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Facebook to Hire Banking Expert to Run its Digital Coin Libra

Sensing a multi-billion dollar opportunity to improve the cross-border payments system

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Facebook's vice president of messaging products and a key figure behind 'Libra' digital currency project. Pixabay

Facebook is looking to hire a seasoned executive to run its digital coin ‘Libra’ project who has the know-how of the complex government and central banking system.

According to David Marcus, Facebook’s vice president of messaging products and a key figure behind ‘Libra’ digital currency project, someone with experience in government and central banking would be a great choice to oversee the currency.

“We need someone who knows how economies tend to work, who understands how to operate in a very complex, decentralized governance type of environment,” Marcus told The Information on Friday.

Sensing a multi-billion dollar opportunity to improve the cross-border payments system, Facebook has announced to launch its own digital coin called ‘Libra’ next year.\

Facebook, Banking, Libra
Facebook is looking to hire a seasoned executive to run its digital coin ‘Libra’ project. Pixabay

“We need someone who has the gravitas to be able to carry the message on behalf of all the members — the 100 members and more of the association when this thing goes live — rather than have each and every one of us have piecemeal conversations left and right with all of the different governments and regulators that this whole network will be subject to,” Marcus elaborated.

The new digital wallet for ‘Libra’ currency would be available in Facebook Messenger, WhatsApp and as a stand-alone app in 2020.

Facebook has tied up with 27 organisations around the world to start the non-profit Libra Association to create the new currency.

Marcus denied reports that banks have rejected Facebook’s invitation to join the Libra Association.

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“We have had conversations with banks. We still have conversations with banks. And my expectation is that by the time this thing launches next year you will have banks that are going to be members of this,” Marcus was quoted as saying.

According to Facebook CEO Mark Zuckerberg, “In addition to our efforts, many other companies will build their own services using Libra — from payment companies like Mastercard, PayPal, PayU, Stripe and Visa, to popular services like Booking, eBay, Farfetch, Lyft, Spotify and Ubera.

“A number of leading venture firms are also joining to help drive innovation on the Libra network. We’re hoping to have over 100 co-founding members of the Libra Association by the time the network launches next year,” Zuckerberg said.

Facebook currently generates 99 per cent of its revenue from advertisements and digital currency would help it reach billions of users across products — aiming to create another stable revenue stream and make cryptocurrecny-based payments mainstream. (IANS)

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Facebook, Sony Pull Out Of Games Developer Conference Due To Coronavirus Concerns

Earlier this month, global telecom industry body GSMA cancelled the 2020 edition of the tech industry's biggest event -- MWC due to health safety concerns around novel coronavirus outbreak

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Facebook
Facebook had already cancelled an event it had planned at the Moscone Centre in San Francisco a week back. Pixabay

 Big technology players such as Facebook and Sony have pulled out of the forthcoming Games Developer Conference (GDC) over concerns of the deadly coronavirus outbreak. This comes after coronavirus derailed the world’s biggest mobile exhibition — the Mobile World Congress (MWC) in Barcelona.

Just one day after announcing it wouldn’t be attending PAX East, Sony confirmed that it also won’t be attending the Game Developers Conference (GDC) this March in San Francisco also due to coronavirus concerns, Android Central reported on Thursday.

It is pertinent to note that Sony had cancelled plans for MWC as well and the novel coronavirus situation in China has caused a lot of distress across the tech industry.

Facebook had already cancelled an event it had planned at the Moscone Centre in San Francisco a week back.

Coronavirus
Big technology players such as Facebook and Sony have pulled out of the forthcoming Games Developer Conference (GDC) over concerns of the deadly coronavirus outbreak. This comes after coronavirus derailed the world’s biggest mobile exhibition — the Mobile World Congress (MWC) in Barcelona. VOA

Facebook, which owns VR company Oculus, also announced it won’t be attending GDC in either capacity. Chris Pruett, the director of content ecosystem at Oculus, said in a statement, “Out of concern for the health and safety of our employees, our dev partners, and the GDC community as a whole, Facebook’s AR/VR and Gaming teams won’t be attending this year’s Game Developers Conference due to the evolving public health risks related to COVID-19”, the report added.

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Earlier this month, global telecom industry body GSMA cancelled the 2020 edition of the tech industry’s biggest event — MWC due to health safety concerns around novel coronavirus outbreak. (IANS)