Sources Contact Advanced Search Tutorials

An Interest In:

Web News this Week

Search Archive

Some of Our Sources

View All Sources

Help Webnuz

Referal links:

August 23, 2019 02:02 pm

Members of Facebook's 'Crypto Mafia' Reportedly Getting Cold Feet About Libra Currency

At least three of the 28 entities that have signed on for Facebook's planned Libra currency are now getting nervous about the project, according to a new report from the Financial Times. And Facebook is just as worried about being the only company currently with its "neck out," as regulators push back against the plan to create a new digital currency from thin air. From a report: The companies, which some have dubbed the "crypto mafia," include heavy hitters from Silicon Valley and Wall Street, like Uber, Spotify, Visa, and Mastercard. They're all partners in the Libra Association, a new organization based in Switzerland that is coming under scrutiny from governments around the world. The Chair of the U.S. Federal Reserve, EU antitrust regulators, the French Finance Minister, the Senate Banking Committee, the House Committee on Financial Services, and the Secretary of the U.S Treasury have all expressed doubts about Libra, so it's easy to see why some companies might be getting cold feet. But these companies aren't just worried about Libra's future as a digital currency. Their main concern seems to be that government regulators may want to look deeper into each company's primary business after they're done tearing Libra to shreds.

Slashdot

Slashdot was originally created in September of 1997 by Rob "CmdrTaco" Malda. Today it is owned by Geeknet, Inc..

More About this Source Visit Slashdot