facebook ceo mark zuckerberg

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In June, 2019, Facebook unveiled plans to create a digital currency called Libra that, once released the next year, would be pegged to hard currencies including the US dollar. As Facebook spun things, Libra would be a democratizing force, a salve for the unbanked, the tech giant’s benevolent gift to the world. 

It was a sound-and-fury announcement greeted with attendant shock and awe: by cryptocurrency advocates who had dreamt of such a powerhouse getting behind their cause; by established payments players and their merchant customers excited by the convenience of non-government-controlled money transfers; and, less enthusiastically, by governments themselves, chagrined by the notion that Facebook might usurp their authority.

Oh, and Libra promised to be pretty good for Facebook too. “It was freaking brilliant because it could plug into its 2.2 billion-user base,” says Shawn Douglass, CEO of Amberdata, a startup that sells investing information to cryptocurrency traders. “Had they succeeded, all Facebook users would have been able to use Libra immediately.”

But Facebook didn’t succeed. Nearly two years on the company has nearly nothing to show for its efforts. Regulators in the US and Europe quickly put the kibosh on Libra’s aspirations, what with Facebook’s string of …read more

Source:: Businessinsider – Technology

      

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