NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / Facebook co-founder bashes company's cryptocurrency plans, calls them 'frightening'
    Business

    Facebook co-founder bashes company's cryptocurrency plans, calls them 'frightening'

    Facebook co-founder bashes company's cryptocurrency plans, calls them 'frightening'
    Written by Shubham Sharma
    Jun 22, 2019, 11:54 am 2 min read
    Facebook co-founder bashes company's cryptocurrency plans, calls them 'frightening'

    Just a few days back, Facebook announced Libra, a cryptocurrency based on a blockchain-based network called Calibra. The digital coin came as a major step from Facebook in the global payments category, but the company's co-founder, Chris Hughes, has raised some serious alarms over the move. He claims that the company's crypto plans are 'frightening'. Here's more on his remarks.

    Hughes says Libra will make Facebook more powerful

    After calling for a break-up of Facebook earlier this year to keep it from becoming a monopoly, Hughes has again expressed concerns over the power going into the hands of the company with Libra. In an op-ed published in the Financial Times, he emphasized that the decentralized nature of Libra will make Facebook and the members of the association controlling the cryptocurrency more powerful.

    Concern over power shifting from global world banks

    "What Libra backers are calling 'decentralization' is in truth a shift of power from developing world central banks toward multinational corporations and the US Federal Reserve and the European Central Bank," Hughes wrote in the FT story.

    They could make or break companies

    Hughes claimed that Facebook and the Libra Association (backers of the cryptocurrency) will be deciding which banks, companies, and payment processors they would work with. This, he said, would make or break "companies in some markets overnight and "entrench existing players rather than creating a truly decentralized system." The Libra Association currently has 28 members including Visa, MasterCard, Facebook, PayPal, Spotify, Uber, and Vodafone.

    Threat to emerging economies

    Hughes further added that "if enough people trade out of their local currencies" for Libra, it could destabilize emerging economies in the long run. This, he warned "could threaten the ability of emerging market governments to control their monetary supply, the local means of exchange, and, in some cases, their ability to impose capital controls." Libra will launch in the first half of 2020.

    How Libra would work

    Libra will be just like any other digital currency; you'll buy some coins with real money and store it in a digital wallet. Facebook's digital wallet is named Calibra and it will be integrated into Facebook Messenger, WhatsApp, and other approved third-party wallets. Hence, by simply using your phone, you will be able to send Libra to friends or make payments for online/offline services.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    Facebook
    Facebook Messenger
    Cryptocurrency
    Libra

    Latest

    Plea in SC challenging 'automatic disqualification' of convicted MPs, MLAs Rahul Gandhi
    Box office: Keanu Reeves-starrer 'John Wick 4' registers decent openings Box Office
    San Francisco: Indian-Americans rally against pro-Khalistan attack on Indian consulate San Francisco
    New Zealand's Henry Shipley claims fifer versus SL: Key stats  New Zealand Cricket Team

    Facebook

    United Airlines trans stewardess dies after sharing emotional post Colorado
    Is Meta doing enough to fight sex trafficking and exploitation Meta
    Donald Trump is 'BACK' on Facebook, YouTube after 2 years Donald Trump
    Malayalam actor Bala Kumar hospitalized due to liver-related ailments Malayalam Movies

    Facebook Messenger

    End-to-end encrypted Facebook Messenger chats get themes, emojis, and Bubbles Meta
    Meta starts testing Discord-like Community Chats in Messenger, Facebook Groups Meta
    Mark Zuckerberg lost $6 billion during Facebook outage: Details here Facebook
    Facebook spotted testing voice, video calling using main app again Facebook

    Cryptocurrency

    Cryptocurrency prices: Check today's rates of Bitcoin, Ethereum, Dogecoin, Tether Bitcoin
    Cryptocurrency prices: Here are rates of Bitcoin, Ethereum, XRP, BNB Bitcoin
    These celebs invested in cryptos, and are now in trouble Non-Fungible Tokens
    Cryptocurrency prices today: Rates of Bitcoin, Ethereum, XRP, Shiba Inu Bitcoin

    Libra

    Why eBay, Mastercard, Visa ditched Facebook's Libra cryptocurrency project Facebook
    Facebook Libra launch could get delayed due to regulatory concerns Facebook
    Facebook's Libra cryptocurrency won't launch in India: Details here India
    Facebook to launch Blockchain-based Libra cryptocurrency in 2020 Facebook

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023