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Libra: Facebook set to launch own brand of cryptocurrency

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Facebook libra 2020

 

Facebook is planning to launch its own cryptocurrency in early 2020, allowing users to make digital payments in a dozen countries.

The currency, dubbed GlobalCoin, would enable Facebook’s 2.4 billion monthly users to change dollars and other international currencies into its digital coins. The coins could then be used to buy things on the internet and in shops and other outlets, or to transfer money without needing a bank account.

Mark Zuckerberg, the founder and chief executive of Facebook, last month met the governor of the Bank of England, Mark Carney, to discuss the plans, according to the BBC.

Zuckerberg has also discussed the proposal, known as Project Libra, with US Treasury officials and is in talks with money transfer firms, including Western Union, to develop cheap, safe ways for people to send and receive money. A report last year said Facebook is working on a cryptocurrency that would let users transfer money using WhatsApp, its encrypted mobile-messaging app.

“Payments is one of the areas where we have an opportunity to make it a lot easier,” Zuckerberg told the company’s developer conference last month. “I believe it should be as easy to send money to someone as it is to send a photo.”

In order to try to stabilise the digital currency the company is looking to peg its value to a basket of established currencies, including the US dollar, the euro and the Japanese yen.

Facebook is also looking at paying users fractions of a coin for activities such as viewing ads and interacting with content related to online shopping, similar to loyalty schemes run by retailers.

However, experts believe that regulatory issues and Facebook’s poor track record on data privacy and protection are likely to prove to be the biggest hurdles to making the currency a success.

“Facebook is not regulated in the same way as banks are, and the cryptocurrency industry is, by definition almost, unregulated,” said Rebecca Harding, chief executive of banking trade data analytics firm Coriolis Technologies.

 

In the UK, for example, there are no formal laws that govern this market because cryptocurrencies are not legal tender. Facebook has also had issues with protecting user data in the past few years and this may well be an issue for it as it tries to provide guarantees to users that their financial information is safe.”

Following an Observer investigation last year, it emerged that the data of up to 87 million Facebook users had been used improperly by Cambridge Analytica to target ads for Donald Trump in the 2016 US presidential election.

Earlier this month the US Senate committee on banking wrote an open letterto Zuckerberg asking how the currency would work, what consumer protection would be offered and how data would be secured.

It has also emerged that Zuckerberg held talks with the billionaire Winklevoss twins, Cameron and Tyler, whose bitter legal battle over the origins of Facebook was chronicled in the film The Social Network. The twins, who went to Harvard with Zuckerberg and later sued him for stealing their idea for a social network, founded the cryptocurrency exchange, Gemini, in 2014.

In the highly unregulated world of cryptocurrencies Gemini is notable as being one of the first two companies to win regulatory approval to launch a digital currency pegged to the US dollar, the Gemini dollar.

It emerged last month that Facebook is looking for $1bn (£790m) in funding to support the project, and has held talks with payments giants including Visa and Mastercard.

Facebook has been long expected to make a move in financial services, having hired the former PayPal president David Marcus to run its messaging app in 2014. Marcus, a board member of crypto exchange Coinbase, runs Facebook’s blockchain initiatives, the technology on which cryptocurrencies run.

In February JP Morgan became the first major US bank to create its own cryptocurrency, JPM Coin, as a way for its clients to settle payments.

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Cardi B tattoos Offset’s name on body

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Cardi B has tattooed her husbands stage name, ‘Offset’ on the back of her thigh.Cardi bRapper, Offset revealed this in a post via his Instagram handle: @offsetyrn on Sunday, July 21, 2019.

He posted a screenshot of Cardi showing him the tattoo during a facetime session.

However, this is not strange with the couple as Offset also has a tattoo of Cardi and his daughters name on his body.

View this post on Instagram

CANT WAIT TO GET HOME 👅👅👅

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COZA!!! Femi Falana Now Busola Dakolo’s Lawyer

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COZA!!! Femi Falana Now Busola Dakolo’s Lawyer

The Inspector-General of Police, Mohammed Adamu, has ordered that petitions from the Senior Pastor of the Commonwealth of Zion Assembly, Abuja, Biodun Fatoyinbo, and the Dakolos, be merged and investigated at the Force Criminal Investigation and Intelligence Department, Alagbon, Ikoyi, Lagos.

Lawyer to the Dakolos, Mr Femi Falana, made the revelation during a telephone conversation with The PUNCH on Monday.

Falana, a Senior Advocate of Nigeria, told our correspondent that the IG had assured that justice would be done in the matter.


While denying that the police authorities had refused to act on the Dakolos’ petition, the human rights lawyer said the case would be brought to Lagos because the family were the first to petition the police.

