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.
Teen boater found clinging to capsized vessel after 3 go missing; 2 bodies recovered
Ex-NFL cheerleader battles former gubernatorial aide in tight GOP primary race
Five takeaways from opening night of first-ever GOP midterm convention
Trump makes stunning first-of-its-kind cash promise in bid to rally GOP voters at Dallas midterm convention
Trump electrifies his base, but the nosebleeds are empty. Is it enough to win the midterms?
Fetterman teases where his true loyalty lies after surprise appearance at GOP convention
EXCLUSIVE: 25 years after 9/11, ICE says more than 2K known or suspected terrorists have been deported
Trump makes convention pitch for Paxton: You may not like his looks, but he’s the best AG in Texas history
US forces obliterate suspected ‘narco-terrorist’ vessel in lethal Eastern Pacific strike, killing 3
Military Base Guards Cleared to Say ‘Have a Blessed Day’ After Pete Hegseth Steps in to Oppose ‘Radical Anti-Christian’ Group
Dem senator delivers surprise video at Republican convention backing McCormick
Jim Jordan to relinquish House Oversight and Judiciary gavels, stirring leadership speculation
HSI agent who investigated child exploitation cases indicted on rape and child abuse charges
Pastor Dies from Injury Suffered While Celebrating Son’s Wedding
Dem incumbent becomes first sitting governor to lose primary since 2018
“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.
Teen boater found clinging to capsized vessel after 3 go missing; 2 bodies recovered
Ex-NFL cheerleader battles former gubernatorial aide in tight GOP primary race
Five takeaways from opening night of first-ever GOP midterm convention
Trump makes stunning first-of-its-kind cash promise in bid to rally GOP voters at Dallas midterm convention
Trump electrifies his base, but the nosebleeds are empty. Is it enough to win the midterms?
Fetterman teases where his true loyalty lies after surprise appearance at GOP convention
EXCLUSIVE: 25 years after 9/11, ICE says more than 2K known or suspected terrorists have been deported
Trump makes convention pitch for Paxton: You may not like his looks, but he’s the best AG in Texas history
US forces obliterate suspected ‘narco-terrorist’ vessel in lethal Eastern Pacific strike, killing 3
Military Base Guards Cleared to Say ‘Have a Blessed Day’ After Pete Hegseth Steps in to Oppose ‘Radical Anti-Christian’ Group
Dem senator delivers surprise video at Republican convention backing McCormick
Jim Jordan to relinquish House Oversight and Judiciary gavels, stirring leadership speculation
HSI agent who investigated child exploitation cases indicted on rape and child abuse charges
Pastor Dies from Injury Suffered While Celebrating Son’s Wedding
Dem incumbent becomes first sitting governor to lose primary since 2018
“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.
