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.
Bank robbery suspect allegedly steals kitten, asks employee to hold it before demanding cash
Multiple rescued from pontoon boat near Alcatraz as search continues for missing persons
Biden special counsel’s ‘runaway train’ scooped up sensitive lawmaker info: ‘Abuse of power’
Congressman sounds the alarm on China: ‘We’re sleepwalking through this competition’
Shock Video: Machete Fight Breaks Out in Middle of England Intersection, Man Recording Says This Insanity Happens ‘Day In and Day Out’
House passes daylight saving time reform as Trump signals support for ending clock change
How long can Iran play its energy card?
WATCH: Elissa Slotkin says SAVE America Act would make it ‘hard for any Democrat’ to win an election
Florida men indicted in armed home invasion where suspect posed as utility worker, 13-year-old zip-tied: DOJ
California inmate who spent 45 years on death row for murdering pregnant wife dies
Punks Beat Pro Poker Winner Back to His Airbnb, Ambushed and Hogtied Him, Stole All His Winnings
Trump revives his decades-old Iran warning as US ramps up military pressure: ‘remarkably consistent’
‘This is not normal’: AOC unloads on McConnell’s prolonged absence
Jack Smith team reviewed contents of texts involving 44 members of Congress, DOJ records show
GOP Senator Calls on Iran’s Neighbors to ‘Finish the Job’ After US Troops Did the Hard Part
“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.
Bank robbery suspect allegedly steals kitten, asks employee to hold it before demanding cash
Multiple rescued from pontoon boat near Alcatraz as search continues for missing persons
Biden special counsel’s ‘runaway train’ scooped up sensitive lawmaker info: ‘Abuse of power’
Congressman sounds the alarm on China: ‘We’re sleepwalking through this competition’
Shock Video: Machete Fight Breaks Out in Middle of England Intersection, Man Recording Says This Insanity Happens ‘Day In and Day Out’
House passes daylight saving time reform as Trump signals support for ending clock change
How long can Iran play its energy card?
WATCH: Elissa Slotkin says SAVE America Act would make it ‘hard for any Democrat’ to win an election
Florida men indicted in armed home invasion where suspect posed as utility worker, 13-year-old zip-tied: DOJ
California inmate who spent 45 years on death row for murdering pregnant wife dies
Punks Beat Pro Poker Winner Back to His Airbnb, Ambushed and Hogtied Him, Stole All His Winnings
Trump revives his decades-old Iran warning as US ramps up military pressure: ‘remarkably consistent’
‘This is not normal’: AOC unloads on McConnell’s prolonged absence
Jack Smith team reviewed contents of texts involving 44 members of Congress, DOJ records show
GOP Senator Calls on Iran’s Neighbors to ‘Finish the Job’ After US Troops Did the Hard Part
“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.
