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. …
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.
To monitor your money and spending too?
This could very well be the dark step that moves the world toward government tracking of all transactions. …
Initial partners with Facebook include the establishment crony elite including Visa, MasterCard, PayPal, Coinbase, and venture capital firms like Andreesen Horowitz and Union Square Ventures.
And here is the “devil in the details” tracking clause which makes the venture dangerous and evil.
According to the Libra Association’s head of policy, Dante Disparte, customers in the U.S. will be subject to so-called “know your customer” requirements, meaning they will have to provide detailed personal information to use the service.
Watch out too for the gradually effective banning of cash.