{"id":233259,"date":"2019-07-19T08:14:19","date_gmt":"2019-07-19T12:14:19","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=233259"},"modified":"2020-07-09T18:34:20","modified_gmt":"2020-07-09T22:34:20","slug":"author-ben-mezrich-thinks-amazon-should-develop-libra-instead-of-facebook","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/author-ben-mezrich-thinks-amazon-should-develop-libra-instead-of-facebook","title":{"rendered":"Author Ben Mezrich Thinks Amazon Should Develop Libra Instead of Facebook"},"content":{"rendered":"

Speaking at CNBC show \u201cSquawk Box\u201d author, Ben Mezrich said that Amazon<\/a> would be a better choice for developing Libra than Amazon because of the former\u2019s public trust issues.<\/p>\n

The author shares his views<\/h2>\n

Mezrich has written books about the early days of Facebook<\/a> as well as the world\u2019s first digital currency Bitcoin. On Thursday, while speaking to CNBC, he commented that the wrong tech company is leading the effort to develop Libra. He commented on Facebook\u2019s public trust issues on the show and said,<\/p>\n

\u201cThis is all about trust. You can\u2019t have a bank, you can\u2019t be a new currency without people trusting it if you\u2019re going to sit in the middle of it, and people don\u2019t trust Facebook.\u201d<\/p><\/blockquote>\n

Note that Facebook has been at the center of privacy scandals over the past two years because of which public trust about data and privacy at the company has eroded.<\/p>\n

\"Author<\/a><\/p>\n

Mezrich, who wrote the book \u201cAccidental Billionaires,\u201d said that it would be better if Amazon leads the Libra project instead of Facebook. He said that Amazon has more trust than Facebook, and it has everyone\u2019s credit card information too.<\/p>\n

Libra lands in a tussle with US lawmakers<\/h2>\n

Marking the start of a new Bitcoin Revolution<\/a>, last month, Facebook announced its plans of developing a new cryptocurrency called Libra that will be launched in 2020. The currency will be managed by a non-profit composed of several top-tier companies like Mastercard, PayPal, Visa, and Uber. The management entity will be based in Switzerland. However, US lawmakers are not convinced that Libra is a good idea.<\/p>\n

David Marcus, who is leading the social media giant\u2019s efforts appeared for two hearings at Capitol Hill before the Senate Banking Committee and the House Financial Services Committee. He said that the US needs to innovative or unregulated systems like Bitcoin<\/a> will take over the world\u2019s financial system. Policymakers were unimpressed by his arguments and focused instead of the centralization of Libra and the fact that it will be governed from Switzerland, a country with the reputation of being a tax haven.<\/p>\n

The company was criticized by both Democrat and Republican lawmakers. Democratic Rep. Carolyn Maloney from New York even said that the company must not launch Libra at all. She said that launching a currency is a core function of the government.<\/p>\n

Mezrich commented on the hearings and said that regulators would have a different approach in tackling the same project if it was developed by Amazon. If you’re interested you can find out how to buy Amazon stocks<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Speaking at CNBC show \u201cSquawk Box\u201d author, Ben Mezrich said that Amazon would be a better choice for developing Libra than Amazon because of the […]<\/a><\/div>","protected":false},"author":1730,"featured_media":233261,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[8853,451,8852,1584,8803],"class_list":["post-233259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-accidental-billionaires","tag-amazon","tag-ben-mezrich","tag-facebook","tag-facebook-libra"],"acf":[],"yoast_head":"\nAuthor Ben Mezrich Thinks Amazon Should Develop Libra Instead of Facebook<\/title>\n<meta name=\"description\" content=\"Speaking at CNBC show \u201cSquawk Box\u201d author, Ben Mezrich said that Amazon would be a better choice for developing Libra than Amazon because of the former\" 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