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.
Supreme Court reverses lower court on qualified immunity for Vermont police sergeant who arrested protester
CNN Tries To Rebrand Anderson Cooper As Podcaster In Sad Grab For Relevance
Taylor Lorenz Wants to Bring Back Masking in the Name of ‘Basic Solidarity’: ‘We’re 6 Years Into a Pandemic’
Power Couple of Chaos: How a tycoon and activist built a ‘Revolutionary Base’ at the House of Singham
Trump orders War Dept to postpone strikes on Iranian energy sites, citing ‘productive’ talks to end war
Two pilots dead after plane collides with fire truck on LaGuardia Airport runway and more top headlines
Iran’s Alarming Long-Range Missile Capacity Revealed After Regime Fired at US-UK Base 2,500 Miles Away
Dem Senate candidate in the hot seat after anti-meat comment resurfaces: ‘This will haunt him’
Trump Reacts to Robert Mueller’s Death: ‘Good, I’m Glad He’s Dead’
Biden officials who backed Microsoft software breached by China now work for Microsoft
9 suspects arrested after $7M in stolen cargo seized in Southern California bust
Man charged in $90M Medicare fraud scheme; DOJ says suspect may have entered US illegally
Duffy predicts ‘worse’ wait times will increase shutdown pressure on Democrats
Illegal immigrant charged with killing Loyola student released under Biden, DHS says
As cattle herds shrink and beef prices rise, investors back AI cow collars
“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.
Supreme Court reverses lower court on qualified immunity for Vermont police sergeant who arrested protester
CNN Tries To Rebrand Anderson Cooper As Podcaster In Sad Grab For Relevance
Taylor Lorenz Wants to Bring Back Masking in the Name of ‘Basic Solidarity’: ‘We’re 6 Years Into a Pandemic’
Power Couple of Chaos: How a tycoon and activist built a ‘Revolutionary Base’ at the House of Singham
Trump orders War Dept to postpone strikes on Iranian energy sites, citing ‘productive’ talks to end war
Two pilots dead after plane collides with fire truck on LaGuardia Airport runway and more top headlines
Iran’s Alarming Long-Range Missile Capacity Revealed After Regime Fired at US-UK Base 2,500 Miles Away
Dem Senate candidate in the hot seat after anti-meat comment resurfaces: ‘This will haunt him’
Trump Reacts to Robert Mueller’s Death: ‘Good, I’m Glad He’s Dead’
Biden officials who backed Microsoft software breached by China now work for Microsoft
9 suspects arrested after $7M in stolen cargo seized in Southern California bust
Man charged in $90M Medicare fraud scheme; DOJ says suspect may have entered US illegally
Duffy predicts ‘worse’ wait times will increase shutdown pressure on Democrats
Illegal immigrant charged with killing Loyola student released under Biden, DHS says
As cattle herds shrink and beef prices rise, investors back AI cow collars
“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.
