One of Facebook’s co-founders has warned the social network’s plans for a digital currency called Libra could allow corporations involved in the scheme to wield power over nation states.
Chris Hughes, whose role in the early days of Facebook has given him a net worth estimated at $430m (£340m), said global regulators should intervene to slow the progress of the cryptocurrency.
Facebook is developing Libra from a base in Switzerland, in partnership with 27 other corporations – including Mastercard, Paypal, Uber and Vodafone – collectively known as the Libra Association.
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