Mon, June 05, 2023

Facebook’s Libra project and regulations

Facebook and its cryptocurrency

Mark Zuckerberg is the CEO of one of the most popular social media networks in the world. Customers are using Facebook even in remote areas. This network helped Zuckerberg to join the list of the wealthiest people. However, it is not the only major project associated with Zuckerberg or Facebook.

The information about the upcoming cryptocurrency first appeared a long time before the official presentation. In June 2019 Facebook officially presented its cryptocurrency called Libra. It even created a whole association to manage this digital currency with headquarters in Switzerland.

Initially, the list of companies that were part of this association was quite impressive. It included 27 companies. However, some of them decided to leave the project due to the ongoing problem. The first one to leave was PayPal. Several other companies also left as well. For example, Visa and MasterCard decided to quit the Libra association. Out of 27 founding members, 6 of them left the cryptocurrency project.

According to the initial plan, Libra should become available by mid-2020. Nevertheless, the backlash Facebook is facing at the moment makes it harder to stick to this plan.

Libra project and U.S. CongressAustralia benefited from Bitcoin

On Wednesday, the CEO of Facebook will testify before the House Financial Services Committee. It means that he will have another chance to convince the U.S. Congress members. It is essential to mention that Facebook’s position is that Libra won’t become available without the approval of all U.S. regulators.

One day before the meeting, the information regarding the testimony of Zuckerberg became available to the public. According to this testimony, Facebook’s CEO acknowledged that there are serious concerns about this project. However, he reiterates the official position which is that Libra will not become available without U.S. regulators’ approval.

He also talks about the importance of the Libra project for millions of people. Zuckerberg says Libra will help people to transfer money. Also, Libra is not trying to replace national currencies.

Australian police and Bitcoin

People may think about what happens to Bitcoin assets that are seized as part of criminal investigations. A compelling case occurred in Australia.

In 2016, Australian authorities began the operation to seize Bitcoin worth AUD 7,300 or 5,000 U.S. dollars. The process was quite long and in 2018 authorities finally seized these assets. The good news for the authorities is that by that time the price of these assets reached $105,000. The funds received from this operation will help to boost crime prevention as well as the financial support of the local communities.


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