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.
Fox News Campus Radicals Newsletter: UCLA mob mess, veiled threats of violence and a major win over DEI
NFL Legend and Hall of Famer Abruptly Hospitalized, Lawyer and Friend Issues Update
Trump Admin Throws Out Obama-Era Gender Rule in Favor of ‘What the Lord Established from the Beginning’
Florida Dem filed for re-election days before resignation as House Ethics Committee ramped up pressure
Poll Shows Young People Fleeing Major Dem City Due to Cost of Living, Safety, And Jobs
NANNY STATE: UK Slaps Nation’s Youth with Permanent Lifetime Smoking Ban
Grinning suspect cuffed after alleged fiery street takeover, drag race caught on camera
Texas substitute teacher accused of improper relationship with student, alarming parents
Incredible Video: Skycam Catches Massive Tornado Narrowly Missing Oklahoma Town During Violent Storm Outbreak
Trump Gives LA Mayor Karen Bass Special Copy of Bible During Oval Office Meeting
Mamdani in the hot seat after first veto derails bipartisan effort to combat antisemitism: ‘Disappointed’
Transgender lawmaker ‘doesn’t know what a woman is,’ White House says after dig at Trump firings
Hakeem Jeffries left scrambling after child reporter asks why voters view Democrats so negatively
Rob Reiner’s Oldest Son Speaks Out for First Time Since Parents’ Death: ‘Too Impossible to Process’
Israel Appoints Its First Ever ‘Special Envoy to Christian World’ After Controversial Incidents
“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.
Fox News Campus Radicals Newsletter: UCLA mob mess, veiled threats of violence and a major win over DEI
NFL Legend and Hall of Famer Abruptly Hospitalized, Lawyer and Friend Issues Update
Trump Admin Throws Out Obama-Era Gender Rule in Favor of ‘What the Lord Established from the Beginning’
Florida Dem filed for re-election days before resignation as House Ethics Committee ramped up pressure
Poll Shows Young People Fleeing Major Dem City Due to Cost of Living, Safety, And Jobs
NANNY STATE: UK Slaps Nation’s Youth with Permanent Lifetime Smoking Ban
Grinning suspect cuffed after alleged fiery street takeover, drag race caught on camera
Texas substitute teacher accused of improper relationship with student, alarming parents
Incredible Video: Skycam Catches Massive Tornado Narrowly Missing Oklahoma Town During Violent Storm Outbreak
Trump Gives LA Mayor Karen Bass Special Copy of Bible During Oval Office Meeting
Mamdani in the hot seat after first veto derails bipartisan effort to combat antisemitism: ‘Disappointed’
Transgender lawmaker ‘doesn’t know what a woman is,’ White House says after dig at Trump firings
Hakeem Jeffries left scrambling after child reporter asks why voters view Democrats so negatively
Rob Reiner’s Oldest Son Speaks Out for First Time Since Parents’ Death: ‘Too Impossible to Process’
Israel Appoints Its First Ever ‘Special Envoy to Christian World’ After Controversial Incidents
“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.
