Facebook’s Libra currency under fire

Arab News | Jul 14, 2019 at 4:04 AM
  • Facebook’s planned virtual unit Libra, already under heavy attack from US President Donald Trump and global regulators, faces skepticism among the wider cryptocurrency community as well.
  • Whereas Bitcoin is decentralized, Libra will be co-managed by 100 partner firms, including Facebook’s newly-minted financial services division Calibra.
  • Libra has meanwhile raised eyebrows among the world’s financial regulators, including the Bank of England, the European Central Bank and the US Federal Reserve.