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.
Trump calls mail in voting corrupt as Senate begins debate on SAVE Act requiring voter ID
Dems unmoved as White House reveals DHS concessions in shutdown battle
House Oversight Committee Subpoenas Pam Bondi
Breaking Report: Joe Kent Was Leaker Who Had Been Cut from President’s Intel Briefings for Months
Iran’s leaders don’t need to hide, envoy insists, despite MIA Khamenei and dead officials
Obama-appointed judge orders release of MS-13 gang member with history of rape, robbery, attacked ICE officers
California Democrats vying to be governor take on soaring gas prices
Trump staging assassination attempt theories don’t factor ‘shell shock’: Salena Zito
Man claiming CIA ties allegedly tries to slit commuter’s throat in unprovoked train attack
GOP triggers marathon Senate fight to expose Dems’ opposition to Trump-backed voter ID bill
Chief Justice Roberts warns against personal attacks on judges as ‘dangerous’ after Trump’s court tirade
Irish President Roasted for ‘Demoralising’ St. Patrick’s Day Message That Replaces Christ with Wokeness
Trump Warns of Permanent Consequences for Every Lawmaker Who Votes Against the SAVE America Act
NYC $30 minimum wage proposal pushed by Mamdani would ‘obliterate’ certain industries: expert warns
Trump bids goodbye to intel official who resigned over Iran: ‘Good thing that he’s out’
“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.
Trump calls mail in voting corrupt as Senate begins debate on SAVE Act requiring voter ID
Dems unmoved as White House reveals DHS concessions in shutdown battle
House Oversight Committee Subpoenas Pam Bondi
Breaking Report: Joe Kent Was Leaker Who Had Been Cut from President’s Intel Briefings for Months
Iran’s leaders don’t need to hide, envoy insists, despite MIA Khamenei and dead officials
Obama-appointed judge orders release of MS-13 gang member with history of rape, robbery, attacked ICE officers
California Democrats vying to be governor take on soaring gas prices
Trump staging assassination attempt theories don’t factor ‘shell shock’: Salena Zito
Man claiming CIA ties allegedly tries to slit commuter’s throat in unprovoked train attack
GOP triggers marathon Senate fight to expose Dems’ opposition to Trump-backed voter ID bill
Chief Justice Roberts warns against personal attacks on judges as ‘dangerous’ after Trump’s court tirade
Irish President Roasted for ‘Demoralising’ St. Patrick’s Day Message That Replaces Christ with Wokeness
Trump Warns of Permanent Consequences for Every Lawmaker Who Votes Against the SAVE America Act
NYC $30 minimum wage proposal pushed by Mamdani would ‘obliterate’ certain industries: expert warns
Trump bids goodbye to intel official who resigned over Iran: ‘Good thing that he’s out’
“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.
