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.
Multiple people killed in shooting at Idaho In-N-Out restaurant, suspect dead
ICE arrests illegal immigrant accused of rape, multiple sex crimes after release from Maryland jail
Father of 10-year-old boy breaks silence after viral beach rescue: ‘No way I could ever repay him’
Trump says he ‘disagrees 100%’ with U.S. Attorney Jeanine Pirro over Reflecting Pool case
Assisted living sent resident to doctor’s appointment after giving him 18 shots, 5 am beer: officials
Mamdani extends deadline for NYC homeowners to seek exemption from new pied-à-terre tax
DSA candidate pushes federal AI data center moratorium with Michigan early voting underway
Trump immigration agenda faces setback as Obama-appointed judge issues fresh TPS stay
Israeli president says Palestinian peace ‘requires’ acceptance of Israel in warning against Mamdani
New Christian Persecution Report Shows Most Dangerous Countries on Earth for Believing in Jesus
Why Gen Z Is Breaking This Longtime Workplace Taboo
Reporter’s Notebook: Why Fauci’s 111 Fifth Amendment pleas could end up before the courts
Trump blasts rogue GOP senators for blocking Blanche nomination, vows anti-weaponization bill fight
Trump Says AI Data Centers Pledge Will Make Power Bills ‘Actually Come Down’
Parents Who Starved Their 75-Day-Old Baby to Death Will Get No Jail Time After Guilty Plea – Guess Who the Judge Is
“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.
Multiple people killed in shooting at Idaho In-N-Out restaurant, suspect dead
ICE arrests illegal immigrant accused of rape, multiple sex crimes after release from Maryland jail
Father of 10-year-old boy breaks silence after viral beach rescue: ‘No way I could ever repay him’
Trump says he ‘disagrees 100%’ with U.S. Attorney Jeanine Pirro over Reflecting Pool case
Assisted living sent resident to doctor’s appointment after giving him 18 shots, 5 am beer: officials
Mamdani extends deadline for NYC homeowners to seek exemption from new pied-à-terre tax
DSA candidate pushes federal AI data center moratorium with Michigan early voting underway
Trump immigration agenda faces setback as Obama-appointed judge issues fresh TPS stay
Israeli president says Palestinian peace ‘requires’ acceptance of Israel in warning against Mamdani
New Christian Persecution Report Shows Most Dangerous Countries on Earth for Believing in Jesus
Why Gen Z Is Breaking This Longtime Workplace Taboo
Reporter’s Notebook: Why Fauci’s 111 Fifth Amendment pleas could end up before the courts
Trump blasts rogue GOP senators for blocking Blanche nomination, vows anti-weaponization bill fight
Trump Says AI Data Centers Pledge Will Make Power Bills ‘Actually Come Down’
Parents Who Starved Their 75-Day-Old Baby to Death Will Get No Jail Time After Guilty Plea – Guess Who the Judge Is
“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.
