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.
How Saudi Arabia’s defense vulnerabilities could become Trump’s problem amid Houthi onslaught
Talarico has made strides to lock down black voters. They could still cost him the Texas Senate race
Maine Democrats fret over Troy Jackson’s guarded Senate campaign
Major transgender Supreme Court victory could be undone by movement’s own lawfare, experts say
Alabama governor commutes death sentence as doubts emerge about evidence in murder conviction
University president sounds alarm as nearly half of students justify violence to stop ‘hate speech’
DHS launches nationwide ICE operation targeting illegal immigrants accused of SNAP food stamp fraud
Florida puts 77-year-old man to death for deputy’s murder as state closes in on execution record
Pennsylvania Welfare Supervisor Accused of Stealing Thousands in Food Stamps, Trading Them for Crack Cocaine
Trump Announces New Fraud Bounty Program, Nick Shirley First to Cash In
U2 Singer Bono Attacks Christians and Jews Who Support Ending Government Waste, Shuttering USAID
Husband of Democratic Party Chair Charged with Stealing $20 Million from Federal Education Grants
Honduran illegal immigrant charged with assaulting ICE officers with hammer during New Jersey traffic stop
Woke Hollywood Actor Mark Ruffalo Slams Newsom for Opposing California Billionaire Tax: ‘It’s Disqualifying’
Watch: Abdul El-Sayed Has His Hillary Clinton ‘Hot Sauce in Purse’ Moment in Cringey, Pandering Interview
“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.
How Saudi Arabia’s defense vulnerabilities could become Trump’s problem amid Houthi onslaught
Talarico has made strides to lock down black voters. They could still cost him the Texas Senate race
Maine Democrats fret over Troy Jackson’s guarded Senate campaign
Major transgender Supreme Court victory could be undone by movement’s own lawfare, experts say
Alabama governor commutes death sentence as doubts emerge about evidence in murder conviction
University president sounds alarm as nearly half of students justify violence to stop ‘hate speech’
DHS launches nationwide ICE operation targeting illegal immigrants accused of SNAP food stamp fraud
Florida puts 77-year-old man to death for deputy’s murder as state closes in on execution record
Pennsylvania Welfare Supervisor Accused of Stealing Thousands in Food Stamps, Trading Them for Crack Cocaine
Trump Announces New Fraud Bounty Program, Nick Shirley First to Cash In
U2 Singer Bono Attacks Christians and Jews Who Support Ending Government Waste, Shuttering USAID
Husband of Democratic Party Chair Charged with Stealing $20 Million from Federal Education Grants
Honduran illegal immigrant charged with assaulting ICE officers with hammer during New Jersey traffic stop
Woke Hollywood Actor Mark Ruffalo Slams Newsom for Opposing California Billionaire Tax: ‘It’s Disqualifying’
Watch: Abdul El-Sayed Has His Hillary Clinton ‘Hot Sauce in Purse’ Moment in Cringey, Pandering Interview
“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.
