Facebook's libra cryptocurrency, its answer to bitcoin, could have been a fresh start for the crisis-hit social media giant, but that now looks unlikely. Facebook's libra cryptocurrency project, announced in June this year, has been pitched as a new global currency. Regulators are concerned that libra could hand too much power to Facebook and undermine the ability of governments to manage their monetary policy and economies. U.S. president Donald Trump attacked Facebook's libra plans in July, claiming it would "facilitate unlawful behavior, including drug trade and other illegal activity." Facebook founder and CEO Mark Zuckerberg was summoned before U.S. regulators to explain Facebook's privacy and data-sharing practices earlier this year.

Source: Forbes October 09, 2019 00:00 UTC