Tag: Virtual Currency

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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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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The Gold Rush for Private Health Data

“Claim Your 31st Right,” declares the #My31 app’s splash screen. “Review, share, and confirm your HUMAN right to your data as your property.” (The United Nations Declaration of Human Rights currently has 30, so a right to data would presumably come next.) That’s why #My31 doesn’t bill itself as a business so much as a […]

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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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Facebook’s Undemocratic Currency

On Tuesday, Facebook, in partnership with a surfeit of other large and powerful corporations, including Uber, Spotify, PayPal and VISA, announced that it would lead the effort to create a new global currency called Libra. “We believe,” says the organization that will govern the currency, “that the world needs a global, digitally native currency that […]

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How Libra Would Work for You

Facebook and a consortium of 27 partners on Tuesday unveiled Libra, a new cryptocurrency. Their goal? To create a new global money and the foundation for a fresh universe of financial services. That’s a grandiose vision, but what exactly will happen and what will you be able to do with Libra? Here are the basics. […]

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Facebook Plans Global Financial System Based on Cryptocurrency

SAN FRANCISCO — Facebook unveiled an ambitious plan on Tuesday to create an alternative financial system that relies on a cryptocurrency that the company has been secretly working on for more than a year. The effort, announced with 27 partners as diverse as Mastercard and Uber, could face immediate skepticism from people who question the […]

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