The series of data breaches have drawn the ire of regulators across the globe, prompting Facebook co-founder Chris Hughes to say that the company needs to be broken up to put a curb on the “unchecked power” of Facebook CEO Mark Zuckerberg. In his scathing remarks published as an opinion piece in The New York Times, Chris also says “Mark is a good, kind person. But I’m angry that his focus on growth led him to sacrifice security and civility for clicks,”
Chris Hughes has now come down heavily on another of Facebook’s pet projects announced recently, that is the launch of Libra cryptocurrency. Chris believes that the Libra cryptocurrency is“brilliant and frightening” and thinks that Libra has a long way to go before it achieves success.
He believes that the launch of cryptocurrency could shift the power away from central banks towards multinational corporations. It is a high time that the nations come forward to set norms for cryptocurrency regularisation. In a series of tweets, Hughes calls regulators to approach Facebook with exhaustive scrutiny.
Through a series of tweets, Chris said:
The move to launch Libra comes at a critical stage when Facebook is under intense pressure from regulators, shareholders, and users. The privacy-related shortcomings have brought the company tremendous disrepute.
Hughes said, “Many will say these fears are overblown: it’s not clear if Libra will even get off the ground. But if we’ve learnt anything about Facebook, it’s that we should not underestimate its power to transform how people interact. The company’s decision to offer live broadcasting made it possible for teenagers to stream bullying, terrorists to livecast an execution and a gunman a mass shooting.”
If people in emerging economics trade local currency for Libra, it could be a threat for governments to manage their fiscal policies. Chris advises that lawmakers should place a temporary ban on payment processors accepting the currency.