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.
German Law Student Sues for $100K Over Spicy NYC Taco – And That Was Just His Warm-Up Lawsuit
Trump admin asks Spanberger, Virginia officials not release illegal charged with groping high school girls
Trump voter ID push faces Senate test as GOP rebels threaten to sink bill
Viktor Orban faces uphill battle to hold leadership as opposition hits him on Russia ties and accusations of corruption
Where things stand with Iran war in its third week
Minnesota bill would ban warrants allowing police to collect data from devices near a crime scene
Jasmine Crockett defends her security guard who was killed in police standoff, wanted for impersonating cop
ABC News Left Out Crucial Context In Story About Iran Drone Threat To California
Anti-ICE agitators blow cover in Boston, allowing child rape suspect to evade arrest for weeks
Utah children’s book author Kouri Richins convicted in husband’s murder
Search for missing retired Air Force general enters third week as investigators probe new clues
Trump questions Newsom’s fitness for White House, citing his dyslexia
Court allows DOJ to proceed with appeal over law firm executive orders
Trump lawyer in Jack Smith case draws conservative backing after DOJ praise rattles ‘elite’ legal conference
Illegal immigrant held on ICE detainer in Charlotte murder as disturbing details surface
“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.
German Law Student Sues for $100K Over Spicy NYC Taco – And That Was Just His Warm-Up Lawsuit
Trump admin asks Spanberger, Virginia officials not release illegal charged with groping high school girls
Trump voter ID push faces Senate test as GOP rebels threaten to sink bill
Viktor Orban faces uphill battle to hold leadership as opposition hits him on Russia ties and accusations of corruption
Where things stand with Iran war in its third week
Minnesota bill would ban warrants allowing police to collect data from devices near a crime scene
Jasmine Crockett defends her security guard who was killed in police standoff, wanted for impersonating cop
ABC News Left Out Crucial Context In Story About Iran Drone Threat To California
Anti-ICE agitators blow cover in Boston, allowing child rape suspect to evade arrest for weeks
Utah children’s book author Kouri Richins convicted in husband’s murder
Search for missing retired Air Force general enters third week as investigators probe new clues
Trump questions Newsom’s fitness for White House, citing his dyslexia
Court allows DOJ to proceed with appeal over law firm executive orders
Trump lawyer in Jack Smith case draws conservative backing after DOJ praise rattles ‘elite’ legal conference
Illegal immigrant held on ICE detainer in Charlotte murder as disturbing details surface
“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.
