Virtual Currency

Facebook’s Zuckerberg, Accused of Lying, Withstands a Washington ‘Beating’

WASHINGTON — Mark Zuckerberg, the Facebook chief executive, traveled to Washington to defend a cryptocurrency project that has become the latest target of lawmakers frustrated with the social media giant. He ended up answering a smorgasbord of questions on other issues on Wednesday, as members of the House Financial Services Committee took him to task …

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China’s Cryptocurrency Plan Has a Powerful Partner: Big Brother

BEIJING — When Facebook announced plans this year for a cryptocurrency called Libra, it said its goal was to reinvent money for the internet age. What the company probably didn’t imagine was that its efforts might spur China to get there first. China wants to start replacing the cash that people carry with a digital …

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PayPal Pulls Out of Libra, Facebook’s Cryptocurrency Project

SAN FRANCISCO — PayPal said on Friday that it had pulled out of the coalition of companies involved in a Facebook-backed cryptocurrency initiative, in the latest headache for the social network’s effort. The proposed cryptocurrency, Libra, has been in the works at Facebook for more than a year and was announced to much fanfare in …

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