Wednesday January 29, 2020
Home Lead Story France to Blo...

France to Block Facebook’s Libra Cryptocurrency: Report

The development of the Libra has raised grave concerns among lawmakers over how it will be regulated

0
//
facebook, servicefriend, startup, cryptocurrency, libra
Representations of virtual currency are displayed in front of the Libra logo in this illustration picture. VOA

French Finance Minister Bruno Le Maire on Thursday said the country cannot authorise the development of Facebook’s proposed Libra cryptocurrency on European soil as it threatens the “monetary sovereignty” of governments.

Le Maire also cited the potential for abuse of market dominance as well as systemic financial risks as the reason why the cryptocurrency cannot operate in Europe, Sputnik news agency reported.

“All these concerns about Libra are serious. I therefore want to say with plenty of clarity: in these conditions we cannot authorise the development of Libra on European soil,” Le Maire was quoted as saying at the opening of an OECD conference on virtual, cryptocurrencies.

Facebook announced its intentions to launch the digital coin in June. The new cryptocurrency is designed to assist billions of its social media users in conducting international transactions.

Corporate, America, Climate Change
FILE – In this April 30, 2019, file photo, Facebook stickers are laid out on a table at F8, Facebook’s developer conference in San Jose, Calif. The Boston-based renewable energy developer Longroad Energy announced in May that Facebook is building a… VOA

The digital coin will be operated by Facebook along with 28 partners, including Visa, MasterCard, PayPal, Uber, Lyft, and Spotify.

The development of the Libra has raised grave concerns among lawmakers over how it will be regulated.

Also Read: Ola Announces Expansion of its Ola Bike Service to 150 Cities Across India

Earlier this month, a member of the board of the European Central Bank (ECB) cautioned that the Libra virtual currency could under certain circumstances negatively affect the bank’s ability to regulate the euro and the single market. (IANS)

Next Story

New “Off-Facebook Activity” Tool On Facebook To Let Users Protect Browsing History

The social networking giant also introduced alerts for third-party logins

0
Facebook
Over the next few weeks, Facebook will show nearly two billion people a prompt, encouraging them to review their privacy settings. Pixabay

To give over two billion users more control over their privacy, Facebook CEO Mark Zuckerberg has announced several new features, including an ‘Off-Facebook Activity’ tool that will let users disconnect their identities from browsing history so Facebook won’t be able to see which websites they visit.

The ‘Off-Facebook Activity’ tool is now available to people on Facebook around the world.

“Other businesses send us information about your activity on their sites and we use that information to show you ads that are relevant to you. Now you can see a summary of that information and clear it from your account if you want to,” Zuckerberg said in a statement on Tuesday.

“Off-Facebook Activity marks a new level of transparency and control,” he added.

Over the next few weeks, Facebook will show nearly two billion people a prompt, encouraging them to review their privacy settings.

“The prompt will show up in your News Feed and direct you to the Privacy Checkup tool, which we recently updated,” said Zuckerberg.

“This makes it even easier to adjust who can see your posts and profile information, strengthen your account security by turning on login alerts, and review the information you share with apps you’ve logged in with Facebook.”

Facebook
To give over two billion users more control over their privacy, Facebook CEO Mark Zuckerberg has announced several new features, including an ‘Off-Facebook Activity’ tool that will let users disconnect their identities from browsing history so Facebook won’t be able to see which websites they visit. Pixabay

The social networking giant also introduced alerts for third-party logins.

Facebook Login lets users sign in to other apps and services, like games and streaming platforms, using the Facebook account.

ALSO READ: “Collaboration Is The Key To Ensure Cyber-Security”, Says Microsoft

“To help you keep track of your activity, we rolled out Login Notifications earlier this month. These notifications alert you when you use Facebook Login to sign in to third-party apps to help you stay aware of how your account is being used and edit your settings,” said Zuckerberg, adding that one of his main goals is to build much stronger privacy protections for everyone on Facebook. (IANS)