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Facebook launches controversial Bitcoin-style cryptocurrency Libra that will let anyone in the world pay with their smartphones amid fears it could spy on what you buy

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Daily Mail
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.

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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.

  • A d v e r t i s e m e n t

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.

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This article was posted: Wednesday, June 19, 2019 at 3:52 am





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