It has been nearly seven years since Edward Snowden blew the whistle on highly classified global surveillance programs, inciting a national conversation about privacy in the digital age. One of these revelations was that the NSA had access to the email content of Google users and the ability to map anyone’s cell phone location. It’s now been two years since the Cambridge Analytica scandal came to light, revealing that the company had harvested Facebook user data and used it to manipulate for the United States presidential election. In 2018, Facebook also admitted that it let Netflix and Spotify access users’ …

In an exclusive interview with Cointelegraph, Crypto Valley Association President Daniel Haudenschild said that central bank digital currencies are “the next logical stage.” Haudenschild explained to Cointelegraph that he believes CBDCs are the next stage “in evolution for decentralized finance.” He also claimed that there are currently 34 CBDC projects. According to him, such digital currencies represent a new era of governments and traditional finance that recognize the potential of digital assets. Central banks innovate to avoid being left behind Fear of being left behind, Haudenschild admitted, is a major force driving countries to innovate, “Undoubtedly, the drive of digital …

As multiple countries and entities weigh the validity of a central bank digital currency the physical United States dollar still sits in a place of dominance — but for how long? “The dollar is the dominant currency today,” ING economist Carlo Cocuzzo said on a panel at London Blockchain Week. Cocuzzo added that “90% of forex turnover is in dollars, so the U.S. stands to lose in this game.” A September 2019 report from The Bridge showed similar prominence, with USD tallying 60-70% of foreign exchange reserves. Countries and companies look to CBDCs with interest Over the past year, various …

Facebook may be considering modifying its plan for the 2020 release of the cryptocurrency Libra. When the social media giant introduced Libra last year, it did so claiming the cryptocurrency would be a simple global currency with the power to transform the global economy. Regulators quickly took notice, and found the company had to offer more questions than answers as to what the digital currency would be. Though Libra is still going forward, Facebook will now offer government-issued currencies like dollars and euros to support its own token. The move appears to be a way to appease reluctant regulators and …

Jon Cuncliffe, the deputy governor for financial stability of the United Kingdom’s central bank, the Bank of England (BoE), has warned that the emergence of a cryptocurrency economy may weaken or eliminate bank credit issuance. In a speech delivered to the London School of Economics on Feb. 28, Cunliffe predicted that the integration of stablecoins on social media platforms could lead to people putting much of their money currently held with banks into stablecoin wallets, warning: “In such a world, and depending how and whether stablecoins were backed with other financial assets, the supply of credit to the real economy …

Tagomi, a crypto prime broker headquartered in New York, will join the Libra Association, the governing body for the Facebook-led stablecoin. Tagomi was founded by Jennifer Campbell in 2018, a former associate at Union Square Ventures. Tagomi will become the Libra Association’s 22nd member. Members of the association are expected to contribute at least $10 million to the Libra Reserve, which holds the assets that back the cryptocurrency. Tagomi has raised $28 million to date, making a $10 million commitment a large amount for a two-year-old startup. It should be noted that some of the biggest names in crypto are …

Bank of England (BoE) chief cashier Sarah John has expressed opinions favoring state-issued digital currencies, according to a Feb. 22 article published by The Telegraph. She urged other central banks to consider developing central bank cryptocurrencies in response to recent moves from private companies’ in the digital payments sector. John stated that it is “really important” to consider that central banks think about” central bank digital currencies [CBDCs] “as an option” in responding to major tech companies’ efforts to develop stablecoins. The BoE official warned that inaction may result in regulators being forced to play catch-up with private companies in …

Janet Jackson’s ex-husband, the Qatari billionaire Wissam Al Mana, is suing Facebook after a crypto scam used his image to promote itself in the Middle East without his permission. Al Mana is claiming defamation, malicious falsehood and false advertising by the unnamed cryptocurrency firm, The Times reported on Feb. 23. His defamation action has been filed in Dublin, Facebook’s European headquarters, where the legal framework for such cases is deemed to be more amenable for plaintiffs than the United States. Sue Facebook in Dublin, not Menlo Park Defamation cases, according to Belfast-based defamation lawyer Paul Tweed, stand a greater chance …

Digital lead for Calibra Ben Maurer gave a presentation on Facebook's Move programming language at the Stanford Blockchain Conference on Feb. 19. Move was created by Facebook to provide a safe and programmable foundation for the Libra blockchain. Maurer explained that Move will make it easier and more secure to program financial applications that run on Libra. He said: “Move is a new smart contract language built into the core of Libra that is designed to bring a modern approach to today’s financial systems.” Maurer mentioned that Libra’s mission is to solve the lack of access to financial services, noting …

The team behind Brave Browser thinks that Google has an unfair competitive advantage due to its massive trove of user data. In a submission filed with the United Kingdom’s consumer protection agency, Brave argued that the country’s failure to enforce European data protection laws gives Google an unfair advantage. Brave’s stance In an interview with Cointelegraph, Dr. Johnny Ryan, Brave’s chief policy and industry relations officer, insisted that it’s not about the competition between Chrome and Brave, but enforcing the laws that protect consumers: “RTB [Real-time-bidding, an auction for online ads] is the biggest data breach in the world, personal …

E-commerce giant Shopify has joined the Libra Association, a network of founding members supporting Facebook's stablecoin project Libra. Shopify, a major Canada-based digital commerce platform hosting more than one million merchants, will be collaborating on the establishment of a global payment network within the Libra Association, the firm officially announced on Feb. 21. The Libra Foundation has confirmed the news in a Facebook post, outlining that Shopify would be an “incredible partner in making widespread economic participation a reality.” Shopify believes that traditional financial system wasn’t built for Internet commerce In the announcement, Shopify claimed that its action to join …

The European Union’s securities regulator has put out a report warning of risks of Big Tech’s entrance into finance. “The high level of market concentration typically observed in BigTech may get carried into financial services, with potentially adverse impacts on consumer prices and financial stability,” the European Securities and Markets Authority, or ESMA, said of Big Tech companies entering finance, as part of its 2020 Trends, Risks and Vulnerabilities report released on Feb. 19. The report did, however, also mention a few positives of Big Tech in finance. “Prospective benefits include greater household participation in capital markets, greater transparency and …