Thursday July 18, 2019
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Facebook to Help People Understand Ad-Targeting to Provide Greater Transparency, Control

"We're continuing to work to make ads more transparent and easier for you to control," Thulasi added

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"We're continuing to work to make ads more transparent and easier for you to control," Thulasi added. Pixabay

Facebook has introduced new steps to let people know and adjust how their information influences the ads they see which would help them to understand more about ad-targeting on its platform. “We heard feedback from people that they can still be hard to understand. Today we’re making two additional changes to address those concerns.

“We’ll show people more reasons why they’re seeing an ad on Facebook and we’re also updating Ad Preferences to show you more about businesses that upload lists with your information, such as an email address or phone number,” Sreethu Thulasi, Product Manager, Facebook wrote in a blog post on Thursday.

To provide greater transparency and control, the social networking giant would allow users to see more detailed targeting, including the interests or categories that matched them with a specific ad.

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FILE – Attendees walk past a Facebook logo during Facebook Inc’s F8 developers conference in San Jose, California, United States. VOA

Along with highlighting controls users could use to adjust their experiences, Facebook has decided to make the process of showing where information came from also becomes clearer — “e.g. the website you may have visited or Page you may have liked.” As far as the updated Ad Preferences are concerned, users would now see two sections.

ALSO READ: Amazon to Upgrade Technical Skills of One Third of US Workforce

The first section would include advertisers who uploaded a list with users’ information and used that list to run at least one ad in the past seven days and the second section aims to help users to understand third-party businesses who have uploaded and shared lists with their information.

The second section would let users see the business that initially uploaded a list, along with any advertiser who used that list to serve you an ad within the last 90 days. “We’re continuing to work to make ads more transparent and easier for you to control,” Thulasi added. (IANS)

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US Lawmakers Call Facebook’s Digital Coin Libra as ‘Delusional’

Under Facebook subsidiary Calibra, the social networking giant has planned to introduce a digital wallet for Libra. The wallet will be available on Messenger, WhatsApp and as a standalone app and is expected to be launched in 2020

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Facebook, Libra, Bitcoin
Bitcoin, which has risen in value for eight consecutive days, received a boost after Facebook has said it would offer its own cryptocurrency, the Libra coin by end of June 2020. Pixabay

The US lawmakers attacked Facebook’s upcoming digital cryptocurrency Libra at a Senate hearing here, calling it “delusional” and “dangerous” and directing the social networking giant to clean up its house first before launching a new business model.

David Marcus, Head of Facebook subsidiary Calibra, was grilled at the Senate Banking Committee on Tuesday, reports Tech Crunch.

Democrat Senator Sherrod Brown who began the hearing blasted Facebook, saying it was “delusional” to think people would trust it with their hard-earned money.

“We’d be crazy to give them a chance to let them experiment with people’s bank accounts,” said Brown, adding that “like a toddler who has gotten his hands on a book of matches, Facebook has burned down the house over and over and called every arson a learning experience.

Republican Senator Martha McSally echoed his views: “Instead of cleaning up your house, you are launching a new business model.”

Marcus said Facebook “will only build its own Calibra cryptocurrency wallet into Messenger and WhatsApp”.

Marcus told lawmakers that Libra – controlled by a non-profit called the Libra Association — will comply with all US regulations and unless all concerns are answered, would not be launched.

Earlier on Monday, US Treasury Secretary Steven Mnuchin said he was “uncomfortable” with Libra. US Federal Reserve Chair Jerome Powell has also raised “serious concern” over Libra.

Facebook, Financial, Lawmakers
FILE – Representations of virtual currency are displayed in front of the Libra logo in this illustration picture. VOA

Marcus, in a prepared testimony, said the Libra Association would be regulated by the Swiss government because that’s where it’s headquartered.

“The Libra Association expects that it will be licensed, regulated, and subject to supervisory oversight. Because the Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA),” Marcus wrote.

US President Donald Trump last week tweeted that he is not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.

“Unregulated Crypto Assets can facilitate unlawful behaviour, including drug trade and other illegal activity,” Trump said.

Also Read: New Twitter Desktop Look Left Users Baffled

“Similarly, Facebook Libra’s avirtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.

“We have only one real currency in the USA, and it is stronger than evera It is called the United States Dollar!” he further tweeted.

Facebook has said it is not going to launch its digital coin Libra unless regulators are fully satisfied and all necessary approvals are in place.

Under Facebook subsidiary Calibra, the social networking giant has planned to introduce a digital wallet for Libra. The wallet will be available on Messenger, WhatsApp and as a standalone app and is expected to be launched in 2020. (IANS)