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.
Anna ‘Delvey’ Sorokin still posting from New York City as DHS signals her deportation may finally be coming
Federal agents in New Jersey beat back anti-ICE agitators in chaos outside Delaney Hall detention facility
US Military Carries Out Deadly Strike on Drug-Smuggling Vessel in Eastern Pacific
U.S. Rushing to Set Up Ebola Quarantine Facility: Report
ACLU hit with foreign money complaint as new election law faces major test
New York sheriffs ‘mad as hell’ as Hochul pushes to ban key law enforcement partnership
WATCH: Purple Heart veteran reacts to Platner’s refusal to apologize for mocking him, shreds PTSD excuse
Israel kills top Hamas military chief in airstrike
Pakistan: America’s most complicated ally — and why Trump is betting on it again
Russia’s drone invasion and the grim realities of remote combat: ‘It’s gonna kill you’
All 50,000 evacuees cleared to return home after chemical tank crisis at Southern California aerospace plant
Pam Bondi diagnosed with thyroid cancer weeks after departing as Trump’s attorney general: report
Ex-NFL linebacker poised to return to Congress after Texas runoff win with Jasmine Crockett endorsement
Trump-backed Air Force veteran wins GOP runoff in newly-redistricted House district
U.S. military kills alleged narco-terrorist in lethal strike on drug-trafficking vessel in Eastern Pacific
“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.
Anna ‘Delvey’ Sorokin still posting from New York City as DHS signals her deportation may finally be coming
Federal agents in New Jersey beat back anti-ICE agitators in chaos outside Delaney Hall detention facility
US Military Carries Out Deadly Strike on Drug-Smuggling Vessel in Eastern Pacific
U.S. Rushing to Set Up Ebola Quarantine Facility: Report
ACLU hit with foreign money complaint as new election law faces major test
New York sheriffs ‘mad as hell’ as Hochul pushes to ban key law enforcement partnership
WATCH: Purple Heart veteran reacts to Platner’s refusal to apologize for mocking him, shreds PTSD excuse
Israel kills top Hamas military chief in airstrike
Pakistan: America’s most complicated ally — and why Trump is betting on it again
Russia’s drone invasion and the grim realities of remote combat: ‘It’s gonna kill you’
All 50,000 evacuees cleared to return home after chemical tank crisis at Southern California aerospace plant
Pam Bondi diagnosed with thyroid cancer weeks after departing as Trump’s attorney general: report
Ex-NFL linebacker poised to return to Congress after Texas runoff win with Jasmine Crockett endorsement
Trump-backed Air Force veteran wins GOP runoff in newly-redistricted House district
U.S. military kills alleged narco-terrorist in lethal strike on drug-trafficking vessel in Eastern Pacific
“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.
