Facebook still faces problems before the launch of their Libra coin. Right after rebranding its Libra Foundation to The Diem Association, the company faces a lawsuit from a startup with an identical name.
Fake news related to cryptocurrency, Coronavirus pandemic, and other fields that spread through social media like Facebook, Google, Twitter etc., are becoming a problem. That is why the European Commission urged the giants to strengthen measures against misinformation.
The US law enforcers go on with their campaign against terrorism financing. Now, they have blocked and confiscated around $2 million worth in cryptocurrency from accounts allegedly involved in terrorism financing.
The Agricultural Bank of China (ABC), one of China’s state-owned banks released something which appeared to be the beta version of the anticipated Central Bank Digital Currency (CBDC) after a screenshot of the app was widely circulated on WeChat, the country’s equivalence of Facebook.
It is reported that partner companies participating in Facebook's Libra initiative are considering redesigning the project to address international regulatory concerns. The social networking company is allegedly shifting its strategies to takeoff a new token following extensive disparagement of its Libra digital currency.
The birth of cryptocurrency including Bitcoin traces back to the times of the Bretton Woods system of monetary management back in the 1970s. However, regardless of its positives, the system had some weighty weaknesses that ultimately led to its end on August 15, 1971.
Digital platforms are spreading more and more with business models based on our data and which, by default, threaten our rights. On the other hand, the privilege to the portability of personal information required by the GDPR assumes an important role for a change.