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Facebook’s Libra currency under fire

Updated July 15, 2019

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A 3-D printed Facebook logo is seen on representations of virtual currencies in this illustration picture on June 18. — Reuters/File
A 3-D printed Facebook logo is seen on representations of virtual currencies in this illustration picture on June 18. — Reuters/File

LONDON: Facebook’s planned virtual unit Libra, already under heavy attack from US President Donald Trump and global regulators, faces scepticism among the wider cryptocurrency community as well.

One theme — besides Brexit — dominated discussion among the movers and shakers from London’s financial technology or FinTech industry as gathered for their annual get-together: the future of virtual currencies.

“Can I just ask you to raise your hand if you would not be willing to use Libra?” asked the moderator at an event at London’s recent ‘FinTech Week’.

In the room, filled with about 100 experts and media who closely track the sector, about two-thirds of participants raised their hand to express distrust at the upstart currency.

Helen Disney, founder and boss of Unblocked Events, which promotes the blockchain technology that powers many cryptocurrencies, acknowledged growing doubts over who exactly would oversee and regulate Libra’s operation.

Published in Dawn, July 15th, 2019