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Facebook Cannot Be Trusted to Manage Cryptocurrency, US Lawmakers Say

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3 years ago

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Facebook Cannot Be Trusted to Manage Cryptocurrency, US Lawmakers Say

A group of US lawmakers stated that Facebook Inc cannot be trusted to manage cryptocurrencies and urged social media platforms to immediately stop its small pilot of a cryptocurrency wallet called Novi, which it launched on Tuesday.

U.S. Democratic senators Brian Schatz, Sherrod Brown, Richard Blumenthal, Elizabeth Warren and Tina Smith voiced their opposition to Facebook’s two-year-old effort to launch a cryptocurrency and digital wallet. “Facebook has once again implemented digital currency plans on an aggressive timetable, and has already launched a pilot payment infrastructure network, although these plans are incompatible with actual financial The regulatory environment does not match.” Zuckerberg.

The senator wrote: “When Facebook’s existing risk management capabilities and the ability to ensure consumer safety prove to be completely insufficient, Facebook cannot be trusted to manage the payment system or digital currency.” The senators’ letters indicate that even a small pilot of Facebook’s cryptocurrency wallet will face scrutiny by legislators and regulators, who have previously raised antitrust and other concerns. A Novi spokesperson said: “We look forward to responding to the committee’s letter.”

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Facebook launched a cryptocurrency project in June 2019 as part of its efforts to expand into e-commerce and global payments. But the project was immediately strongly opposed by global policymakers, who feared that it would weaken their control of the currency system, encourage crime and compromise user privacy. In December, the project was renamed to regain regulatory approval, and its scope was further reduced to a single dollar backed digital coin. In another development, the U.S. Senate will hold hearings on October 26 with technology companies Snap’s Snapchat, TikTok and Alphabet’s YouTube on the impact of their platforms on young users, the group said on Tuesday.

Big technology companies are facing their big tobacco moment-a moment of liquidation,” said Richard Blumenthal, chairman of the Senate Commerce Consumer Protection Subcommittee, who chaired the hearing. “We need to understand the impact of popular platforms such as Snapchat, TikTok and YouTube on children, and what companies can do to better protect their safety.” The top Republican Senator Marcia Blackburn of the subcommittee said: “TikTok, Snapchat and YouTube have all played a leading role in exposing children to harmful content.”

A Snap spokesperson said the company looks forward to discussing their “methods to protect the safety, privacy and well-being of the Snapchat community.” TikTok confirmed that it would participate, but YouTube did not immediately respond to a request for comment.

News Source : The Hindu

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Music

While a Punjabi vocalist croons, PM Modi replicates Diljit Dosanjh’s beats and beats the table like a dholak. Observe

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3 weeks ago

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January 2, 2025

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While a Punjabi vocalist croons, PM Modi replicates Diljit Dosanjh’s beats and beats the table like a dholak. Observe

Prime Minister Narendra Modi recently met acclaimed singer- actor Diljit Dosanjh, describing their interaction as “very memorable.” 
Prime Minister Narendra Modi met singer-actor Diljit Dosanjh and lauded him as “a combination of talent and tradition.” During the “memorable’ meeting”, the two discussed music, culture, and India’s vibrancy, including yoga.

Diljit, PM Modi match beats

During the meeting, PM Modi praised Diljit for his achievements, saying, “When a boy from a small village in Hindustan shines on the global stage, it feels amazing. Your family named you Diljit, and you keep on winning people’s hearts, just as your name suggests.”

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Diljit responded, “We used to read that ‘Mera Bharat Mahan’ (My India is great), but when I travelled across India, I realised why people say this.” PM Modi highlighted India’s diversity, saying, “India’s vastness is its strength. We are a vibrant society.”

Diljit added, “The greatest magic in India is yoga.” PM Modi agreed, saying, “Those who have experienced yoga know its power.”

The singer-actor also admired PM Modi’s personal journey, saying, “I had watched your interview, sir. The position of Prime Minister is great, but behind it, there is a mother, a son, and a human being. Many times, this half-truth is much larger when you carry your mother and the sacred Ganga with you. That touches the heart.”

Diljit then sang a song on Guru Nanak, as PM Modi listened intently, beating the adjacent table like a dholak, matching his beats with Diljit’s.

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Diljit, PM Modi express grattitude

After the meeting, Diljit Dosanjh expressed his gratitude, calling it a “fantastic” way to start the year. He posted on X, “A fantastic start to 2025. A very memorable meeting with PM @narendramodi Ji. We talked about many things, including music, of course!”

PM Modi responded to Dosanjh’s post, describing their meeting as “a great interaction.” He said, “A great interaction with Diljit Dosanjh! He’s truly multifaceted, blending talent and tradition. We connected over music, culture, and more.”

Diljit recently concluded his Dil-Luminati tour in India with a grand performance in Ludhiana. Throughout his concerts at various venues, the singer aimed to address important social issues during his performances.

In a lighthearted and endearing moment, Prime Minister Narendra Modi was seen enjoying the beats of a Punjabi vocalist, tapping the table in rhythm like a dholak player during a recent cultural event. The video, which has since gone viral, showcases PM Modi replicating the infectious energy of Diljit Dosanjh’s iconic beats, capturing the essence of Punjabi music’s vibrancy and rhythm.

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The event brought together various cultural performers, with one Punjabi vocalist stealing the spotlight. As the singer crooned traditional Punjabi tunes, PM Modi, seated among other dignitaries, began enthusiastically tapping the table in sync with the music. His gestures resembled a seasoned dholak player, displaying his spontaneous connection with the pulsating beats.

The audience present erupted in applause, cheering on the Prime Minister’s engaging participation. Social media users were equally charmed, with many praising Modi’s ability to connect with the cultural diversity of India. “Modi Ji has the rhythm of a true Punjabi!” one user commented, while another said, “This is the energy we love to see in our leader.”

The moment also highlighted PM Modi’s commitment to celebrating India’s rich cultural heritage. His natural enjoyment of the performance reflects his appreciation for the art and music that unify the diverse communities of India.

Such lighthearted and relatable gestures from leaders often resonate deeply with the public, making them feel connected on a personal level.

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#PMModi #DiljitDosanjhBeats #PunjabiMusicVibes #CulturalCelebration #DholakBeats #IndiaUnity #MusicConnects #ViralMoment #PMModiInAction #PunjabiHeritage

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