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.
Trump made money, bought up stock from crypto companies after his SEC dropped cases against them
Expert who fled Cuba warns of ‘vicious cycle’ that will lead to ‘communists in double digits’ in Congress
9/11 Museum CEO reflects on lasting impact of terror attacks as America marks 250th birthday
Trump set to deliver ‘historic’ speech celebrating America’s 250th anniversary
Paul Pelosi, 86, faces a hit-and-run charge after striking a parked car in Napa County: sheriff’s office
US celebrates its 250th birthday: PHOTOS
Library of Congress celebrates America 250 with massive birthday cake
America 250 around the world
Illegal immigrant truck driver charged in death of trooper who moved home to care for mom with cancer
Heat wave cancels some DC Independence Day celebrations
Two Americas: Mamdani and Trump give speeches ahead of Independence Day
Here Are 5 Insane Books Elementary Schools Are Offering Kids
The Answer To America’s Food Security Woes
Trump pardons 9 people convicted of tampering with emission controls on diesel engines
Pope Leo urges US to welcome immigrants in America 250 speech before visiting global migrant hotspot
“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.
Trump made money, bought up stock from crypto companies after his SEC dropped cases against them
Expert who fled Cuba warns of ‘vicious cycle’ that will lead to ‘communists in double digits’ in Congress
9/11 Museum CEO reflects on lasting impact of terror attacks as America marks 250th birthday
Trump set to deliver ‘historic’ speech celebrating America’s 250th anniversary
Paul Pelosi, 86, faces a hit-and-run charge after striking a parked car in Napa County: sheriff’s office
US celebrates its 250th birthday: PHOTOS
Library of Congress celebrates America 250 with massive birthday cake
America 250 around the world
Illegal immigrant truck driver charged in death of trooper who moved home to care for mom with cancer
Heat wave cancels some DC Independence Day celebrations
Two Americas: Mamdani and Trump give speeches ahead of Independence Day
Here Are 5 Insane Books Elementary Schools Are Offering Kids
The Answer To America’s Food Security Woes
Trump pardons 9 people convicted of tampering with emission controls on diesel engines
Pope Leo urges US to welcome immigrants in America 250 speech before visiting global migrant hotspot
“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.
