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.
Platner campaign rocked with damning allegations from another ex-lover as Senate race heats up: report
Catholic bishops consecrate US, White House says Trump and Melania ‘join in prayer’ in ‘unprecedented’ gesture
Ilhan Omar Lashes Out at ‘Horrific’ Jerry Seinfeld When He Said Palestine ‘Doesn’t Exist’ After Knicks Game
Karmelo Anthony’s Father Blames ‘White Attorney’ for His Son’s Murder Conviction
Pima County sheriff says Mexican authorities have not made contact over Nancy Guthrie search tip
That Time Leslie Stahl Claimed Hunter’s Laptop Couldn’t Be ‘Verified’ as ’60 Minutes’ Finally Confronts Its Bias
Trump plans to deport Iranians to violence-plagued central African nation in new deal
Trump Admin Shuts Down Mamdani’s Attempt to Meet with Foreign Leader
Police: Father of Seven Killed on NYC Bus After Confronting Rider Over Loud Phone Conversation
FIRST ON FOX: DOJ sues Spanberger’s Virginia over laws kneecapping federal agents as mask war escalates
New Poll: Majority of Americans Want Every Illegal Immigrant Deported
Bill Cassidy goes out in style
Rubio gets somber at UFC event, says world is so polarized there are few things that ‘bring people together’
Mississippi teen allegedly killed elderly couple in their home before firing on deputies in standoff
Convicted killer Karmelo Anthony claims he is ‘penniless’ in appeal despite major donor-funded legal campaign
“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.
Platner campaign rocked with damning allegations from another ex-lover as Senate race heats up: report
Catholic bishops consecrate US, White House says Trump and Melania ‘join in prayer’ in ‘unprecedented’ gesture
Ilhan Omar Lashes Out at ‘Horrific’ Jerry Seinfeld When He Said Palestine ‘Doesn’t Exist’ After Knicks Game
Karmelo Anthony’s Father Blames ‘White Attorney’ for His Son’s Murder Conviction
Pima County sheriff says Mexican authorities have not made contact over Nancy Guthrie search tip
That Time Leslie Stahl Claimed Hunter’s Laptop Couldn’t Be ‘Verified’ as ’60 Minutes’ Finally Confronts Its Bias
Trump plans to deport Iranians to violence-plagued central African nation in new deal
Trump Admin Shuts Down Mamdani’s Attempt to Meet with Foreign Leader
Police: Father of Seven Killed on NYC Bus After Confronting Rider Over Loud Phone Conversation
FIRST ON FOX: DOJ sues Spanberger’s Virginia over laws kneecapping federal agents as mask war escalates
New Poll: Majority of Americans Want Every Illegal Immigrant Deported
Bill Cassidy goes out in style
Rubio gets somber at UFC event, says world is so polarized there are few things that ‘bring people together’
Mississippi teen allegedly killed elderly couple in their home before firing on deputies in standoff
Convicted killer Karmelo Anthony claims he is ‘penniless’ in appeal despite major donor-funded legal campaign
“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.
