currency

Amid its privacy scandals, the company is drawing new criticism over its plans for a new cryptocurrency. Facebook Inc. won't launch Libra, the controversial cryptocurrency it's planning to build with dozens of partner firms, until regulators' concerns are fully addressed, according to the company's top executive on the project. David Marcus, who will appear before members of both houses of U.S. Congress to discuss the project this week, said Facebook will also get "appropriate approvals" before launching Libra. The cryptocurrency isn't intended to compete with countries' national currencies and won't interfere with central banks on monetary policy, Marcus said in testimony prepared for a July 16 hearing before the Senate Banking Committee. "The time between...

A United States national who is also the son in law of an ex-African dictator, was found guilty for his role in an international currency operation headquartered in the Republic of Uganda. The sentencing is scheduled for this summer and the American is currently facing 45 years behind bars, a fine of $1 million or both. Son of Missionaries Guilty for an International Criminal Operation 31-year-old Ryan Andrew Gustafson is an American citizen, son of missionaries and married to the granddaughter of Idi Amin, dictator of Uganda from 1971 to 1979. Gustafson is also known to law enforcement by several other aliases such as WillyClock and Jack Farrel. The initial counterfeit currency operation began in Uganda, where Gustafson manufactured and distributed false Federal Reserve Notes. For...

Tag: currency

Facebook: No digital currency until regulator concerns addressed

U.S. Citizen Pleads Guilty for Leading $2 Million Counterfeit Currency Operation in Uganda