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.
‘Oh, shut up!’: Democrat snaps at Collins after heckler drives Maine Senate debate off the rails
Can cooking for terrorists bar asylum? Supreme Court takes up unusual case with broader immigration stakes
Breaking: 3 Children, 1 Adult Killed in Elementary School Shooting
Marjorie Taylor Greene Lashes Out at Trump, Defends Ilhan Omar, Whom She Tried to Censure
Alleged leftist militants charged with gun crime just before Trump stopped enforcement
Michigan GOP gubernatorial candidate John James skips Vance rally, citing debate prep
Hollywood Mega Producer Admits to Joe Rogan That Once Societies Abandon God, They Turn To Tyranny
Active shooter report at Oregon elementary school draws large police response
‘One of a Kind’ Pastor Serving in Trump Administration Dies at Age 47
Ilhan Omar’s husband snaps over rumors she fled US after federal immigration fraud raid
Horse farm owner gets life in prison for boyfriend’s murder after claiming self-defense
Fort Hood survivors praise Trump for scrapping Hasan execution livestream: ‘We’re not barbaric’
British defense secretary to ask Hegseth about Starshield outage as UK tries to ‘bridge’ US and Ukraine ‘back together’
Trump links Michigan Senate candidate Abdul El-Sayed to Muslim Brotherhood: ‘He’s a con man’
America’s next war could reach US soil, top Army general warns
“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.
‘Oh, shut up!’: Democrat snaps at Collins after heckler drives Maine Senate debate off the rails
Can cooking for terrorists bar asylum? Supreme Court takes up unusual case with broader immigration stakes
Breaking: 3 Children, 1 Adult Killed in Elementary School Shooting
Marjorie Taylor Greene Lashes Out at Trump, Defends Ilhan Omar, Whom She Tried to Censure
Alleged leftist militants charged with gun crime just before Trump stopped enforcement
Michigan GOP gubernatorial candidate John James skips Vance rally, citing debate prep
Hollywood Mega Producer Admits to Joe Rogan That Once Societies Abandon God, They Turn To Tyranny
Active shooter report at Oregon elementary school draws large police response
‘One of a Kind’ Pastor Serving in Trump Administration Dies at Age 47
Ilhan Omar’s husband snaps over rumors she fled US after federal immigration fraud raid
Horse farm owner gets life in prison for boyfriend’s murder after claiming self-defense
Fort Hood survivors praise Trump for scrapping Hasan execution livestream: ‘We’re not barbaric’
British defense secretary to ask Hegseth about Starshield outage as UK tries to ‘bridge’ US and Ukraine ‘back together’
Trump links Michigan Senate candidate Abdul El-Sayed to Muslim Brotherhood: ‘He’s a con man’
America’s next war could reach US soil, top Army general warns
“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.
