Facebook: consumers call for a boycott of the Libra “crypto”
Crypto

Facebook: consumers call for a boycott of the Libra “crypto”

By Amelia Tomasicchio - 19 Jul 2019

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A consumer advocacy group asked the 28 companies – including VISA, MasterCard, Uber and many others – who decided to support Facebook’s “crypto”, Libra, to abandon the project.

“We call upon you as respected members of the business, financial, technology, and civil society communities to collectively withdraw from the Libra project. Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear”-

This is explained in an open letter from the Open Market Institute, an American consumer advocacy group.

“We understand that Facebook is a powerful company, and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation, and not intimidation by the powerful.”

The letter follows David Marcus’ hearing at the US Congress and mentions all the doubts raised by the senators themselves, including the lack of confidence in Facebook’s security and privacy and the problem of money laundering.

Moreover, there is still an obscure and increasingly criticised point about the fact that Libra is closely linked to Facebook:

“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge, there’s a reason that Congressional committees are seeking answers from Facebook officials. Even so, because you have sanctioned this project with your brands, Facebook is speaking, at least in part, in your name”.

 

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

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