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 Judge Throws Out Trump’s Epstein Birthday Letter Lawsuit – But the Fight Isn’t Over Yet
Obama CIA chief under DOJ scrutiny pushes fringe Trump ouster plan
Soros-backed prosecutor set for Capitol Hill grilling as sanctuary policies face reckoning
Trump-Impeaching GOP Senator Reportedly Melted Down Over Not Getting Enough Money
Gubernatorial candidate vows to pardon cop convicted of manslaughter in death of fleeing suspect
Bodies of two iron workers recovered from rubble of Philadelphia parking garage 5 days after partial collapse
Tennessee Lawmakers Walk Out of Prayer Against ‘White Christian Nationalism’
Trump’s ‘Blasphemous’ Post Draws Backlash from Christian Conservatives
The simple tax habit that could save you thousands over your lifetime
Lawmakers put expulsion threats atop House agenda as return sets up high-stakes week
Cancer-Stricken Former Republican Sen. Ben Sasse Vows To Avoid Being A ‘Pansy A**’ As Life Slips Away
Melania Trump’s Epstein remarks turn up the heat on DOJ, Acting AG Todd Blanche to do more
Machete-Wielding Assailant Calling Himself ‘Lucifer’ Shot Dead by NYPD in Grand Central Station
US military conducts more deadly strikes against vessels of alleged ‘narco-terrorists’
The AI you use every day is biased — and it’s quietly shaping your worldview, new report says
“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 Judge Throws Out Trump’s Epstein Birthday Letter Lawsuit – But the Fight Isn’t Over Yet
Obama CIA chief under DOJ scrutiny pushes fringe Trump ouster plan
Soros-backed prosecutor set for Capitol Hill grilling as sanctuary policies face reckoning
Trump-Impeaching GOP Senator Reportedly Melted Down Over Not Getting Enough Money
Gubernatorial candidate vows to pardon cop convicted of manslaughter in death of fleeing suspect
Bodies of two iron workers recovered from rubble of Philadelphia parking garage 5 days after partial collapse
Tennessee Lawmakers Walk Out of Prayer Against ‘White Christian Nationalism’
Trump’s ‘Blasphemous’ Post Draws Backlash from Christian Conservatives
The simple tax habit that could save you thousands over your lifetime
Lawmakers put expulsion threats atop House agenda as return sets up high-stakes week
Cancer-Stricken Former Republican Sen. Ben Sasse Vows To Avoid Being A ‘Pansy A**’ As Life Slips Away
Melania Trump’s Epstein remarks turn up the heat on DOJ, Acting AG Todd Blanche to do more
Machete-Wielding Assailant Calling Himself ‘Lucifer’ Shot Dead by NYPD in Grand Central Station
US military conducts more deadly strikes against vessels of alleged ‘narco-terrorists’
The AI you use every day is biased — and it’s quietly shaping your worldview, new report says
“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.









