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.
Government-Owned Capitalism: Brilliant Strategy or Socialist Disaster?
Key Alaska Senate Race Comes Down to One Issue: Fish
AOC’s Ivy League warmup act leads democratic socialists in notorious anti-Israel chant
Trump’s novel legal strategy pummels alleged ‘narco-terrorists’ and cartel members
Sen Kennedy says no living politicians should have buildings named after them after Trump’s moves
Texas man arrested after ‘intentionally’ crashing into a closed Kroger to use bathroom: cops
Attorney for lone holdout juror in Lindsay Clancy mistrial pushes back on claims of refusing the law
Police hunt sexually violent predator who vanished after GPS ‘tamper mode’ alert
Susie Wiles reveals brutal toll of fighting cancer while running Trump’s White House
Woman found dead with unexplained trauma in Central Park as NYPD searches for answers
John Fetterman accidentally calls himself a ‘lifelong Republican’ at Texas Tribune Festival
University Scrubbed Pentagon-Funded Professor’s Ties to CCP: Report
SCOTUS Climate Suit Could Devastate Family Farms, Give China and Russia an Edge: Expert
Ozempic Maker Teams Up with Big AI for New Drug Development
Breaking: ‘They Were Looking to Do Big Damage’ – Trump Speaks Out on Terror Plot as Photo of Suspects Goes Viral
“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.
Government-Owned Capitalism: Brilliant Strategy or Socialist Disaster?
Key Alaska Senate Race Comes Down to One Issue: Fish
AOC’s Ivy League warmup act leads democratic socialists in notorious anti-Israel chant
Trump’s novel legal strategy pummels alleged ‘narco-terrorists’ and cartel members
Sen Kennedy says no living politicians should have buildings named after them after Trump’s moves
Texas man arrested after ‘intentionally’ crashing into a closed Kroger to use bathroom: cops
Attorney for lone holdout juror in Lindsay Clancy mistrial pushes back on claims of refusing the law
Police hunt sexually violent predator who vanished after GPS ‘tamper mode’ alert
Susie Wiles reveals brutal toll of fighting cancer while running Trump’s White House
Woman found dead with unexplained trauma in Central Park as NYPD searches for answers
John Fetterman accidentally calls himself a ‘lifelong Republican’ at Texas Tribune Festival
University Scrubbed Pentagon-Funded Professor’s Ties to CCP: Report
SCOTUS Climate Suit Could Devastate Family Farms, Give China and Russia an Edge: Expert
Ozempic Maker Teams Up with Big AI for New Drug Development
Breaking: ‘They Were Looking to Do Big Damage’ – Trump Speaks Out on Terror Plot as Photo of Suspects Goes Viral
“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.
