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.
WATCH: Josh Hawley issues blistering rebuke of McConnell over ‘obligation’ to country
Tulsi Gabbard’s brother charged after allegedly trying to lure children to Waikīkī hotel room: police
Andrew, Tristan Tate arrested in Miami as UK seeks extradition on expanded rape, trafficking charges
Mamdani doubles down on democratic socialism while insisting Wall Street, business leaders can work with him
Boston police investigate death at home owned by Rep. Ayanna Pressley’s husband
Bernie Sanders dismisses Haley Stevens, says Michigan race is against the ‘billionaire class’
Mamdani says NYC is exploring whether it can arrest Netanyahu if Israeli leader visits for UN General Assembly
Man who allegedly rode naked atop moving locomotive busted after bizarre train stunt: sheriff
Liberal circuit judge blasts SCOTUS conservatives, says Hawaii will defy high court
Rubio Goes Viral as Millions Watch, Share His Rousing Speech on the Evils of the Modern Left
Caitlin Clark Sets Scoring Record with Monster 45-Point Game in Comeback Win
Tough But Moral: How Israel Phoned a Terrorist and Offered to Kill Him Without Touching His Family… and He Took the Deal
Breaking: Two US Service Members Killed in Iranian Strike on Air Base
Stephen Miller says Trump administration is pursuing policy to debank illegal immigrants
New Yorkers collected $2.6 billion in welfare cash payments last year, city data shows
“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.
WATCH: Josh Hawley issues blistering rebuke of McConnell over ‘obligation’ to country
Tulsi Gabbard’s brother charged after allegedly trying to lure children to Waikīkī hotel room: police
Andrew, Tristan Tate arrested in Miami as UK seeks extradition on expanded rape, trafficking charges
Mamdani doubles down on democratic socialism while insisting Wall Street, business leaders can work with him
Boston police investigate death at home owned by Rep. Ayanna Pressley’s husband
Bernie Sanders dismisses Haley Stevens, says Michigan race is against the ‘billionaire class’
Mamdani says NYC is exploring whether it can arrest Netanyahu if Israeli leader visits for UN General Assembly
Man who allegedly rode naked atop moving locomotive busted after bizarre train stunt: sheriff
Liberal circuit judge blasts SCOTUS conservatives, says Hawaii will defy high court
Rubio Goes Viral as Millions Watch, Share His Rousing Speech on the Evils of the Modern Left
Caitlin Clark Sets Scoring Record with Monster 45-Point Game in Comeback Win
Tough But Moral: How Israel Phoned a Terrorist and Offered to Kill Him Without Touching His Family… and He Took the Deal
Breaking: Two US Service Members Killed in Iranian Strike on Air Base
Stephen Miller says Trump administration is pursuing policy to debank illegal immigrants
New Yorkers collected $2.6 billion in welfare cash payments last year, city data shows
“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.
