Tag: Libra (Currency)

There’s a Lot We Still Don’t Know About Libra

Last month, Facebook chief executive Mark Zuckerberg spent over five grueling hours answering myriad questions from the members of the House Financial Services Committee on issues like election interference, hate speech, censorship and discriminatory advertising. While it was an important reminder of the many dangers that Facebook already presents to our society, we didn’t actually […]

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Can We Trust Facebook to Run a Bank?

ImageCredit…Illustration by Nicholas Konrad; photographs by Pete Marovich for The New York Times, Anna Moneymaker/The New York Times, and Eric Thayer for The New York Times This article is part of the Debatable newsletter. You can sign up here to receive it Tuesdays and Thursdays. Facebook could hardly help drawing the world’s jaundiced eye when […]

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Zuckerberg Defends Facebook Cryptocurrency Project to House Committee

WASHINGTON — Mark Zuckerberg, Facebook’s chief executive, returned to the hot seat on Wednesday to defend a cryptocurrency project that has become the latest target of criticism from lawmakers frustrated with the social media giant. In a hearing before the House Financial Services Committee, Mr. Zuckerberg presented a rosy view of how the cryptocurrency would […]

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Facebook Lays On the Charm for Its Libra Cryptocurrency Plan

WASHINGTON — Facebook’s ambitious plan to create a cryptocurrency that would replace traditional money all over the world appears to be on life support. Regulators and lawmakers have mocked it. Key partners like Visa and Mastercard have stepped away from it. But the company isn’t backing down. Facebook executives fanned out in the capital last […]

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China’s Cryptocurrency Plan Has a Powerful Partner: Big Brother

BEIJING — When Facebook announced plans this year for a cryptocurrency called Libra, it said its goal was to reinvent money for the internet age. What the company probably didn’t imagine was that its efforts might spur China to get there first. China wants to start replacing the cash that people carry with a digital […]

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Facebook’s Libra Cryptocurrency Faces Exodus of Partners

Facebook’s troubled cryptocurrency initiative, Libra, suffered new blows on Friday as the departures of key partners became an exodus. Stripe, Mastercard, Visa and eBay said they were all pulling out of Libra, a week after PayPal became the first company to drop out. While they continue to support the idea of Libra, the companies said, […]

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PayPal Pulls Out of Libra, Facebook’s Cryptocurrency Project

SAN FRANCISCO — PayPal said on Friday that it had pulled out of the coalition of companies involved in a Facebook-backed cryptocurrency initiative, in the latest headache for the social network’s effort. The proposed cryptocurrency, Libra, has been in the works at Facebook for more than a year and was announced to much fanfare in […]

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How to Stay Financially Stable When the World Might Be Falling Apart

Unfortunately, rising markets aren’t necessarily great indicators of a healthy economy. After Jerome H. Powell, the Federal Reserve chair, suggested this month that the Fed would cut interest rates, the stock market hit new highs. That buoyed investments, but signs of slowing economic growth persisted, as did the fear that it may be too late […]

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Facebook Dodged a Bullet From the F.T.C. It Faces Many More.

LONDON — After Facebook was hit on Friday with a fine of around $5 billion for privacy violations, critics immediately said it escaped largely unscathed: The settlement neither bruised its bottom line nor severely restricted its ability to collect people’s data. Yet even if the Silicon Valley company dodged that bullet, its pain was just […]

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Regulators Have Doubts About Facebook Cryptocurrency. So Do Its Partners.

SAN FRANCISCO — One of the biggest selling points of Facebook’s ambitious plans for its new cryptocurrency, Libra, was that the social media company had 27 partners, including prominent outfits like Visa, Mastercard and Uber, helping out on the project. But some of those partners are approaching Libra warily. They signed nonbinding agreements to join […]

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The Real Reason for Facebook’s New Cryptocurrency

Facebook says its new cryptocurrency, Libra, is a tool for financial inclusion and disrupting the world’s cumbersome payment systems. In reality, there is a deeper motivation behind it, although not the one its critics imagine: Libra is the last, best hope to re-establish trust between Facebook and the world. Facebook harnessed billions of users to […]

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