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.
Pope Backfire: Trump’s Support Among Catholics Went Up After Trump Fired Back at Pope Leo
Ilhan Omar Husband’s Winery Suspiciously Shutters After Investigation Is Launched Into Her Finances
FLASHBACK: Obama tried to make Trump a punchline at 2011 dinner before rise stunned Washington
Trump cancels Witkoff and Kushner’s trip to Pakistan for Iran negotiations
U.S. Government Monitors as British Authorities Prosecute Christian Pastor Who Quoted John 3:16
Fetterman backs Wicker’s call to restart attacks in Iran
Trump to headline 2026 White House Correspondents’ Dinner for the first time as president
Rat Poison Found in Baby Food Jars Leads to Total Recall
Barricaded suspect faces murder charges after 2 doctoral students vanished from campus, 1 body remains missing
Father recalls horror after son murdered his 5 grandchildren: ‘I knew he killed them’
My Brother’s Teacher Told Him to ‘Draw What Brings You Most Joy’: Since His Answer Was the Cross, It Wasn’t Allowed
Parents in Bronx neighborhood plead for NYPD guard as Mamdani cuts cops, halts hires: ‘Horrible situation’
British Christian Nurse Accused of ‘Misgendering’ a Patient Cleared of Consequences
Radical activist groups circle wagons around Southern Poverty Law Center amid federal charges
US turns to drones after retiring minesweepers to reopen Strait of Hormuz amid Iran crisis
“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.
Pope Backfire: Trump’s Support Among Catholics Went Up After Trump Fired Back at Pope Leo
Ilhan Omar Husband’s Winery Suspiciously Shutters After Investigation Is Launched Into Her Finances
FLASHBACK: Obama tried to make Trump a punchline at 2011 dinner before rise stunned Washington
Trump cancels Witkoff and Kushner’s trip to Pakistan for Iran negotiations
U.S. Government Monitors as British Authorities Prosecute Christian Pastor Who Quoted John 3:16
Fetterman backs Wicker’s call to restart attacks in Iran
Trump to headline 2026 White House Correspondents’ Dinner for the first time as president
Rat Poison Found in Baby Food Jars Leads to Total Recall
Barricaded suspect faces murder charges after 2 doctoral students vanished from campus, 1 body remains missing
Father recalls horror after son murdered his 5 grandchildren: ‘I knew he killed them’
My Brother’s Teacher Told Him to ‘Draw What Brings You Most Joy’: Since His Answer Was the Cross, It Wasn’t Allowed
Parents in Bronx neighborhood plead for NYPD guard as Mamdani cuts cops, halts hires: ‘Horrible situation’
British Christian Nurse Accused of ‘Misgendering’ a Patient Cleared of Consequences
Radical activist groups circle wagons around Southern Poverty Law Center amid federal charges
US turns to drones after retiring minesweepers to reopen Strait of Hormuz amid Iran crisis
“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.
