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.
US Warns it Will ‘Actively Pursue’ Any Vessels Attempting to Aid Iran Outside of the Middle East
Ted Cruz Rips Tucker Carlson Over His ‘Muslims Love Jesus’ Claim: ‘Deranged, Leftist Psycho’
House rejects Democrat attempt to limit Trump’s Iran war powers
Trump says Israel, Lebanon agree to 10-day ceasefire
Tyler Robinson judge unseals ATF report in assassination of Charlie Kirk
Senate Candidate James Talarico Reports Eye-Popping Fundraising Haul – But We’ve Seen This From Democrats Before
Frat house turns into crime scene after member allegedly sexually assaults woman, police say
Breaking: Former Lt. Governor of Virginia and His Wife Found Dead
Didn’t file your taxes on time? Here’s what a tax expert says you should do next
Republicans bet higher tax refunds will boost midterm chances as blue states resist relief
S&P 500 Smashed Another Record Wednesday, Signaling the Markets Believe Trump That the Iran Conflict Is Ending
Democrats vow to block next Trump Supreme Court pick amid Alito speculation
Democratic Rep. Calls to ‘Eliminate the President of the United States from the Office Right Now’
Homeland Security official’s killing leaves agency ‘devastated’ as vetting breakdown exposed
Swalwell’s mounting sexual misconduct allegations threaten career beyond politics, experts warn
“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.
US Warns it Will ‘Actively Pursue’ Any Vessels Attempting to Aid Iran Outside of the Middle East
Ted Cruz Rips Tucker Carlson Over His ‘Muslims Love Jesus’ Claim: ‘Deranged, Leftist Psycho’
House rejects Democrat attempt to limit Trump’s Iran war powers
Trump says Israel, Lebanon agree to 10-day ceasefire
Tyler Robinson judge unseals ATF report in assassination of Charlie Kirk
Senate Candidate James Talarico Reports Eye-Popping Fundraising Haul – But We’ve Seen This From Democrats Before
Frat house turns into crime scene after member allegedly sexually assaults woman, police say
Breaking: Former Lt. Governor of Virginia and His Wife Found Dead
Didn’t file your taxes on time? Here’s what a tax expert says you should do next
Republicans bet higher tax refunds will boost midterm chances as blue states resist relief
S&P 500 Smashed Another Record Wednesday, Signaling the Markets Believe Trump That the Iran Conflict Is Ending
Democrats vow to block next Trump Supreme Court pick amid Alito speculation
Democratic Rep. Calls to ‘Eliminate the President of the United States from the Office Right Now’
Homeland Security official’s killing leaves agency ‘devastated’ as vetting breakdown exposed
Swalwell’s mounting sexual misconduct allegations threaten career beyond politics, experts warn
“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.
