Facebook’s Crypto Libra Shouldn’t Become Sovereign Currency, Blasts French Finance Minister

By CCN Markets: Facebook’s unveiling of Libra, its cryptocurrency project coming in 2020, has caught the attention of many, including the French Finance Minister. Bruno Le Maire, speaking on French Radio, has said that this new cryptocurrency cannot operate as a sovereign currency. Facebook’s Libra project intends to introduce a digital currency for usage on its platforms. However, this is raising several economic issues. Concerns on its regulation, and the status of this currency, are up for debate with Le Maire giving some stern warnings. Stern Libra warning With its reach…

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Zuckerberg Pal Doubles Down on Facebook CEO Having Too Much Power

By CCN Markets: Give Facebook Co-Founder Chris Hughes a lot of credit. He not only has made comments that could make him less wealthy, but he’s also doubled down on them. Specifically, Chris Hughes believes that his “friend” Mark Zuckerberg has too much control over speech. Zuckerberg Is a Scary Master of the Universe In a May op-ed in the New York Times, Chris Hughes wrote: “The most problematic aspect of Facebook’s power is Mark’s unilateral control over speech. There is no precedent for his ability to monitor, organize and even…

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Facebook Recruits Bank Lobbyist for Regulatory Assist with Crypto GlobalCoin

By CCN Markets: Facebook has just hired a senior UK bank lobbyist ahead of GlobalCoin launch to help the company cope with European regulations. According to the Financial Times, Facebook will employ Standard Chartered European Head of Corporate and Public Affairs Ed Bowles from September as its London-based director of public policy. Bowles leaves Standard Chartered after 12 years to join Facebook, the company that is expected to release the whitepaper of its upcoming centralized cryptocurrency, GlobalCoin, in four days. Regulatory Compliance in the Spotlight As Facebook had been facing…

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Facebook Hunts E-Commerce, Payment Partners for Crypto Push: Report

By CCN: The crypto community hasn’t scared Mark Zuckerberg away from his cryptocurrency ambitions, at least not yet. New details have emerged in a Wall Street Journal report indicating that Mark Zuckerberg’s company is actively looking to ink deals to back its cryptocurrency payments ecosystem. Facebook is reportedly in discussions with “dozens of financial firms and online merchants” to support the unveiling of its blockchain-based payments network. Facebook is looking to lasso $1 billion for its new cryptocurrency and has been in talks with some major players. Facebook Building Cryptocurrency-Based…

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Facebook Scandals Could Hit Hardest Yet with First Profits Fall Since 2015

By CCN.com: Facebook’s annus horribilis looks like it will continue unabated, with the social media giant likely to experience its first quarterly drop in earnings since 2015. Despite recording a $3bn turnover increase, analysts expect the company to report a profit reduction from $5 billion in Q1 2018 to $4.7 billion, when it announces its Q1 2019 results later this week. At a time when the corporation’s activities are increasingly facing scrutiny by regulators around the world due to myriad privacy breaches, legal and ethical controversies, fake news scandals and the Cambridge…

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Departing Facebook Execs Give Thumbs Down to Zuckerberg’s Latest Plans

Facebook chief product officer Chris Cox is calling it quits with the company following creative differences with chief executive Mark Zuckerberg. Joining him is Chris Daniels, who was formerly in charge of the company’s WhatsApp platform. Both were members of Zuckerberg’s inner circle. Their leaving signifies potential turmoil for the company as its focus for the future changes. Moving on to Other Ventures In a recent post, Cox explained that he gave his final orientation to Facebook staffers last Monday. He later wrote: “For over a decade, I’ve been sharing…

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Facebook Secretly Talking with Bitcoin Exchanges about Listing its WhatsApp Cryptocurrency

Facebook’s blockchain team has made a significant amount of progress on its secretive cryptocurrency project since Bloomberg first reported that the company was building a dollar-pegged stablecoin. So much progress, in fact, that you may soon find the WhatsApp-focused cryptocurrency listed on a bitcoin exchange near you. Facebook Has Already Met with Bitcoin Exchanges to Discuss its WhatsApp Token According to The New York Times, Facebook has already quietly met with multiple bitcoin exchanges to discuss using their platforms to issue the token to consumers. From the report, which was…

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Mark Zuckerberg Defends Facebook: We Don’t Sell User Data, But Store Tons of Private Info

By CCN.com: Mark Zuckerberg, the CEO of social media monopoly Facebook, claims his company does not sell private user data. The 34-year-old billionaire issued the denial amid volcanic backlash over longstanding claims suggesting otherwise. “We don’t sell people’s data, even though it’s often reported that we do,” Zuckerberg wrote in a lengthy Wall Street Journal op-ed. In The post Mark Zuckerberg Defends Facebook: We Don’t Sell User Data, But Store Tons of Private Info appeared first on CCN

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