New Legislation Can Result in Up to €50 Million in Fines
Are you tired of hearing about fake news on Facebook? We certainly are, but a new legislation in Germany could mean a move from words to actions, placing Facebook under major fire. Well, we should have known that when Chancellor Merkel’s government gets serious, things happen and Germany is moving forward with a bill that could result in fines of up to €50 million if it fails to target fake news. What does ‘target’ mean? Well, the social network will need to enable users to complain about so-called ‘fake news’ and ‘hate speech’. Facebook and its officials could also be fined if it doesn’t remove illegal content – of any kind – and to do so quickly.
Is Facebook the only social network that can be fined? Of course not, but being the largest, it certainly faces the biggest challenge. If the new legislation is approved by the German parliament, this would become the harshest regulation Facebook ever faced in any region.
The German coalition is attempting to finalize the legislation before the country’s national election on September 24th. Facebook has stated it would cooperate with independent fact-checkers in Germany to identify and tag fake news, but according to the recent bill, that might not be enough.
Will we now see other countries impose similar legislation? Will Facebook find a way to comply and at what cost? At iFOREX you can invest in a variety of social network shares in the form of CFDs including Facebook, Twitter and Snapchat and take advantage of any change in price.
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