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.
Mexican Restaurant Owner Under Fire for Offering ICE Agents Free Meals Fires Back at Leftists: ‘They Need to Look for Jesus’
Reporter’s Notebook: Bondi’s binder strategy turns House hearing into political firestorm
CEO Resigns After His Disturbing Jeffrey Epstein Email Comes to Light: ‘I Loved the Torture Video’
Noem backs SAVE America Act, slams ‘radical left’ opposition to voter IDs and proof of citizenship
Fox News True Crime Newsletter: Ransom deadline passes, key evidence emerges in Nancy Guthrie case
California middle school assistant principal nabbed in child sex sting
Don Lemon pleads not guilty to charges for storming Minnesota church
Trump admin rips Mamdani, local Dems as activists override gov’t move at NYC monument: ‘Focused on theatrics’
WATCH: Bill O’Reilly Thoroughly Debunk the Frequently Cited ‘Only 14% of Illegals Are Violent’ Argument Leftists Use Against Deportation
Minneapolis prosecutors charge few anti-ICE protesters amid mass unrest
See It: Ultra High-Res Image of Bondi’s Notes Shows Deadly Dirt on Dems She Walked Into Hearing Ready to Use if Necessary
ICE director stands his ground after Swalwell blowup, says Democrats are ‘misleading their constituents’
Fani Willis slams $17 million legal fees demand from Trump and former codefendants
Fetterman bucks Democrats, says party put politics over country in DHS shutdown standoff
Trump DOJ files new lawsuit accusing Harvard of withholding records on race in admissions
“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.
Mexican Restaurant Owner Under Fire for Offering ICE Agents Free Meals Fires Back at Leftists: ‘They Need to Look for Jesus’
Reporter’s Notebook: Bondi’s binder strategy turns House hearing into political firestorm
CEO Resigns After His Disturbing Jeffrey Epstein Email Comes to Light: ‘I Loved the Torture Video’
Noem backs SAVE America Act, slams ‘radical left’ opposition to voter IDs and proof of citizenship
Fox News True Crime Newsletter: Ransom deadline passes, key evidence emerges in Nancy Guthrie case
California middle school assistant principal nabbed in child sex sting
Don Lemon pleads not guilty to charges for storming Minnesota church
Trump admin rips Mamdani, local Dems as activists override gov’t move at NYC monument: ‘Focused on theatrics’
WATCH: Bill O’Reilly Thoroughly Debunk the Frequently Cited ‘Only 14% of Illegals Are Violent’ Argument Leftists Use Against Deportation
Minneapolis prosecutors charge few anti-ICE protesters amid mass unrest
See It: Ultra High-Res Image of Bondi’s Notes Shows Deadly Dirt on Dems She Walked Into Hearing Ready to Use if Necessary
ICE director stands his ground after Swalwell blowup, says Democrats are ‘misleading their constituents’
Fani Willis slams $17 million legal fees demand from Trump and former codefendants
Fetterman bucks Democrats, says party put politics over country in DHS shutdown standoff
Trump DOJ files new lawsuit accusing Harvard of withholding records on race in admissions
“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.
