Lawmakers scrutinized social media giants for past scandals that political companies have abused user data.
Facebook founder and CEO Mark Zuckerberg found himself back at a parliamentary meeting, and this time he scrutinized his plans to launch a cryptocurrency.
In a fierce meeting with US lawmakers on Wednesday, the state covered he had to defend past debates related to social media giants instead.
Wrath of lawmakers surrounding Facebook's actions ahead of the 2016 presidential election.
In the years following the Trump campaign's victory, whistleblowers claimed that data analysis company Cambridge Analytica could use this information to scrape data for Facebook users and specifically target potential voters in key swing conditions.
The platform is thought to have been used to spread fake news about candidates that foreign governments and political organizations dislike.
But others have accused Facebook of turning to social network-related issues as former Cambridge analyst employees call the site " the biggest threat to democracy, '' pursuing profits. .
Facebook announced these incidents and others as supervision and exploitation by sneaky actors, but admitted that more efforts are needed to protect user data, but are stepping on the fake news issue.
Politicians seem to be able to post false information about their rivals without the company's pushback.
The state cover, he said, in an exchange with Democratic Alexandria O Casio-Cortez, will withdraw content to curb voter turnout and encourage violence, but will stop pledges to abolish the obvious lies that politicians have spread.
Ocasio-Cortez hypothesized Zuckerberg. She described an advertisement claiming that Republican rivals support the Green New Deal plan. . Facebook officer was struggling to answer. “I think,” he replied.
balance
Lack of information about what Facebook's cryptocurrency is, and specifically related issues.
Libra, a Facebook currency that allows you to trade online by bypassing existing banks, a means of reducing the cost of money transfers between accounts.
Unlike other cryptocurrencies like Bitcoin, Libra operates centrally instead of blockchain and is locked to Fiat banknotes such as the US dollar and the British pound, protecting it from value fluctuations associated with traditional cryptocurrencies.
Some of the concerns surrounding the proposed currency are that criminal groups can keep track of previous ventures, especially user data processing, through transactions and tracking by Facebook.
US lawmakers have begun formal scrutiny of cryptocurrency ventures, but European lawmakers have already warned of the risks of Facebook-controlled & # 39; shadow banks. French officials dismissed the idea that currency would be allowed in Europe because monetary policy poses a threat to monetary policy.
Some of Facebook's early partners, such as Visa, Mastercard, Paypal, and eBay, withdrew before launch.
State cover He told lawmakers that if the project is not approved in the US, it will withdraw Facebook support.
Source: TRT World
Source Link : https://www.trtworld.com/americas/facebook-s-zuckerberg-gets-grilling-from-congress-on-planned-cryptocurrency-30802?utm_source=other&utm_medium=rss