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France’s economic minister declared that the French government intends to block the development of Facebook’s Libra cryptocurrency in Europe because of the systematic threats it poses to financial security and stability.
France warned Thursday it will block development of Facebook’s planned Libra cryptocurrency in Europe because it threatens the “monetary sovereignty” of governments.
Widespread adoption of Facebook’s proposed “Libra” cryptocurrency could harm the European Central Bank’s ability to manage the eurozone economy and threaten the euro itself, a top official said Monday.
Regulators are reportedly concerned that the Libra currency could shut out rivals and create “competition restrictions” related to the use of information and consumer data. The EU is also examining the integration of Libra wallets into Facebook’s WhatsApp and Messenger services, according to Bloomberg.
The Federal Trade Commission is set to announce on Wednesday that Facebook has agreed to a sweeping settlement of significant allegations it mishandled user privacy and pay $5 billion, two people briefed on the matter said.
An investigation by The Washington Post has uncovered a dozen accounts, pages, and groups across Facebook and Instagram which misleadingly claim to be official hubs for Libra, Facebook’s proposed digital currency. In some cases these pages, which were only removed after WaPo reported them to Facebook, offered to sell Libra at a discount through third-party websites.
Facebook will not launch the cryptocurrency Libra until it has “fully addressed regulatory concerns,” according to David Marcus, the head of Facebook’s Calibra. The remarks are prepared testimony he plans to give tomorrow, in front of the US Senate Banking Committee.
France is creating a G7 task force to ensure that transnational crypto currencies like Facebook’s Libra are regulated to protect the economy and the consumer.
Facebook’s plan to operate its own digital currency poses risks to the international banking system that should trigger a speedy response from global policymakers, according to the organisation that represents the world’s central banks.
France is creating a G7 task force to study how central banks ensure cryptocurrencies like Facebook’s Libra are governed by regulations ranging from money-laundering laws to consumer-protection rules, France’s central bank governor said on Friday.
Facebook announced its cryptocurrency Libra and a global association of organizations that will govern it. And Facebook also announced Calibra, a new subsidiary that will build a digital wallet for Messenger, WhatsApp, and a standalone app on iOS and Android.
Facebook will announce a new cryptocurrency this month, according to a report by The Information. Facebook employees who work on the project, called Libra, can choose to be paid in the cryptocurrency token instead of hard cash, the report says. Previous reports have suggested that a global launch would happen next year.
“The disease has reduced us to one level. The mighty and small nations have all been reduced to the same level with all feeling the hit and unable to do much about it,” Kaigama said on Sunday, while addressing newsmen after celebrating the Palm Sunday Mass.
The Nigeria Centre for Disease Control (NCDC) confirmed on Sunday the death of another Nigerian from COVID-19, bringing the total number of COVID-19 deaths in the country to five.
Many churches in Awka, Anambra capital witnessed a low turnout of worshippers on Sunday for the Palm Sunday service as they comply with social distancing orders by the government.
A United Nations envoy, Ms. Damilola Ogunbiyi, has decried electricity supply challenges in most developing countries battling the coronavirus pandemic.
The Ogun State Command of Federal Road Safety Corps (FRSC) on Sunday commended motorists over the high level of compliance with the lockdown in the state.
The institute’s epidemiological scenario is based on an algorithm that takes into account all major parameters of the outbreak, including the number of new cases, hospitalization, recovery of patients and mortality rate.
Carlos Tevez has told his fellow footballers to waive their wages for an entire year to help the fight against coronavirus.
PFA chief executive Gordon Taylor has vowed to block plans to cut Premier League players’ wages as the debate over the coronavirus crisis rumbles on.
The Governor of Ekiti State, Dr. Kayode Fayemi, has set up a 47-member panel of eminent citizens of the state, including three former governors, to help mobilise resources to combat the COVID-19 pandemic.
Former Brazilian forward Robinho has lifted the lid on why he made his record-breaking £32.5million move to Manchester City instead of a much publicised transfer to Chelsea.