{"id":29785,"date":"2019-10-18T14:59:55","date_gmt":"2019-10-18T14:59:55","guid":{"rendered":"https:\/\/packetstormsecurity.com\/news\/view\/30596\/How-The-Wheels-Came-Off-Facebooks-Libra-Project.html"},"modified":"2019-10-18T14:59:55","modified_gmt":"2019-10-18T14:59:55","slug":"how-the-wheels-came-off-facebooks-libra-project","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/how-the-wheels-came-off-facebooks-libra-project\/","title":{"rendered":"How The Wheels Came Off Facebook’s Libra Project"},"content":{"rendered":"
<\/div>\n

When Facebook<\/a> announced plans to launch a digital currency earlier this summer, it added a full-blown revolution in global finance to its typically vaulting Silicon Valley mission statement: to create a digital currency alongside its efforts to bring the world closer together through networks.<\/p>\n

Over the past month, that mission has gone badly awry. The Libra cryptocurrency project now faces existential threats from world leaders and central bankers worried about its harmful potential: as a vehicle for money laundering, a threat to global financial stability, open to data privacy abuse, dangerous for consumers and stripping nations of the control of their economies by privatising the money supply.<\/p>\n

Seven high-profile partners in the Facebook-led consortium that is building the digital currency \u2013 known as the Libra Association \u2013 have quit in dramatic fashion in recent weeks<\/a>, including PayPal, eBay, Visa and Mastercard, as concerns mount.<\/p>\n

\u201cOne by one they\u2019re starting to drop away. That\u2019s certainly not good news,\u201d said John Sedunov, a professor of finance and expert in cryptocurrencies at Villanova University.<\/p>\n

\u201cI\u2019m not saying that it\u2019s tearing apart at the seams totally, but we\u2019re starting to inch towards the cliff. The fewer financial firms and fewer mainstream companies in this project, the more it loses credibility,\u201d he added.<\/p>\n

In the latest blow to the project, the G7 group of the world\u2019s most powerful nations warned on Friday<\/a> that digital currencies such as Libra \u201cpose challenges for competition and antitrust policies\u201d and should not be allowed to launch until the regulatory concerns are addressed.<\/p>\n

Mark Zuckerberg<\/a> is expected to feel the pressure mount further next week when he heads for a grilling at the US House of Representatives over Libra. In the wake of the Cambridge Analytica scandal<\/a>, he will face sharp questions over data privacy. To add to fears over Facebook\u2019s control of personal information, building a digital currency brings sensitive financial data into its orbit, raising the stakes.<\/p>\n

\u201cI get the sense that they\u2019ll get hit harder on those areas for Libra. And I don\u2019t think Zuckerberg is the politicians\u2019 favourite person. That comes into play,\u201d said Sedunov.<\/p>\n

As the problems for Libra mount, comments made this week by the Labour MP Alison McGovern could prove instructive to preview the showdown in Washington: \u201cIsn\u2019t it a legitimate question of policymakers to ask Facebook: \u2018Why are you bothering? Why is this for you?\u2019\u201d<\/p>\n

Mark Carney<\/a>, the governor of the Bank of England, told McGovern and other MPs on the Commons Treasury committee<\/a> that Libra should be heavily regulated worldwide \u201cor it\u2019s not going to happen\u201d.<\/p>\n

\u201cThis will not be like social media. This will not be a case where something gets up and starts running and then the system tries to figure out after the fact how it\u2019s going to regulate it,\u201d he said.<\/p>\n

Threadneedle Street insiders believe Libra was probably planned with too many technologists and too few economists to think about its risks to the world economy. With 2 billion Facebook<\/a> users, Libra could become systemically important for the global financial system overnight. In a clash of worlds between technology and finance, the fail-fast-and-improve Silicon Valley approach is incompatible with a too-big-to-fail financial project.<\/p>\n

Dante Disparte, the head of policy and communications for the Libra Association, dismissed the concerns, adding: \u201cWe agree that the Libra project should be appropriately regulated, so calls for regulation are not a \u2018setback\u2019 or \u2018blow\u2019 to the project. Responsible financial innovation and regulatory oversight are not in contest.\u201d<\/p>\n

However, governments and central banks around the world are worried they could lose control of their monetary policy if significant chunks of activity shift to Libra.<\/p>\n

Bruno Le Maire, the French finance minister, warned in the Financial Times this week that Libra posed a threat to national sovereignty<\/a>. He argued that even regulation would not be enough to address the risks posed, \u201cbecause Libra is asking states to share their monetary sovereignty with private companies\u201d. Le Maire wrote that he \u201ccannot countenance\u201d passing control of a key tool for steering the economy from democratically elected governments and their central banks to a group with explicitly commercial interests.<\/p>\n

Andrew Milligan, the head of global strategy at the fund manager Aberdeen Standard, said: \u201cWith digital money created by corporations, we therefore have to transfer our trust to corporations. That\u2019s different from trusting a traditional bank and the governments that back deposits in them.\u201d<\/p>\n

Despite the existential threat to its future, Libra still draws support for its potential to revolutionise finance \u2013 if it can satisfy central bankers over their concerns.<\/p>\n

Financial exclusion around the globe could be tackled by a company with Facebook\u2019s presence in developing countries, while the promise of digital currency has potential to cut the cost of notoriously expensive cross-border payments, saving households and businesses money and time.<\/p>\n

Speaking in defence of Libra, Carney said the global payments system was \u201cnot good enough in this day and age. It should be the same as us exchanging a banknote, [but] online\u201d.<\/p>\n

Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk<\/p>\n

However, with mounting regulatory pressures, the time and cost of building Libra to settle those concerns could quickly spiral. The Bank of England warned earlier this month that Libra would need to meet similar standards to traditional banks<\/a>. Building a payment system to meet the myriad of bank regulations could rapidly erode the high-tech competitive advantages that would make Libra quicker and cheaper.<\/p>\n

Teunis Brosens, the lead economist for digital finance regulation at the Dutch bank ING, said: \u201cThe financial sector is the most heavily regulated sector of all and I think they underestimated that.\u201d<\/p>\n

However, big banks have long feared competition from internet giants. And in the shape of Facebook, they have a rival with deep pockets. Brosens added: \u201cIt really could go both ways. I find it a bit too easy to say with schadenfreude that Facebook has launched this thing and they fell flat on their face.<\/p>\n

\u201cThey made a big play and now they face a substantial setback. But they can still recover. I don\u2019t expect Facebook to give up this easily.\u201d<\/p>\n

READ MORE HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

READ MORE HERE…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","footnotes":""},"categories":[60],"tags":[8135],"class_list":["post-29785","post","type-post","status-publish","format-standard","hentry","category-packet-storm","tag-headlinegovernmentbankfacebooksocialcryptography"],"yoast_head":"\nHow The Wheels Came Off Facebook's Libra Project 2026 | ThreatsHub Cybersecurity News<\/title>\n<meta name=\"description\" content=\"ThreatsHub Cybersecurity News | ThreatsHub.org | Cloud Security & Cyber Threats Analysis Hub. 100% Free OSINT Threat Intelligent and Cybersecurity News.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.threatshub.org\/blog\/how-the-wheels-came-off-facebooks-libra-project\/\" \/>\n<meta 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