Facebook partners with external researchers to study impact of social media during 2020 U.S. Presidential election

In a significant development, Facebook Inc disclosed that it has partnered with external researchers to examine its impact during the crucial 2020 U.S. presidential election. The findings of the studies will be published in the middle of 2021, at the earliest. The initiative expands its Social Science One project wherein academics study the political impacts…

Australia’s upcoming law will force Facebook and Google to pay for sharing domestic media content

In a statement, U.S. social media giant Facebook Inc said, it would block news publishers and people in Australia from sharing news on its app, including Instagram and Facebook if a proposed bill which forces it pay local media outlets for content, becomes law. In July, the Australian government said it would require tech giants…

Singapore state investor Temasek Holdings joins Facebook-backed Libra digital currency project

Despite facing intense scrutiny from global regulators, Facebook’s Libra project saw Singapore state investor Temasek Holdings joining the cryptocurrency project. Financial regulators are worried that the Libra project when launched could erode national control over money. Late on Thursday, Switzerland-based Libra Association, which manages the Facebook-backed digital currency project, announced Temasek entry into the project.…

U.S. tech firms collaborating to combat Wuhan coronavirus misinformation

In a joint statement, U.S. technology companies, including Alphabet’s Google, Microsoft Corp, Twitter, Facebook, LinkedIn, Reddit, and YouTube are working together to quell misinformation about the coronavirus on their platforms. The companies said they were coordination with government healthcare agencies around the world to share critical updates about the Wuhan coronavirus. According to Johns Hopkins…

U.S. Federal Reserve looking at potentially issuing its own digital currency

In a statement, Governor Lael Brainard of the U.S. Federal Reserve stated, the central bank is looking at a broad range of issues surrounding digital currencies and payments, including design, policy and legal considerations around potentially issuing its own digital currency. The development underscores an openness in the possibility of the Federal Reserve issuing its…

Vodafone Group PLC exits Facebook’s Libra crypto currency project

In a statement, Facebook’s Libra Association said, Britain’s Vodafone Group PLC has left its global digital currency initiative. In recent months, Facebook’s digital currency has seen an exodus of its backers midst increased regulatory scrutiny, including financial companies such as Mastercard Inc and Paypal Holdings Inc. In June 2019, Facebook had announced a plan to…

Due diligence on cryptocurrencies a must before they are widely adopted: EU Finance Ministers

Finance ministers from the European Union have agreed that private digital currencies including Facebook’s Libra should not be allowed in the European Union until potential risks surrounding them are clearly addressed. The move confirms the tough stance claimed by the EU on stablecurrencies such as Facebook’s Libra, which incidentally has attracted criticism from global regulators…