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.
DOJ weighing possible new indictments for Comey and James: Reports
Trump-backed Republican keeps crucial congressional seat in GOP hands with special election victory
NYC alleged dine-and-dash influencer Pei Chung evicted from luxury apartment as she sits in jail
Illegal immigrant gang member killed police K-9 ‘Spike’ before officers returned fire in California: source
Indiana redistricting bill clears committee, heads to full House for vote
Young progressive beats out establishment candidate in Jersey City mayoral race, echoing Mamdani
GOP Rep. Elise Stefanik Says She Caught Mike Johnson Telling ‘Lies’ and Secretly ‘Siding with Jamie Raskin’
Breaking: Trump Officially Invalidates All Documents Signed by Biden Autopen, Including Pardons – Fauci, Hunter Biden Now Vulnerable
Watch: The Fieriest Trump Comments in History Just Came Out During Cabinet Meeting – POTUS Utterly Scorched Omar and Somalis, Calling Them ‘Garbage’ from ‘Stinking Country’
Pope Leo urges Trump to de-escalate tensions with Venezuela and turn to dialogue
Trump doubles down on voiding Biden autopen actions, including pardons and commutations
Video: Can You Spot What German Cities Added to Their Christmas Markets After Muslim Migrants Flooded the Country?
Top expert exposes how elites are encouraging immigrants to not assimilate into American culture
Witkoff and Kushner leave Kremlin after nearly five hours of negotiation with Putin
Trump hails $6 billion generosity of Dell family, teases more investors for ‘trust fund’ for American children
“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.
DOJ weighing possible new indictments for Comey and James: Reports
Trump-backed Republican keeps crucial congressional seat in GOP hands with special election victory
NYC alleged dine-and-dash influencer Pei Chung evicted from luxury apartment as she sits in jail
Illegal immigrant gang member killed police K-9 ‘Spike’ before officers returned fire in California: source
Indiana redistricting bill clears committee, heads to full House for vote
Young progressive beats out establishment candidate in Jersey City mayoral race, echoing Mamdani
GOP Rep. Elise Stefanik Says She Caught Mike Johnson Telling ‘Lies’ and Secretly ‘Siding with Jamie Raskin’
Breaking: Trump Officially Invalidates All Documents Signed by Biden Autopen, Including Pardons – Fauci, Hunter Biden Now Vulnerable
Watch: The Fieriest Trump Comments in History Just Came Out During Cabinet Meeting – POTUS Utterly Scorched Omar and Somalis, Calling Them ‘Garbage’ from ‘Stinking Country’
Pope Leo urges Trump to de-escalate tensions with Venezuela and turn to dialogue
Trump doubles down on voiding Biden autopen actions, including pardons and commutations
Video: Can You Spot What German Cities Added to Their Christmas Markets After Muslim Migrants Flooded the Country?
Top expert exposes how elites are encouraging immigrants to not assimilate into American culture
Witkoff and Kushner leave Kremlin after nearly five hours of negotiation with Putin
Trump hails $6 billion generosity of Dell family, teases more investors for ‘trust fund’ for American children
“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.
