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Facebook Rolls out its Transparency Tools for Global Advertisers

In countries where Facebook is not yet detecting or reviewing these ads, “these tools provide their constituents with more information about who’s influencing their vote — and we suggest voters and local regulators hold these elected officials and influential groups accountable as well”

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FILE - An Indian man surfs a Facebook page at an Internet cafe in New Delhi, India, Feb. 9, 2016. VOA

Facebook has rolled out its transparency tools globally for advertisers wanting to place ads about social issues, elections or politics.

The social networkin0g platform already requires that advertisers get authorized and add disclaimers to political ads in over 50 countries and territories, including in India.

“Now we’re expanding proactive enforcement on these ads to countries where elections or regulations are approaching, starting with Ukraine, Singapore, Canada and Argentina,” Sarah Schiff, Product Manager at Facebook said in a blog post on Tuesday.

As part of the authorization process for advertisers, Facebook confirms their ID and allow them to disclose who is responsible for the ad, which will appear on the ad itself.

The ad and “Paid for by” disclaimer are placed in the Ad Library for seven years, along with more information such as range of spend and impressions, as well as demographics of who saw it.

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FILE – The logo for Facebook appears on screens at the Nasdaq MarketSite, in New York’s Times Square, March 29, 2018. VOA

“The authorization process will not change in countries where we’ve previously launched, and people who previously authorized will not need to reauthorize,” said the company.

“Beginning today, we will systematically detect and review ads in Ukraine and Canada through a combination of automated and human review. In Singapore and Argentina, we will begin enforcement within the next few months,” said Facebook which also plans to roll out the Ad Library Report in both of those countries after enforcement is in place.

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“We’re also rolling out access to our Ad Library API globally so regulators, journalists, watchdog groups and other people can analyze ads about social issues, elections or politics and help hold advertisers and Facebook accountable,” said Facebook.

In countries where Facebook is not yet detecting or reviewing these ads, “these tools provide their constituents with more information about who’s influencing their vote — and we suggest voters and local regulators hold these elected officials and influential groups accountable as well”. (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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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.

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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)