Facebook has explained the hate speech policies after the recommendations from its oversight board, and the Facebook-backed crypto project Diem to introduce US stablecoin in the major shift

Facebook has an independent oversight board that reviews its policies and gives recommendations and it is considered as the Supreme Court of Facebook. Recently the oversight board has recommended Facebook change one of its policies and Facebook agreed to do so. In answer to a verdict the panel received right here on a video concerning two individuals carrying blackface, the company says that it will tweak the protection rationale a part of its community guidelines on hate speech to improve the context on why it forbids destructive stereotypes. Facebook wants its policies to be reliable and it also does not issue rationales for individual policy lines in the community values. Facebook has said that after the recommendations from the board it is now reviewing its past stance.

Facebook also has a better plan to notify a person who has violated the rules of Facebook on hate speech and this is something that the board has returned many times in the decisions. Facebook further clarified that it has made some improvements in its notifications using an extra classifier that will explain what type of hate speech is involved in the content of a person. The company has organized updated notifications for English users that are comprised of messaging explicit to their interaction. If Facebook deletes the content from its website that message will explain the reason for deleting the content that it involved dehumanizing. Facebook is also planning to expand these types of notifications in other languages too and it will also introduce a similar feature on Instagram to make its policies more transparent.

On the other hand, Digital currency group Diem association led by Facebook’s Libra project revolved once again, plans to launch a US dollar stablecoin as it balances back its worldwide ambitions to emphasis on the US as said by the group on Wednesday. The association which contains 26 financial firms and other non-profits announced that it is shifting its major operations to the US from Switzerland and it is also retreating its payment system license application with the Swiss financial controller. The US networks Diem which is a part of the Diem association will work through a blockchain-based payment system that will enable the real-time handover of Diem stablecoin and will register as a money service corporate with the department of the US of Treasury and Financial Crimes Enforcement Network according to the statement of the group.

Stablecoin is virtual currency attached to a fiat currency. Silver gate Bank will unveil the Diem USD stablecoin and regulate the Diem USD funds. Diem announced that it would introduce a pilot of the stablecoin and it did not say when. The association further said that it wants to make the payment faster and cheaper and wants to make the payment system safe. The financial market manager of Switzerland also verified the decision of Diem’s withdrawal. Diem is planning to roll out the payment system from the US in the preliminary phase as this project will accentuate the US as its main market.

Facebook first disclosed the plans for Libra to expand its exertions outside social networking to commerce and global payments system in the month of June 2019. It said that Libra, together with cohorts like payment organizations and credit card companies would generate a virtual token supported by a widespread combination of currencies and short-range government debt. Facebook said that it hopes that through Libra more people will be given access to financial facilities. However, some policy makers are against this plan because they think that this would reduce their control over the money system and it can also increase the cases of crimes.

In the month of April last year, Libra and its collaborators left plans to grasp a carrier of currencies and self-governing debit in favor of stablecoin supported by major currencies and wanted the authorization of the controller of Switzerland. In the month of December, Libra branded again as Diem in a repeated effort to gain governing authorization, with its space mounted back additionally to a solitary dollar-backed digital coin.

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