Japan’s leading media conglomerate warns against Facebook’s cryptocurrency ‘Project Libr…

Singapore, July 19 (ANI): In an editorial published by Japan’s leading media conglomerate newspaper ‘The Yomiuri Shimbun’, red flags have been raised about Facebook’s venture into the cryptocurrency world with the veil being lifted into the secretive ‘Project Libra’.

The Japanese paper warns that Facebook’s cryptocurrency, Libra, “could pose a threat to state sovereignty in the issuance and management of currencies, and become an uncontrollable cryptocurrency beyond the surveillance of authorities.”

Libra would rely on blockchain technology to facilitate transactions between parties with zero or very low fees for each transaction. According to a white paper released by Facebook, this would be open source technology and would also ensure that user’s privacy remains intact and not mingled with existing Facebook data.

Today’s alarmist editorial by one of Japan’s leading dailies published out of Tokyo comes on the heels of the social media…