Facebook’s remaining partners in its digital currency project signed paperwork on Monday to officially join the Libra Association.
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Facebook’s effort to create a cryptocurrency was dealt a blow on Friday after several key partners, including Mastercard, Visa, eBay, Stripe and Mercado Pago, abandoned the project.
A global economic body has proposed overhauling the way multinationals, particularly technology giants, are taxed to make sure they pay their fair share in countries where they do significant business.
Naspers CEO Bob van Dijk said on Wednesday that the South African consumer Internet group remains a committed member of the Libra Association, the organisation overseeing the libra cryptocurrency.
Two US senate Democrats are urging three payment processing companies to reconsider their involvement with the libra cryptocurrency project envisioned by Facebook and a coalition of other groups.
Facebook’s proposed cryptocurrency has faced such overwhelming scorn that an exchange is now facilitating bets on whether the social media company can come close to meeting its target launch date.
PayPal has pulled out of the Libra Association, a blow to Facebook’s efforts to develop a digital currency.
Facebook has made mistakes in controlling the use of its data and has improved its monitoring of fake news but can’t be expected to police the global Internet, spokesman Nick Clegg said.
Facebook has been accused of reverting to the “digital Dark Ages” after serious concerns were raised that plans for message encryption could prevent child abusers and terrorists being caught.
Facebook CEO Mark Zuckerberg, the fifth-richest person in the world, was asked by an employee to respond to an assertion by US presidential candidate Bernie Sanders that billionaires shouldn’t exist.