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.
Florida man who contacted police about 1987 killing arrested in connection to cold case
Dramatic bodycam video captures NYPD officer rescuing woman from top of Brooklyn Bridge after emotional plea
Eight indicted over plan to attack White House UFC fight with drones and snipers
Israel shares intelligence warning Iran plotted new assassination attempt against Trump: report
Bank of America and JPMorgan Chase Consider Teaming Up for Scheme to Extract Higher Card Transaction Fees
Robinson’s Alleged Kirk Assassination Rifle and Chilling Messages on Bullet Casings Shown in Court
DHS plans costly crackdown on states that don’t cooperate on election security
Damning Tyler Robinson letter accidentally flashed during Charlie Kirk murder hearing
White House drapes tarps while completing Trump’s newest construction project
Disturbing Video: Texas Cop Tells Preacher She Is Going to Ticket Him for Speech That Offends ‘Pride’ Event Goers
Incredible Video: Hero NYPD Officer Rescues Distressed Woman from Jumping Off Brooklyn Bridge
Unearthed records reveal Dem mayor sought tax hike to fund DEI role ahead of key House race
Communist Door Dasher Admits Stealing Food from DHS Orders, Gets Fired After Freaking Out When Company Dared Confront Her
Teacher Sentenced Over Lewd Relationship with Middle School Student She Professed to Love
Black bear raiding a garbage can at Lake Tahoe garage triggers dramatic wildlife encounter
“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.
Florida man who contacted police about 1987 killing arrested in connection to cold case
Dramatic bodycam video captures NYPD officer rescuing woman from top of Brooklyn Bridge after emotional plea
Eight indicted over plan to attack White House UFC fight with drones and snipers
Israel shares intelligence warning Iran plotted new assassination attempt against Trump: report
Bank of America and JPMorgan Chase Consider Teaming Up for Scheme to Extract Higher Card Transaction Fees
Robinson’s Alleged Kirk Assassination Rifle and Chilling Messages on Bullet Casings Shown in Court
DHS plans costly crackdown on states that don’t cooperate on election security
Damning Tyler Robinson letter accidentally flashed during Charlie Kirk murder hearing
White House drapes tarps while completing Trump’s newest construction project
Disturbing Video: Texas Cop Tells Preacher She Is Going to Ticket Him for Speech That Offends ‘Pride’ Event Goers
Incredible Video: Hero NYPD Officer Rescues Distressed Woman from Jumping Off Brooklyn Bridge
Unearthed records reveal Dem mayor sought tax hike to fund DEI role ahead of key House race
Communist Door Dasher Admits Stealing Food from DHS Orders, Gets Fired After Freaking Out When Company Dared Confront Her
Teacher Sentenced Over Lewd Relationship with Middle School Student She Professed to Love
Black bear raiding a garbage can at Lake Tahoe garage triggers dramatic wildlife encounter
“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.
