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.
Christian Club Files Lawsuit After School District Blocks Volunteer Mentors
White House revs up ‘iconic’ Freedom 250 race as IndyCars prepare to unleash American muscle on DC streets
African Witchcraft, Blackmail, and American Boys: How Nigerians 6,000 Miles Away Are Killing US Teens
‘Barbaric’ abortion provision fuels Christian push to crack down on Dem governor
Mixed support from black voters threatens el Sayed’s Michigan Senate hopes
Trump plays nuclear poker with Kim Jong Un — but who holds the cards?
DOJ silence in major gun cases tests Second Amendment advocates’ trust in Trump
Fetterman aligns with Trump on AI push, warns China benefits from US ‘overreaction’
Bear crashes couple’s anniversary getaway, rummages through Tennessee tea shop before jumping on counter
Police make arrest after gunfire during California high school football game leaves 1 dead
Connecticut police officers shot, suspect killed after attempted arrest sparks hectic chase
‘Will Come Back to Bite You’: Top Official Asked Fauci for Vaccine Side Effect Study – Email
Breaking: Judge Slaps Down Karmelo Anthony’s Bid for New Trial
Nancy Kassebaum Baker, trailblazing GOP senator who broke barriers for women in Congress, dead at 94
Judge denies Karmelo Anthony’s bid for new trial after ex-lawyers detail dispute that kept him from testifying
“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.
Christian Club Files Lawsuit After School District Blocks Volunteer Mentors
White House revs up ‘iconic’ Freedom 250 race as IndyCars prepare to unleash American muscle on DC streets
African Witchcraft, Blackmail, and American Boys: How Nigerians 6,000 Miles Away Are Killing US Teens
‘Barbaric’ abortion provision fuels Christian push to crack down on Dem governor
Mixed support from black voters threatens el Sayed’s Michigan Senate hopes
Trump plays nuclear poker with Kim Jong Un — but who holds the cards?
DOJ silence in major gun cases tests Second Amendment advocates’ trust in Trump
Fetterman aligns with Trump on AI push, warns China benefits from US ‘overreaction’
Bear crashes couple’s anniversary getaway, rummages through Tennessee tea shop before jumping on counter
Police make arrest after gunfire during California high school football game leaves 1 dead
Connecticut police officers shot, suspect killed after attempted arrest sparks hectic chase
‘Will Come Back to Bite You’: Top Official Asked Fauci for Vaccine Side Effect Study – Email
Breaking: Judge Slaps Down Karmelo Anthony’s Bid for New Trial
Nancy Kassebaum Baker, trailblazing GOP senator who broke barriers for women in Congress, dead at 94
Judge denies Karmelo Anthony’s bid for new trial after ex-lawyers detail dispute that kept him from testifying
“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.
