FACEBOOK is launching cryptocurrency next year that will allow people to move money from their smartphone into a digital “wallet”.
The currency is known as Libra, which the social network says it has “no special role” in governing and will manage equally with a group of big companies.
Experts have branded the move a dangerous power grab that marks Facebook’s “most invasive” form of surveillance yet.
So far, Facebook has enlisted 28 firms, including Spotify and Uber, who each had to invest a minimum of £8million to be a founding member of the Libra Association, an independent not-for-profit membership organisation.
Libra is supported by a reserve of the world’s best assets and the world’s most trusted central banks, who gave the cryptocurrency “general cautious support”, according to David Marcus, who started exploring blockchain at Facebook a year ago.
World War II-Era Bomb Found at One of Country’s Busiest Ports, Marines Respond
Teacher Arrested After She Allegedly Added Student on Snapchat, Called Him from Her Shower, and Tried to Meet Up
Trump mass layoffs show he isn’t bluffing on shutdown threats
Dems fundraise off government shutdown as Hakeem Jeffries urges supporters to ‘keep the faith’
Republican lawmakers launch investigation into California fire charity funds
Democrats under fire for standing by Virginia AG hopeful who joked about shooting GOP rival
UN makes a mockery of human rights as China, Iran score gig on wayward committee
US judge vows to rule ‘soon’ on Abrego Garcia’s fate after marathon hearing
Trump declared in ‘excellent overall health’ by doctor after Walter Reed visit
‘American Psycho’ Author Savages ‘One Battle After Another’ as a Bad Movie Liberals are Trying to Make a ‘Masterpiece’
War Department launches new counter-narcotics task force under Trump directive to crush cartels
Trump administration dials up heat on Democrats as government shutdown set to enter third week
Scott Jennings Uses Letitia James’ Own Words Against Her: ‘I Don’t Think the American People Are Going to Have Too Much Sympathy’
Erika Kirk addresses grief in heartfelt social media post one month after husband’s assassination
Italy Considering New Law to Fight Radical Islam That Includes Burqa Ban
“Libra holds the potential to provide billions of people around the world with access to a more inclusive, more open financial ecosystem,” he explained.
The social network is hoping that its collaborative approach can ease volatility concerns of existing blockchains and cryptocurrencies.
Users will be able to send money to each other initially, at low to no cost, the social network said.
Eventually, it intends to open the Calibra Wallet up to additional services, so that people can pay bills, buy goods by scanning a code or accessing public transport.
Account information from Calibra will not be shared with Facebook to improve things like ad targeting, except for “limited cases” where this data may be shared “to keep people safe, comply with the law, and provide basic functionality to the people who use Calibra”, the social network added.
Libra is open source, meaning anyone will be able to launch their own digital wallet and include the currency.
World War II-Era Bomb Found at One of Country’s Busiest Ports, Marines Respond
Teacher Arrested After She Allegedly Added Student on Snapchat, Called Him from Her Shower, and Tried to Meet Up
Trump mass layoffs show he isn’t bluffing on shutdown threats
Dems fundraise off government shutdown as Hakeem Jeffries urges supporters to ‘keep the faith’
Republican lawmakers launch investigation into California fire charity funds
Democrats under fire for standing by Virginia AG hopeful who joked about shooting GOP rival
UN makes a mockery of human rights as China, Iran score gig on wayward committee
US judge vows to rule ‘soon’ on Abrego Garcia’s fate after marathon hearing
Trump declared in ‘excellent overall health’ by doctor after Walter Reed visit
‘American Psycho’ Author Savages ‘One Battle After Another’ as a Bad Movie Liberals are Trying to Make a ‘Masterpiece’
War Department launches new counter-narcotics task force under Trump directive to crush cartels
Trump administration dials up heat on Democrats as government shutdown set to enter third week
Scott Jennings Uses Letitia James’ Own Words Against Her: ‘I Don’t Think the American People Are Going to Have Too Much Sympathy’
Erika Kirk addresses grief in heartfelt social media post one month after husband’s assassination
Italy Considering New Law to Fight Radical Islam That Includes Burqa Ban
“As a Founding Member of the Libra Network, Vodafone will extend its commitment to digital and financial inclusion by supporting the creation of a new global currency and encouraging a wide range of innovative financial services to be developed through its open-source platform,” said Stefano Parisse, group director of product and services at Vodafone Group.
“This has the potential to be truly transformative and will benefit those who have never used, or are struggling to access, financial services around the world.”
Not everyone was singing the project’s praises.
Phil Chen, Decentralized Chief Officer at HTC, said the move was part of a “dangerous” power grab by Facebook.
“If you’re concerned with Facebook knowing too much or having too much access to your private data or social graph, the GlobalCoin will give Facebook even more direct access to your financial information,” he told The Sun. “It’s not just access to the information of your transactions, it’s direct access to your wealth and capital.
Story cited here.
