Scams Associated to Libra Beginning
Facebook’s Libra isn’t just facing scepticism from national regulators & government agencies for lack of user data safety; the upcoming cryptocurrency is now facing a series of scams and fake accounts claiming to sell Libra. This is shocking considering that Libra hasn’t even entered its beta phase. All Facebook & Instagram pages claiming to offer Libra are scams.
One of the most significant scams to arise already is a video distributed by a website named buylibracoins.com. The video claims to be offering discounters libra coins that have been purchased through early investors on Libra. This video made its way through the internet, travelling to the likes of YouTube & Twitter.
When Facebook launches the official version of Libra, it will allow consumers to send money back and forth to one another through WhatsApp and Facebook Messenger. Libra will be managed by Calibra, a subsidiary of Facebook and will remove the need for a middleman for consumers. No longer will banks or finance brokers be required to interact with a digital currency.
A Spokesperson with Facebook spoke with Forbes Magazine about this impending issue by stating: “At Facebook, we remove Ads and Pages that violate our policies when we become aware of them, and we are constantly working to improve detection of Facebook Libra scams on our platforms.”
Facebook banned any advertisements or promotions relating to ICO’s, Forex or Cryptocurrency on their social media platform. This occurred in 2018 and was part of an effort to combat scams relating to cryptocurrencies on their site. Since the announcement of Libra, that ban has been somewhat lifted in anticipation of their coin. In the wake of the lifted ban, scammers have been actively promotions Libra through illegal scams. It’ll be interesting to see how the social media giant reacts long term. The potential for the ban to come back into full effect could be possible, or new guidelines will be implemented that will result in significant criminal charges.