UK Lawmakers to Scrutinise Libra Over Fraud And Privacy
By Luke Flowers – Crypto Broker
A UK parliamentary committee could move to monitor Facebook’s crypto project Libra over fears of privacy and fraud. Plans have been released that would allow users to sell and buy crypto native to this chain for international transfer at low cost, but many governments are concerned over privacy due to Facebook’s social advertising business model.
Damian Collins, the chair of the Digital, Culture, Media, and Sport (DCMS) Committee, told Financial News that because of the social media giant’s previous history involving privacy, he has become worried that Facebook could hold on to billions of potential Libra financial details. This is counteracted by Facebook that claims if users buy crypto on this chain their transactions will be anonymous.
This is coming from the experience of a person who previously led a British investigation into the Cambridge Analytica data scandal. Collins claims that with Libra, Facebook might be “almost trying to turn itself into its own country.” Though not a nation that has any borders, he believes they have created a global community under the oversight of one man. It also goes against most cryptocurrencies and their decentralised networks to buy and sell cryptocurrency.
Facebook’s David Marcus, before addressing similar issues at senate hearings said, “You won’t have to trust Facebook to get the benefit of Libra.” This is similar to buying Bitcoin as you trust the network and its protocol, not the individual sending the coins.
He continued:
“Facebook won’t have any special responsibility over the Libra Network. But we hope that people will respond favorably to Calibra wallet.”
It does pose the question if you were to buy and sell cryptocurrency on the network and something did go wrong, is any entity liable?
If you’re looking for a trust less crypto then head over to our platform to buy Bitcoin UK.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards