Facebook has announced a digital currency called Libra that will allow its billions of users to make financial transactions across the globe, in a move that could potentially shake up the world’s banking system.
Libra is being touted as a means to connect people who do not have access to traditional banking platforms. With close to 2.4 billion people using Facebook each month, Libra could be a financial game changer, but will face close scrutiny as Facebook continues to reel from a series of privacy scandals.
Facebook Plans Global Financial System Based on Cryptocurrency
Facebook unveiled an ambitious plan on Tuesday to create an alternative financial system that relies on a cryptocurrency that the company has been secretly working on for more than a year.
The effort, announced with 27 partners as diverse as Mastercard and Uber, could face immediate skepticism from people who question the usefulness of cryptocurrencies and others who are wary of the power already accumulated by the social media company.
Facebook plans its own currency for 2 billion-plus users
Facebook already rules daily communication for more than 2 billion people around the world. Now it wants its own currency, too.
The social network unveiled an ambitious plan Tuesday to create a new digital currency similar to Bitcoin for global use, one that could drive more e-commerce on its services and boost ads on its platforms.
Facebook’s Libra pitches to be the future of money
It is a hugely ambitious – some might say megalomaniacal – project to create a new global currency. Facebook's David Marcus tells me it is about giving billions of people more freedom with money and “righting the many wrongs of the present system”.
The message is this is not some little side project a small team at the Facebook's Menlo Park headquarters will try out for a few months before moving on to something else – this is both the future of Facebook and the future of money, an initiative that has seen an alliance of big players in payments such as Paypal and Visa, Silicon Valley players such as Uber and Lyft and major venture capital firms, a kind of Avengers: Endgame of technology and finance superheroes come together to make the world a better place.
Facebook’s currency Libra faces financial, privacy pushback
Facebook is getting a taste of the regulatory pushback it will face as it creates a new digital currency with corporate partners.
Just hours after the social media giant unveiled early plans for the Libra cryptocurrency, French Finance Minister Bruno Le Maire insisted that only governments can issue sovereign currencies. He said Facebook must ensure that Libra won’t hurt consumers or be used for illegal activities.
Facebook's cryptocurrency ambitions face privacy concerns, political backlash
Facebook Inc announced ambitious plans on Tuesday to launch a new global cryptocurrency called Libra, part of an effort to expand into digital payments that immediately raised privacy concerns.
The social networking giant has linked with 28 partners including Mastercard, PayPal and Uber to form Libra Association, a Geneva-based entity governing the new digital coin, according to marketing materials and interviews with executives. No banks are yet part of the group.
Senior U.S. lawmaker says Facebook should halt cryptocurrency project pending review
U.S. House Financial Services Committee Chairwoman Maxine Waters said Tuesday that Facebook Inc should halt development of its announced cryptocurrency until Congress and regulators conduct a review.
In a statement, Waters also said Facebook executives should testify before Congress about the product, dubbed Libra, saying the company has “repeatedly shown a disregard for the protection and careful use of this data.”
Swiss regulator says in contact with initiators of Facebook's Libra
Switzerland's financial regulator FINMA said on Tuesday that it is in contact with the “initiators” of Libra, Facebook's planned cyrptocurrency.
What is Libra? All you need to know about Facebook's new cryptocurrency
On Tuesday, Facebook announced a digital currency called Libra that will roll out for use in 2020 and allow the platform’s billions of users across the globe to make financial transactions online.
The new technology threatens to change the landscape of banking and is already the subject of scrutiny, as Facebook faces increasing calls for regulation and antitrust measures.
But regulatory questions aside – how soon can you use Facebook’s new digital coin to buy coffee? Here’s what you need to know.