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.
Gun store owner says FBI asked him to check firearm sales against list of names, pics in Guthrie case
Mike Lee calls Schumer’s ‘Jim Crow 2.0’ attack on voter ID bill ‘paranoid fantasy’
Palestinian activist accused of expressing desire to ‘kill Jews’ wins deportation case
Air Force One scraps iconic Kennedy-era paint scheme for Trump-approved red, white, blue design
Firebrand conservatives set to duke it out in GOP Texas AG debate
Remembering Rush Limbaugh, Five Years to the Day After His Passing
ALERT: Gunman Arrested at Capitol Today – Carrying Loaded Shotgun, Wearing Tactical Vest
Dem governor’s ‘dangerous’ anti-ICE law ignites backlash after alleged box cutter attack by illegal alien
Keir Starmer announces investigation into Labour smear campaign alleging journalists part of Russian conspiracy
BREAKING: Federal Judge Rules ICE Cannot Re-Detain Kilmar Abrego Garcia
Latina House Republican asks Supreme Court to block Dems’ bid to ‘racially gerrymander’ her out of Congress
Springsteen jabs Trump as ‘wannabe king’ as famed rocker launches concert tour ‘in defense of America’
Cheer mom, daughter dead in apparent murder-suicide after years-long custody fight: docs
Will Conservative Supreme Court Justices Step Down While Trump Can Still Replace Them? Midterm Results Might Force the Issue
Christian Mother, Teacher Found Dead After Horrific Home Invasion Prompting Police to Launch Homicide Probe
“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.
Gun store owner says FBI asked him to check firearm sales against list of names, pics in Guthrie case
Mike Lee calls Schumer’s ‘Jim Crow 2.0’ attack on voter ID bill ‘paranoid fantasy’
Palestinian activist accused of expressing desire to ‘kill Jews’ wins deportation case
Air Force One scraps iconic Kennedy-era paint scheme for Trump-approved red, white, blue design
Firebrand conservatives set to duke it out in GOP Texas AG debate
Remembering Rush Limbaugh, Five Years to the Day After His Passing
ALERT: Gunman Arrested at Capitol Today – Carrying Loaded Shotgun, Wearing Tactical Vest
Dem governor’s ‘dangerous’ anti-ICE law ignites backlash after alleged box cutter attack by illegal alien
Keir Starmer announces investigation into Labour smear campaign alleging journalists part of Russian conspiracy
BREAKING: Federal Judge Rules ICE Cannot Re-Detain Kilmar Abrego Garcia
Latina House Republican asks Supreme Court to block Dems’ bid to ‘racially gerrymander’ her out of Congress
Springsteen jabs Trump as ‘wannabe king’ as famed rocker launches concert tour ‘in defense of America’
Cheer mom, daughter dead in apparent murder-suicide after years-long custody fight: docs
Will Conservative Supreme Court Justices Step Down While Trump Can Still Replace Them? Midterm Results Might Force the Issue
Christian Mother, Teacher Found Dead After Horrific Home Invasion Prompting Police to Launch Homicide Probe
“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.
