Facebook’s impending move to offer a digital currency will create a new regulatory minefield for a company whose privacy practices have already provoked attacks from lawmakers in the U.S. and Europe
.yet much-discussed cryptocurrency initiative, code-named “Project Libra,” could become a major e-commerce tool for Facebook users across the social network’s suite of services, from Instagram to messaging. But as with other cryptocurrencies such as Bitcoin, the new Facebook coinmoney launderers and terrorist financiers, a risk that has drawn the attention of lawmakers and regulators.The project is expected to be unveiled on Tuesday, where more details will be released.
“Facebook could use cryptocurrency as a payment mechanism to remove friction across its various services,” analysts at Merrill Lynch said in a June 14 report. “We see the launch as an important initiative for the company as it builds out a more private messaging ecosystem with e-commerce capabilities.”
By signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time. “Facebook coin will do for money laundering what Facebook did for fake news — likely lead to an explosion in terrorist financing,” said Charlie Delingpole, CEO of Comply Advantage, an anti-money laundering consultancy.
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