US technology giants are headed for their biggest antitrust showdown with congress in 20 years as lawmakers and regulators demand to know whether companies such as Google and Facebook use their dominance to squelch innovation.
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The US congress holding hearings on Facebook’s plan for a possible digital coin suggests that the high-profile debut for libra was likely a public relations effort gone bad.
Peter Thiel, one of US President Donald Trump’s top Silicon Valley supporters and donors, took aim at Google and the hi-tech industry over the companies’ focus on global markets while brushing aside US interests.
The US Federal Trade Commission has voted to approve a fine of about US$5-billion for Facebook over privacy violations, the Wall Street Journal has reported.
Internet services such as search engines and social media platforms have increasingly been provided by a small number of very large tech firms. The blockchain could help consumers wrest control of their privacy away from them.
Facebook’s foray into digital currencies risks reversing gains in privacy and user sovereignty won by computer networking pioneers, according to one of the co-founders of ethereum.
President Donald Trump on Thursday night warned Facebook over its plan to create a digital currency, the libra, a move that poses a new obstacle to the company’s cryptocurrency ambitions.
The White House is launching an investigation into France’s proposed tax on Internet giants such as Google, Amazon and Facebook, in a move that could lead to US taxes on French imports.
Facebook is to begin releasing experimental apps to the public as part of new product development plans.
Since 2016, Facebook employees have used Stormchaser to track many viral posts, including a popular conspiracy that the company listens to users through their phone’s microphone.