June 19, 2019
A controversial cryptocurrency developed by Facebook that some experts say could be used to spy on what you buy has launched today.
Facebook revealed plans for its Bitcoin-style digital money, dubbed Libra and set to launch in 2020, in a white paper sent out to investors and others.
The social network has joined forces with 28 partners in a Geneva-based entity called the Libra Association, which will govern the new digital coin.
Facebook has also created a subsidiary called Calibra, which will offer digital wallets to save, send and spend Libras.
Calibra will be connected to Facebook’s messaging platforms Messenger and WhatsApp, which already boast more than a billion users.
The move is the latest development in Facebook’s effort to expand beyond social networking and move into e-commerce and global payments.
The Menlo Park, California-based company has big aspirations for Libra, but consumer privacy concerns or regulatory barriers may present significant hurdles.
The digital currency will be backed by a reserve of existing currencies from around the world, likely including the US Dollar, the Euro and the Yen.
This article was posted: Wednesday, June 19, 2019 at 3:52 am