Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Facebook May Abort New Crypto in India, Will Testify Before Senate in the US

by Daily Hodl Staff
June 19, 2019
in Altcoins
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
‎‎‎ ‏‏‎

Within hours of Facebook’s official announcement of its new crypto project Libra, the social media giant began facing an onslaught of critics, snags and concern.

Following a statement by Democratic Rep. Maxine Waters who chairs the House Financial Services Committee and joined a chorus of detractors wanting to pull the plug on Libra, the U.S. Senate Banking Committee on July 16 will call Facebook to testify at a hearing to answer questions and concerns about privacy, security, user protection and the full scope of Facebook’s project.

Facebook has disclosed that Libra will allow users on its platforms to send and receive the cryptocurrency as easily as email, effectively transferring money across borders – without a bank.

The Senate Banking Committee first reached out to Facebook last month when it submitted a letter, dated May 9th, requesting answers to pointed questions about Facebook’s new stablecoin.

“…it is important to understand how large social platforms make data available that can be used in ways that have big implications for consumers’ financial lives, including to market or make decisions on financial products or services that impact a consumer’s access to or cost of credit and insurance products, or in ways that impact their employment prospects. It is also important to understand how large social platforms use financial data to profile and target consumers.”

Libra, which is expected to launch next year, will have the potential to harness Facebook’s multiple platforms including Messenger, WhatsApp and Instagram, reaching 2.5 billion users, effectively and massively impacting the global payments industry through newly developed blockchain-based infrastructure that the tech giant powers and controls along with a consortium of major corporations.

Such centralized control, despite the release of the Libra whitepaper and assurances from Facebook that Libra will be governed by dozens of companies, has done little to assuage regulators who fear that Facebook is poised to establish a robust shadow banking system with billions of users upon launch.

CNBC reports that David Marcus, who oversees Facebook’s blockchain efforts, is expected to testify before the Senate, according to a source in Washington familiar with the matter.

According to a report by The Economic Times, Facebook would also face an uphill battle in India, one of the largest remittance-receiving countries in the world, where a source familiar with project Libra says that the new stablecoin will not be made available due to the country’s anti-crypto stance.

Reports The Economic Times,

“‘Facebook has not filed any application with RBI (Reserve Bank of India) for its cryptocurrency in India,’ said a second person aware of the matter. RBI did not respond to queries from ET.”

…

“’If Facebook were to design the Libra to be a closed system, only to be transacted on its network and not beyond, RBI should ideally be less concerned, since the coin does not engage with the external economy,’ said Anirudh Rastogi, founder, Ikigai Law, a technology-focused law firm. ‘If it is not meant to operate in a closed system, then it is exactly the kind of digital asset that concerns RBI. Regulations as currently drafted seem to indiscriminately apply to both the above examples.’”

Follow us on Facebook            Join us on Telegram            Follow us on Twitter


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal
    March 3, 2021
  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
  • How Traders Make Money in Both Bull and Bear Markets on BigoMex
    February 25, 2021
  • Student Coin Found New Ways to Use Crypto
    February 24, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$48,552.00
$48,552.00
2.19%
Ethereum
$1,498.91
$1,498.91
4.76%
Binance Coin
$228.69
$228.69
3.86%
Polkadot
$33.48
$33.48
7.43%
Cardano
$1.18
$1.18
3.24%
XRP
$0.464322
$0.464322
1.52%
ADVERTISEMENT

Spotlight

  • Bitcoin Building on New Highs: From Hashrate to Miner Revenue
    February 26, 2021
  • 5 Altcoins Poised To Capitalize on Next Crypto Hype Cycle, According to Ivan on Tech
    March 3, 2021
  • Is Coinbase Preparing To Launch Its Own Crypto Asset? New Document Hints at New Token
    February 28, 2021
  • Ripple Testing Private Version of XRP Ledger To Power Central Bank Digital Currencies
    March 4, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.