{"id":14896,"date":"2019-06-25T00:00:00","date_gmt":"2019-06-25T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/2019\/06\/25\/libra-bank-for-international-settlements-warns-on-facebooks-entry-into-the-financial-space\/"},"modified":"2019-06-25T00:00:00","modified_gmt":"2019-06-25T00:00:00","slug":"libra-bank-for-international-settlements-warns-on-facebooks-entry-into-the-financial-space","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/libra-bank-for-international-settlements-warns-on-facebooks-entry-into-the-financial-space\/","title":{"rendered":"[LIBRA] Bank for International Settlements Warns on Facebook\u2019s Entry into the Financial Space"},"content":{"rendered":"
The Bank of International Settlements (BIS)<\/strong>, a Swiss-based international financial institution that counts 60 of the leading economies\u2019 central banks as governing members has sounded<\/a><\/strong> an alarm over the financial repercussions of the recently announced cryptocurrency ecosystem of social media giant Facebook, Libra<\/a><\/strong>. Libra is set to launch in the first half of 2020 according to its whitepaper which was released last week on Tuesday, June 18th. Following the release of the whitepaper, several regulators have expressed their concerns on the impact of the new financial asset especially considering that it is backed by a company that has been constantly accused of abusing users\u2019 privacy through mishandling of their personal data.<\/p>\n Facebook<\/a> <\/strong>has chosen to run its cryptocurrency through a proxy called the Libra Association<\/strong> which is a registered entity based in Switzerland. The Association will be initially comprised of 100 members (i.e., companies) who are market leaders in their respective industries. So far that membership counts companies including Coinbase, Uber, Spotify, and MasterCard<\/strong> as founding members.<\/p>\n