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So Sad: Kidnappers Kill 8-Year-Old Girl In Kano

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A young girl of eight years, Aisha Sani, who was abducted two weeks ago in Tudunwada quarters of Kano State by unidentified lady and later turned to be an ally to kidnappers has been found dead.

Aisha, who was abducted when they closed from an Islamiyya School with her siblings, was took away by another lady who covered her face with veil and three days after no formal communication was made with her parents.

A week later, a text message was said to have sent to her parents; telling them she was in good health and they should not bothered.

But two days ago, according to a family member, who don’t want his names printed, the kidnappers demanded N200 million be paid as ransom.

Still in the kidnappers demands they asked that the money be given to her mother who would now take the money to them.

But, on Monday two weeks after, Aisha’s corpse was found hacked to death by her kidnappers and already her parents have taken custody of her body for burial.

When contacted, the Police in the State said they were investigating the matter and that whoever was behind the notorious action would be soon arrested and dealt with.

The Police assured that Kano would soon be safe completely against any form of dastardly acts from criminals as already they have started fleeing the state.

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A new research has shown that babies begin to show empathy from as early as 6 months old.

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A new research has shown that babies begin to show empathy from as early as 6 months old.

Ben-Gurion University (BGU) on Monday said Israeli research proves that babies start to show empathy as early as six months old.

In a study conducted by BGU and the Hebrew University of Jerusalem (HUJI), the joint team looked at empathic preferences in babies of about six months old to understand which situations it is expressed in, and which not.

The researchers first showed the babies two videos in which a square-shaped figure with eyes goes up a mountain and meets a round figure halfway up.

In one of the videos, the character was friendly and pleasant, and the two characters together returned to the bottom of the mountain and express a positive-neutral feeling.

In the second video, however, the round figure behaves like a bully and hits the square figure until it descends to the bottom of the mountain.

Then the square figure expresses distress through crying and squatting.

Next, the team let the babies choose between the two square figures in different colours.

More than 80 per cent of the babies chose the figure in distress and expressed an empathic preference for it.

Then, the babies were shown videos with the same characters, and only this time the babies did not see what led to the emotional expression of the characters.

In this case, the babies showed no preference for either character.

The findings, according to the researchers, mean that during the first year of life babies are already sensitive to the distress of others, and even make complex judgments about the context in which the distress is expressed.

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El-Zakzaky: Shi’ites Speak On Clash With Police

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El-Zakzaky: Shi’ites Speak On Clash With Police

 

Members of the Islamic Movement in Nigeria, IMN, have denied killing a Deputy Commissioner of Police (DCP) and burning the outpost of the National Emergency Management Agency (NEMA) in Abuja.

We had earlier reported that no fewer than six members of IMN, otherwise known as Shi’ites, and a journalist with Channels TV, were feared dead in a bloody clash involving the Muslim sect and the police in Abuja on Monday.

Speaking with us in Abuja, Abdullahi Musa, the Secretary of IMN’s Academic Forum, said the protest by the sect over government’s illegal detention of their leader, Sheikh Ibraheem El-Zakzaky, had been peaceful before armed policemen attempted to forcefully disperse them near the Federal Secretariat.

According to him, “Security forces led by the Nigerian police shot at our members and injured many others. I can confirm to you that, we have carried away six dead bodies belonging to our members.

“The security agents also lifted some corpses to unknown destinations. We are yet to account for some of our members who came out to protest today. We believe the number of casualties may increase before today ends.”

The IMN scribe also dismissed claims that members of the Islamic group provoked the police through undue confrontation before the shootings began.

“Our protest began from NITEL junction through Ahmadu Bello Way to the Federal Secretariat. On our arrival, we were still prepping to pray and disperse peacefully before live ammunitions were released at our members to forcefully send us home. We were unarmed.

We couldn’t have confronted armed policemen,” he added.

He accused security operatives of masterminding the vandalization of public properties and the killing of DCP Umar after the shootings to win public sympathy.

He said, “No member of our movement was involved in the setting ablaze of vehicles and the outpost of NEMA as alleged. But we know the authorities have been making frantic efforts to blackmail us and sway the public sympathy against IMN and Sheikh El-Zakzaky.

“We are aware the police have been sending paid agents in plain clothes to infiltrate our meetings and disturb public peace in the name of IMN. But the Nigerian people are already frustrated and oppressed by this administration. The government can’t get the public sympathy they desire, because its agents are committing crimes against humanity.”

Recall that the Muslim sect had last week clashed with the Police which resulted in several deaths, injuries and destruction of vehicles near the National Assembly.

In view of that, the Police restricted all street protests to the Unity Fountain in Abuja.

But the Shi’ites defied the police order, vowing o continue their protests on the streets of Abuja until the government implemented a 2016 Order of the Federal High Court, Abuja, directing the unconditional release of Sheikh El-Zakzaky.

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