Facebook Unveils 'Libra'

Written by Staff Writer

mailFacebook unveils 'its most invasive and dangerous form of surveillance yet' with launch of Libra cryptocurrency -The Sun
"FACEBOOK is launching cryptocurrency next year that will allow people to move money from their smartphone into a digital 'wallet'. 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 $10 million to be a founding member of the Libra Association, an independent not-for-profit membership organization. It wants to attract 100 businesses in time for launch, which it is aiming for the first half of 2020....Facebook will operate its own digital wallet for people to spend Libra, known as the Calibra Wallet, which will be available in WhatsApp, Facebook Messenger and as a standalone app. Users will be able to send money to each other initially, at low to no cost, the social network said....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. This project is the antithesis of bitcoin and is another step towards total control of data and users.'"