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.
Hasan Piker cheerleads progressives as 80-year-old senator wins six more years
Progressive push hits wall against conservative Democrat in deep-blue district
Washington homeowner hears mysterious banging, calls 911 before police find growling bobcat at top of stairs
Breaking: Intimidation Arrest Made Outside Courthouse of Lindsay Clancy Trial Setting Stage for Potential Mistrial
Tyler Robinson to face trial in Charlie Kirk assassination as judge keeps death penalty on table
Top Democrat survives double-barreled challenge as party’s Israel divide hits home
Colin Kaepernick Reemerges and Tries to Cash in on Playing the Victim
House Democrat survives left-flank challenge as Bernie volunteer mounts insurgent bid
Florida Orders Removal of Flock Cameras from All State Highways
Ed Markey survives Massachusetts Senate primary challenge from Seth Moulton
Nancy Grace Fires Back at Lindsay Clancy’s Attorney After He Calls Her Out by Name: ‘The Law Is Clear’
Trump Wants Congress to Save Hollywood from Going Bust – His Heart Might Be in The Right Place, But He’s Dead Wrong
DOJ sues Kansas school district over ‘secret gender transitions’ in first-of-its-kind lawsuit
Former president-turned-amateur artist George W. Bush debuting new paintings for 9/11 remembrance
Canadian Voters Double Down on Hostility Toward Trump, Hand Liberal Party Special Election Sweep
“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.
Hasan Piker cheerleads progressives as 80-year-old senator wins six more years
Progressive push hits wall against conservative Democrat in deep-blue district
Washington homeowner hears mysterious banging, calls 911 before police find growling bobcat at top of stairs
Breaking: Intimidation Arrest Made Outside Courthouse of Lindsay Clancy Trial Setting Stage for Potential Mistrial
Tyler Robinson to face trial in Charlie Kirk assassination as judge keeps death penalty on table
Top Democrat survives double-barreled challenge as party’s Israel divide hits home
Colin Kaepernick Reemerges and Tries to Cash in on Playing the Victim
House Democrat survives left-flank challenge as Bernie volunteer mounts insurgent bid
Florida Orders Removal of Flock Cameras from All State Highways
Ed Markey survives Massachusetts Senate primary challenge from Seth Moulton
Nancy Grace Fires Back at Lindsay Clancy’s Attorney After He Calls Her Out by Name: ‘The Law Is Clear’
Trump Wants Congress to Save Hollywood from Going Bust – His Heart Might Be in The Right Place, But He’s Dead Wrong
DOJ sues Kansas school district over ‘secret gender transitions’ in first-of-its-kind lawsuit
Former president-turned-amateur artist George W. Bush debuting new paintings for 9/11 remembrance
Canadian Voters Double Down on Hostility Toward Trump, Hand Liberal Party Special Election Sweep
“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.
