So we have a test going in India. We’re working in Mexico and a bunch of other countries to have this rolled out broadly. The hope is to get that rolled out in a lot of places with existing currencies before the end of this year.

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