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.
White House lawyer’s hardball warning to Dems has legal experts on both sides questioning one key threat
Dems seize on midterm rout to demand ICE reform but polls reveal a twist in who prioritized immigration
Woke Formula One Driver Visits, Condemns Wall Imprisoning Palestinians – Clearly Has No Idea Egypt Actually Built It
The Genius Voting System We Could Use That Rewards Working, Military Service, and Age – Penalizes Taking Welfare, Being Criminal
Rep. Ro Khanna Demands We Begin ‘Rejecting This Idea of Heritage Americans’
Anti-Trump Republican courts other defectors as House weighs another vote against Iran war
Pentagon’s former UFO investigator offers simple theory for mysterious jellyfish-shaped object on video
Florida Republican on Democrats’ strategy: ‘That’s the choice they have to make…persecution or policy’
Transportation Sec. Sean Duffy Explains What Went Wrong as FAA Lifts Nationwide Ground Stop
Natalee Holloway’s confessed killer caught trying to extort $250K from grieving mother in FBI sting video
From Democrats’ midterm romp to the MLB, many victors come out of the blue
Blue wave hits Vance’s 2028 chances
Newsom’s 2028 announcement puts Democrats on notice, but rivals aren’t rushing to follow
Watch: Baby Saved from Planned Parenthood After Sidewalk Counselor Convinces Father to Intervene
Struggling Canadian Vet Calls VA for Help, Says Caseworker Suggested He Consider Killing Himself With Canada’s New ‘Assisted Dying Service’
“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.
White House lawyer’s hardball warning to Dems has legal experts on both sides questioning one key threat
Dems seize on midterm rout to demand ICE reform but polls reveal a twist in who prioritized immigration
Woke Formula One Driver Visits, Condemns Wall Imprisoning Palestinians – Clearly Has No Idea Egypt Actually Built It
The Genius Voting System We Could Use That Rewards Working, Military Service, and Age – Penalizes Taking Welfare, Being Criminal
Rep. Ro Khanna Demands We Begin ‘Rejecting This Idea of Heritage Americans’
Anti-Trump Republican courts other defectors as House weighs another vote against Iran war
Pentagon’s former UFO investigator offers simple theory for mysterious jellyfish-shaped object on video
Florida Republican on Democrats’ strategy: ‘That’s the choice they have to make…persecution or policy’
Transportation Sec. Sean Duffy Explains What Went Wrong as FAA Lifts Nationwide Ground Stop
Natalee Holloway’s confessed killer caught trying to extort $250K from grieving mother in FBI sting video
From Democrats’ midterm romp to the MLB, many victors come out of the blue
Blue wave hits Vance’s 2028 chances
Newsom’s 2028 announcement puts Democrats on notice, but rivals aren’t rushing to follow
Watch: Baby Saved from Planned Parenthood After Sidewalk Counselor Convinces Father to Intervene
Struggling Canadian Vet Calls VA for Help, Says Caseworker Suggested He Consider Killing Himself With Canada’s New ‘Assisted Dying Service’
“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.
