Los Angeles — Facebook’s foray into digital currencies risks reversing gains in privacy and user sovereignty won by computer-networking pioneers, according to one of the co-founders of Ethereum, the blockchain platform of choice for most business and finance projects.

Facebook has received pushback from politicians and regulators since announcing its plans to develop libra, a digital asset backed by cash and short-term securities, that could be sent between the company’s more than 2-billion customers with the help of blockchain. David Marcus, the Facebook executive leading Libra, will appear next week before the US Senate banking panel and the House financial services committee...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now