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.
Longtime GOP leader faces uncertain future after Jim Jordan wins House leadership fight
Stephen Miller’s internal memo unleashes Trump agencies after ‘absolute control’ under Wiles’ reign
Foreign spy ‘honeytraps’ targeting America’s tech elite spark alarm amid Nvidia CEO scandal
Russia’s Ambassador to the US Dies ‘Suddenly’ Per Country’s Foreign Ministry
Armed Oregon Dad Who Engaged School Shooter Reveals His Final Words to the Killer Before Putting Him Down
Illegal immigrant’s alleged plane hijack scare fuels tense security scramble after door was ‘breached’: audio
Twice-Deported Illegal Alien Triggers Hijack Alert on United Flight After Rushing Cockpit: DHS
French novelist who wrote about Muslim-leftist takeover charged with hate speech for ‘Great Replacement’ comments
Democrats Are Turning on Each Other After Bizarre Absences Cause Hegseth Impeachment Effort to Fail
Wes Moore’s military record under renewed scrutiny after Army supervisor disputes his Afghanistan combat claims
Trump 45 alumni get behind a new name for press secretary
Hegseth could face new impeachment push over Ukraine aid, lawmakers warn
Ilhan Omar appears clueless on basis for federal probes: ‘You probably have more details on that’
Cruise Ship Returns to Texas Port Shortly After Departure When Murder Victim Is Discovered On Board
Multiple Kennedy family members seek to join legal battle against Trump’s triumphal arch
“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.
Longtime GOP leader faces uncertain future after Jim Jordan wins House leadership fight
Stephen Miller’s internal memo unleashes Trump agencies after ‘absolute control’ under Wiles’ reign
Foreign spy ‘honeytraps’ targeting America’s tech elite spark alarm amid Nvidia CEO scandal
Russia’s Ambassador to the US Dies ‘Suddenly’ Per Country’s Foreign Ministry
Armed Oregon Dad Who Engaged School Shooter Reveals His Final Words to the Killer Before Putting Him Down
Illegal immigrant’s alleged plane hijack scare fuels tense security scramble after door was ‘breached’: audio
Twice-Deported Illegal Alien Triggers Hijack Alert on United Flight After Rushing Cockpit: DHS
French novelist who wrote about Muslim-leftist takeover charged with hate speech for ‘Great Replacement’ comments
Democrats Are Turning on Each Other After Bizarre Absences Cause Hegseth Impeachment Effort to Fail
Wes Moore’s military record under renewed scrutiny after Army supervisor disputes his Afghanistan combat claims
Trump 45 alumni get behind a new name for press secretary
Hegseth could face new impeachment push over Ukraine aid, lawmakers warn
Ilhan Omar appears clueless on basis for federal probes: ‘You probably have more details on that’
Cruise Ship Returns to Texas Port Shortly After Departure When Murder Victim Is Discovered On Board
Multiple Kennedy family members seek to join legal battle against Trump’s triumphal arch
“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.
