Facebook has said it expects to name the first members of a new quasi-independent oversight board by the end of the year.
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Facebook has been paying hundreds of outside contractors to transcribe clips of audio from users of its services, according to people with knowledge of the work.
Facebook showed that its business can weather all kinds of regulatory scrutiny – as long as people keep flocking to Facebook.
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.
Facebook failed to fend off a lawsuit over a data breach that affected nearly 30 million users, one of several privacy snafus that have put the company under siege.
Facebook was hours away from the formal announcement of its ambitious foray into financial services, but French finance minister Bruno Le Maire was already broadcasting his discontent.
Facebook hopes its new cryptocurrency will one day trade on a global scale much like the US dollar. But to come anywhere close to matching the dollar for utility and acceptance, Libra will need to be widely trusted.
Regulators will be watching closely when Facebook unveils its cryptocurrency project this week. Their vigilance is warranted.