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.
Breaking: Vance’s Task Force Purges 760,000 Names from Obamacare Rolls After Uncovering Rampant Fraud
Trump-backed Senate candidate says ‘Groceries cost too much,’ calls for Iran war to ‘end quickly’
Insiders Say Sports Gambling Giant Specifically Targets Bettors Most Likely to Be Addicts Who Lose
Trump Jr under scrutiny from own party over Putin-linked oligarch’s lavish gift
Nolan Wells’ friends cleared by grand jury as their lawyers vow to hold online accusers accountable
‘American Idol’ contestant’s murder case sent cops underground with high-powered magnet to find gun
El-Sayed Is Delighted to Have Tucker Carlson’s Support: ‘MAGA Eating Itself’
The UK’s Most Prominent Lib Outlet Keeps Trying to Make the Phrase ‘Petro-Masculinity’ Happen, Publishes Yet Another Article About Fake Climate Trend
Pentagon unveils battlefield test to ensure new generals are warfighters – not Washington bureaucrats
Fox News Power Rankings: For the Democrats, where could it possibly go wrong?
El-Sayed’s Jewish outreach ignites ‘tokenism’ fury as Michigan GOP chair makes bold prediction
Outgoing House Democrat backs incumbent Republican lawmaker for re-election
Four most notable state dinner incidents
Democrats paper over transgender voting records with pivot on girls’ sports
Vance’s midterm message: Don’t elect ‘crazy people’ responsible for higher prices
“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.
Breaking: Vance’s Task Force Purges 760,000 Names from Obamacare Rolls After Uncovering Rampant Fraud
Trump-backed Senate candidate says ‘Groceries cost too much,’ calls for Iran war to ‘end quickly’
Insiders Say Sports Gambling Giant Specifically Targets Bettors Most Likely to Be Addicts Who Lose
Trump Jr under scrutiny from own party over Putin-linked oligarch’s lavish gift
Nolan Wells’ friends cleared by grand jury as their lawyers vow to hold online accusers accountable
‘American Idol’ contestant’s murder case sent cops underground with high-powered magnet to find gun
El-Sayed Is Delighted to Have Tucker Carlson’s Support: ‘MAGA Eating Itself’
The UK’s Most Prominent Lib Outlet Keeps Trying to Make the Phrase ‘Petro-Masculinity’ Happen, Publishes Yet Another Article About Fake Climate Trend
Pentagon unveils battlefield test to ensure new generals are warfighters – not Washington bureaucrats
Fox News Power Rankings: For the Democrats, where could it possibly go wrong?
El-Sayed’s Jewish outreach ignites ‘tokenism’ fury as Michigan GOP chair makes bold prediction
Outgoing House Democrat backs incumbent Republican lawmaker for re-election
Four most notable state dinner incidents
Democrats paper over transgender voting records with pivot on girls’ sports
Vance’s midterm message: Don’t elect ‘crazy people’ responsible for higher prices
“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.
