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.
Federal Appeals Court Rejects NJ Dem. Rep. McIver’s Request to Drop ICE Assault Charges
New Fauci Docs Prove He Repeatedly Told People to Delete Emails He Sent Them
Death toll from Nepal floods tops 900
Bernie Sanders says top Democrats aren’t enthusiastic enough about el Sayed to win Michigan
Vulnerable Dem’s own audit admits Medicaid oversight failure amid massive statewide fraud scandal
Docs Expose Fauci, Shows He Complained About Pre-COVID ‘Doomsday’ Warning Then Erased it from Existence
‘Jesus was a radical’: Progressives invoke Christ to sell left-wing agenda on campaign trail
Inside the dangerous US mission that cleared Iran’s mines from Hormuz shipping lanes
Abdul El-Sayed shares dozens of donors with ex-GOP candidate at center of antisemitism controversy
Marine Le Pen’s last stand: National Rally leader polling far ahead for 2027 presidential election after three previous defeats
Grand Canyon flash flood leaves 1 dead and several missing or unaccounted for, park service says
Duffy teases ‘unprecedented fraud crackdown’ announcement with DHS, DOJ
Accused NC killer mom plans insanity defense — as retired judge says more may follow Lindsay Clancy strategy
Beloved Texas chiropractor, hiking group among those unaccounted for after Grand Canyon flash flood
California mom has both legs amputated after suspected impaired driver plows into her restaurant lunch table
“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.
Federal Appeals Court Rejects NJ Dem. Rep. McIver’s Request to Drop ICE Assault Charges
New Fauci Docs Prove He Repeatedly Told People to Delete Emails He Sent Them
Death toll from Nepal floods tops 900
Bernie Sanders says top Democrats aren’t enthusiastic enough about el Sayed to win Michigan
Vulnerable Dem’s own audit admits Medicaid oversight failure amid massive statewide fraud scandal
Docs Expose Fauci, Shows He Complained About Pre-COVID ‘Doomsday’ Warning Then Erased it from Existence
‘Jesus was a radical’: Progressives invoke Christ to sell left-wing agenda on campaign trail
Inside the dangerous US mission that cleared Iran’s mines from Hormuz shipping lanes
Abdul El-Sayed shares dozens of donors with ex-GOP candidate at center of antisemitism controversy
Marine Le Pen’s last stand: National Rally leader polling far ahead for 2027 presidential election after three previous defeats
Grand Canyon flash flood leaves 1 dead and several missing or unaccounted for, park service says
Duffy teases ‘unprecedented fraud crackdown’ announcement with DHS, DOJ
Accused NC killer mom plans insanity defense — as retired judge says more may follow Lindsay Clancy strategy
Beloved Texas chiropractor, hiking group among those unaccounted for after Grand Canyon flash flood
California mom has both legs amputated after suspected impaired driver plows into her restaurant lunch table
“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.
