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Facebook denied it then too, but first intimations of prospective Libra members backing out due to regulatory heat came out in August: https://archive.is/5UsLx
by davidgerard 7y ago
Facebook denied it then too, but first intimations of prospective Libra members backing out due to regulatory heat came out in August: https://archive.is/5UsLx https://archive.is/5UsLx
- tjpnz 7y agoMatters of compliance feel like an afterthought. How would Facebook make this work in jurisdictions requiring photo ID and screening to establish whether a user is politically exposed or involved in a criminal enterprise? How would they handle users who failed that in jurisdictions requiring closure of accounts? Surely they didn't think they could ignore that?
- chii 7y agoi m sure they are going to do it uber-airbnb-style: ignore regulation and grow until big enough to force it through.
- tjpnz 7y agoMy understanding is that AirBnB were mainly flouting laws passed by local authorities which in a lot of places tend to be kind of toothless. If Facebook were to employ a similar strategy against laws designed to combat money laundering and terrorism I think the result would be very different. But I wouldn't be all that surprised if they tried.
- davidgerard 7y agoI'm sure this was Facebook's plan, and regulators know this perfectly well ...
- CaptainZapp 7y agoFacebook denied it then too My default reaction, you could call it almost Pavlovian, is that Facebook lies whenever some of their spokesdrones or management types opens their mouth.