{"id":161905,"date":"2019-07-22T10:47:15","date_gmt":"2019-07-22T10:47:15","guid":{"rendered":"https:\/\/www.theindustry.fashion\/probe-into-facebook-cryptocurrency-libra-being-considered-by-mps\/"},"modified":"2021-08-12T14:02:20","modified_gmt":"2021-08-12T14:02:20","slug":"probe-into-facebook-cryptocurrency-libra-being-considered-by-mps","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/probe-into-facebook-cryptocurrency-libra-being-considered-by-mps\/","title":{"rendered":"Probe into Facebook cryptocurrency Libra \"being considered by MPs\""},"content":{"rendered":"<p>A probe into <a href=\"https:\/\/www.theindustry.fashion\/libra-facebook-to-launch-cryptocurrency-and-digital-wallet-in-2020\/\">Facebook\u2019s digital currency<\/a> plans is being considered by MPs, it has been reported.<\/p>\n<p><!--more--><\/p>\n<p><strong>Concerns have been raised over the social network\u2019s intentions to start a cryptocurrency<\/strong> called Libra, which will be run by a number of firms including Mastercard, Visa and PayPal.<\/p>\n<p>Facebook will incorporate the currency into its digital wallet called Calibra, while<strong> other companies will be able to use Libra in their own apps.<\/strong>\u00a0Luxury fashion platform\u00a0<a href=\"https:\/\/www.theindustry.fashion\/farfetch-becomes-founder-member-of-leading-blockchain-initiative\/\">Farfetch is one of the founder members of the scheme<\/a>.<\/p>\n<p>Last week, US senators expressed their reservations about the project, as Libra chief David Marcus gave evidence to the Senate Banking, Housing and Urban Affairs Committee.<\/p>\n<p><strong>Marcus was told Facebook \u201cdoesn\u2019t deserve our trust\u201d<\/strong> and \u201cshould be treated like the profit-seeking corporation that it is\u201d.<\/p>\n<p>On British shores, similar concerns have emerged, with Damian Collins, chairman of the Digital, Culture, Media and Sport Committee, expressing fears that it could be open to fraud.<\/p>\n<p>\u201cTo me,<strong> (Libra) suggests that Facebook\u2019s almost trying to turn itself into its own country<\/strong>,\u201d he told <em>Financial News<\/em>.<\/p>\n<p>\u201cIt\u2019s a global organisation that doesn\u2019t have physical boundaries but basically has a global community who are <strong>solely under the oversight of Mark Zuckerberg.<\/strong><\/p>\n<p>\u201cIf we\u2019re going to have this payment system created by Facebook that exists within a Facebook walled garden, which no-one really has access to or can question, then<strong> our concern has got to be that this system is going to be open to massive fraud<\/strong>.\u201d<\/p>\n<p>Facebook has defended the cryptocurrency, saying <strong>it will not have special rights or privileges<\/strong>, and is willing to hold back from launching the service until it has satisfied the concerns of regulators around the world.<\/p>\n<p>Marcus said the social network also understands \u201cloud and clear\u201d that <strong>people do not want financial details connected to their social media data.<\/strong><\/p>\n<p>However, Bank of England Governor Mark Carney has cautiously welcomed the cryptocurrency, saying the Bank \u201capproaches Libra with an open mind but not an open door\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":135129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[6],"tags":[14793,10471,14794],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Probe into Facebook cryptocurrency Libra &quot;being considered by MPs&quot; - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"A probe into Facebook\u2019s digital currency plans is being considered by MPs, it has been reported. 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