It is unveiled that Facebook is developing tools an AI-powered means of bypassing end-to-end encryption on WhatsApp, which will allow the firm to peek into our personal messages, conversation & transactions. A tech entrepreneur Kalev Leetaru said, “will need to quietly stream a copy of the formerly encrypted content back to its central servers to analyze further, even if the user objects, acting as true wiretapping service.”
The Bank of International Settlements (BIS) and its chief Augustin Carstens in recent past have actively endorsed the creation and issuance of digital versions of national fiat currencies. But have been strong critics of of decentralized cryptocurrencies such as bitcoin (BTC). Now they have focused criticism on Facebook’s Libra cryptocurrency protocol due to the fact it resembles money beyond the control of a government.
Patrick Gauthier, VP of Amazon Pay critically said on the Facebook’s Libra, “It’s fresh, it’s speculative; at Amazon, we don’t really deal with the speculative, in the now.” speaking at Fortune’s Brainstorm Finance 2019 event. Gaulthier further explained on Amazon’s stand by saying, “At Amazon, we deal with data a lot, so I’ll be happy to have that conversation two or three years from now.”
The Banking Committee of the USA will be looking into length & breadth of Facebook’s Libra crypto next month. Its chairwomen Maxine Waters quoted, “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”
The brothers behind Gemini crypto exchange and the face of the Facebook have reportedly held talks with on the topic of Facebook’s Project Libra, which is preparing to launch stablecoin, dubbed GlobalCoin. It is interesting to note that the Winklevoss twins, classmates of Zuckerberg at Harvard University, sued the Facebook CEO in early 2004 for stealing their idea for building a social networking site which culminated in $50 million settlement.
The Facebook (a social media dominator which needs no introduction) has recently launched their startup Libra at Switzerland, may be to materialise its plans regarding its USD-pegged coin. Albeit Facebook has not commented on the situation yet, the company is registered in Geneva and the Crypto Valley located in Zug is also close by and it prefers to keep project secretive.
LendEDU (a New-Jersey-based loan comparing website) in its survey revealed that has US adult high interest towards the announced ‘Facebook Coin’. The LendEDU blog post says: “Facebook has the ability to tap into a considerable percentage of Americans (and their bank accounts) that have alluded the biggest virtual currencies like Bitcoin, Ethereum, and Ripple. Our data seems to indicate that this is in large part due to Facebook’s potent brand.”
The CEO continued to share a broader vision for cryptocurrencies, in which they are used as a common and accessible store of wealth. He stated if big technology companies want to put their resources toward building public peer-to-peer crypto infrastructure, It would be ecstatic. An anonymous revealed that Facebook will roll out its cryptocurrency, purportedly a stablecoin, sometime in the third quarter of 2019.
Facebook has on-boarded two new compliance experts, who previously worked at major cryptoexchange of USA, Coinbase. Mikheil Moucharrafie joined Facebook as a compliance officer, Jeff Cartwright spent nearly five years at Coinbase as a compliance manager. This might indicate the Facebook are showing its commitment to indulge in the blockchain & crypto space.
The Motley Fool wrote that Facebook’s much speculated, upcoming cryptocurrency project dubbed the Facebook Coin, will likely interest traditional credit card companies such as Mastercard and Visa. The article also believes that a unified Facebook cryptocurrency would present a strong challenge to other fitness involved in the payment sector or which has payment platforms like PayPal, Google Pay, Amazon Pay, and Apple Pay.