• Privacy policy
  • T&C’s
  • FAQ
  • Meet the Team
  • About The London Economic
  • Advertise
TLE ONLINE SHOP!
NEWSLETTER
SUPPORT THE LONDON ECONOMIC
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics

Facebook cryptocurrency Libra could face probe by MPs

Digital, Culture, Media and Sport Committee chairman Damian Collins fears Libra could be open to fraud,.

Ben Gelblum by Ben Gelblum
July 22, 2019
in Business and Economics

A probe into Facebook’s digital currency plans is being considered by MPs, it has been reported.

Concerns have been raised over the social network’s intentions to start a cryptocurrency called Libra, which will be run by a number of firms including Mastercard, Visa and PayPal.

Facebook will incorporate the currency into its digital wallet called Calibra, while other companies will be able to use Libra in their own apps.

Last week, US senators expressed their reservations about the project, as Libra chief David Marcus gave evidence to the Senate Banking, Housing and Urban Affairs Committee.

Mr Marcus was told Facebook “doesn’t deserve our trust” and “should be treated like the profit-seeking corporation that it is”.

RelatedPosts

Mario Draghi: Italy’s chance to reboot its economy

Government advertorials claim success as factory output slows in Feb amid Brexit and Covid supply chain woes

Brexit: Bank of England boss warns EU over ‘serious escalation’ in financial services grab

Boardroom battle at Danone sees two schools of capitalism go head-to-head

On British shores, similar concerns have emerged, with Damian Collins, chairman of the Digital, Culture, Media and Sport Committee, expressing fears that it could be open to fraud.

“To me, (Libra) suggests that Facebook’s almost trying to turn itself into its own country,” he told Financial News.

“It’s a global organisation that doesn’t have physical boundaries but basically has a global community who are solely under the oversight of Mark Zuckerberg.

“If we’re going to have this payment system created by Facebook that exists within a Facebook walled garden, which no-one really has access to or can question, then our concern has got to be that this system is going to be open to massive fraud.”

Damian Collins comments
Damian Collins, chairman of the Digital, Culture, Media and Sport Committee (Gareth Fuller/PA)

Facebook has defended the cryptocurrency, saying it will not have special rights or privileges, and is willing to hold back from launching the service until it has satisfied the concerns of regulators around the world.

Mr Marcus said the social network also understands “loud and clear” that people do not want financial details connected to their social media data.

However, Bank of England Governor Mark Carney has cautiously welcomed the cryptocurrency, saying the Bank “approaches Libra with an open mind but not an open door”.

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Support fearless, free, investigative journalism Support fearless, free, investigative journalism Support fearless, free, investigative journalism

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending fromTLE

  • All
  • trending

What If We Got Rid Of Prisons?

Stress, fear and homelessness: The threat looming over families confronted with eviction

File photo dated 07/11/03 of a prison cell.

The Other Prison Pandemic

Latest from TLE

New variants ‘very unlikely’ to stop Brits getting back to normal by summer, top scientist says

How To Make: Chicken A La King

How To Make: Chicken à la King

Ex-minister says it’s ‘morally wrong’ to cut NHS pay as Tory rebellion brews

Mass slow clap urged in protest at ‘miserly’ 1% NHS pay rise proposal

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

Contact

Editorial enquiries, please contact: jack@thelondoneconomic.com

Commercial enquiries, please contact: advertise@thelondoneconomic.com

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Lifestyle
  • Food
  • Property
  • Travel
  • Tech & Auto
  • About The London Economic
  • Meet the Team
  • Privacy policy

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.