Facebook co-founder, says that the Scale is able to shift the monetary influence of private companies such as: FT.

Representations of virtual currency are to be displayed on the front of the monitor the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/Illustration

(Reuters) – Facebook Inc’s Scale cryptocurrency would have to hand over a lot of the control of the monetary policy of central banks and of private enterprises, the company’s co-founder, Chris Hughes, said in an op-ed piece in the Financial Times on Friday.

“If global regulators don’t act now, it may be too late,” Hughes said.

Hughes also said that the companies would oversee the new currency would have to put their own interests and gain, and power – before the public.

Facebook does not immediately respond to a Reuters request for comment.

The social media giant revealed plans on Tuesday to launch a cryptocurrency, called Libra, and associated with 28 partners, a Geneva-based entity called the ‘ Scale of Association, which will be the new digital currency, is set to launch in the first half, by the year 2020.

Hughes, a former roommate of the Facebook CEO, Mark Zuckerberg, had called for the break-up of the social network, in an op-ed piece in the New York Times, Aug. Facebook, then it is rejected here you can Download ” the call to split the company into three.

The company will, subject to the approval of the regulatory authorities all over the world in the areas of data practices, as well as the incitement to hatred and dis-information in the network. Some U.S. lawmakers have called for action to address the break-up of large tech companies, as well as the federal privacy rules and regulations.

Reporting Akanksha Rana, Bengaluru; Editing by Saumyadeb Chakrabarty

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