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.
Illegal immigrant accused of fentanyl dealing linked to Virginia high school overdoses
Houston Uber driver caught in wild police chase as officers seen on dashcam video hitching a ride in his car
Trump administration proposes six-figure price tag for new H-1B visas
Trump admin eyes historic mass visa revocation targeting up to 200K asylum seekers: report
Watch: Scott Bessent Announces Details of ‘Unprecedented Campaign’ Against ‘Iran and Its Enablers’
‘Moderate’ Dem gubernatorial candidate embraced DEI budget tool, Green New Deal-style policies
Trump scores Supreme Court win on mail-in voting restrictions before midterms
San Francisco 49ers Owner Arrested at Trailer Park in East Palestine, Ohio
Oklahoma-based Southwest Airlines flight attendant found dead in Hawaii, police investigating
UK gives missile blueprints to Ukraine as relations with Russia collapse
Manhunt for Massachusetts woman ends with grim discovery week after police officer husband found dead at home
Tree-Trimmer Arrested After On-the-Job ‘Prank’ Leaves Co-Worker Dead
Washington Post Ordered to Re-Hire Columnist Who Made ‘Beyond the Pale’ Comments on Day of Charlie Kirk’s Assassination
Trump takes children on tour of helipad and ballroom construction sites
Trump touts endorsement power ahead of vital primary competitions
“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.
Illegal immigrant accused of fentanyl dealing linked to Virginia high school overdoses
Houston Uber driver caught in wild police chase as officers seen on dashcam video hitching a ride in his car
Trump administration proposes six-figure price tag for new H-1B visas
Trump admin eyes historic mass visa revocation targeting up to 200K asylum seekers: report
Watch: Scott Bessent Announces Details of ‘Unprecedented Campaign’ Against ‘Iran and Its Enablers’
‘Moderate’ Dem gubernatorial candidate embraced DEI budget tool, Green New Deal-style policies
Trump scores Supreme Court win on mail-in voting restrictions before midterms
San Francisco 49ers Owner Arrested at Trailer Park in East Palestine, Ohio
Oklahoma-based Southwest Airlines flight attendant found dead in Hawaii, police investigating
UK gives missile blueprints to Ukraine as relations with Russia collapse
Manhunt for Massachusetts woman ends with grim discovery week after police officer husband found dead at home
Tree-Trimmer Arrested After On-the-Job ‘Prank’ Leaves Co-Worker Dead
Washington Post Ordered to Re-Hire Columnist Who Made ‘Beyond the Pale’ Comments on Day of Charlie Kirk’s Assassination
Trump takes children on tour of helipad and ballroom construction sites
Trump touts endorsement power ahead of vital primary competitions
“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.
