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Facebook Inc chief executive officer Mark Zuckerberg will testify before a key congressional committee that deals with the finance industry later this month, the latest sign of rising opposition to the social media giant’s plans to create a cryptocurrency.
Mastercard, Visa and other financial partners being enlisted to oversee Facebook-backed cryptocurrency Libra are having second thoughts as regulators unleash ire on the project.
Information used to be a localised affair. Before the Internet, bank accounts were confined to physical ledgers in a filing cabinet and took so much work to copy that they rarely left the building.
Australia's financial regulator on Sept 24 ordered an investigation into global money transfer platform PayPal over concerns it is being misused by sex offenders to buy child abuse material from Asia.
International outcry is mounting over Libra – with central banks, governments and regulators railing against the cryptocurrency.
France warned it will block development of Facebook's planned Libra cryptocurrency in Europe because it threatens the 'monetary sovereignty' of governments.
Eight people have been charged with conspiring to violate federal criminal copyright law which resulted in the loss of millions of dollars by television programme and film copyright owners.
The FBI announced an indictment charging 80 people with stealing at least US$46mil (RM192mil) through various schemes.
Banks and tech companies need to overcome a number of obstacles for AI to succeed in tackling money laundering.
As Facebook touts a new cryptocurrency as a way to serve people who are underbanked, mobile technology companies may provide the same path to financial services using good old-fashioned dollars.