Facebook’s Libra Cryptocurrency And Wallet Is Finally Announced
Jun 19, 2019, 01:04
The antisocial network's blockchain-tracked currency, Libra, will reside in a digital wallet named for the company's newly formed financial services subsidiary Calibra. Calibra will launch its own digital wallet, sure, but it's also going to be built into Messenger and WhatsApp.
Skepticism of what might be described as "Facebank" is high.
Facebook's announcement was met with immediate backlash from US lawmakers and regulators across the globe, who are concerned that Facebook is already too massive and careless with users' privacy. "All over the world, people with less money pay more for financial services".
As Libra is not technically pegged to any given national fiat currency, the white paper states that users will not always be able to redeem the token for a fixed amount of fiat, although Facebook claims that the reserve assets have been chosen so as to minimize volatility.
"If Facebook wants to create an instrument for transactions, why not?" The currency will allow users to send money to each other and make payments from their smartphones.
Yes, Facebook really is promising privacy, "aside from limited cases". Two years ago, for instance, Facebook CEO Mark Zuckerberg promised that "augmented reality", in which phones and other devices project digital images into real-world surroundings, would be a major focus for the company.
And Bank of America: "With more than 2.5 billion users, Facebook and its partners could be a significant endorsement of cryptocurrency and a notable addition to the Facebook app ecosystem".
Many privacy questions remain unanswered, though. And there's no assurance segregated data can not be combined. That includes instances in which data could be shared out of a need "to keep people safe, comply with the law and provide basic functionality to the people who use Calibra".
"Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data", she said in a statement.
Pre-empting privacy concerns, the press release states that "Calibra will not share account information or financial data with Facebook or any third party without customer consent". Calibra, the company behind the financial service, is meant to address this problem since it will allow those who don't have a bank account to save, send and spend Libra.
Citi, in a report published June 17, wrote that Libra could represent "a meaningful new product and profit stream" over the coming years, calling it a path "to printing even more money". "That's why I think the Facebook coin could be a watershed moment in crypto". In fact, it says that your identity will not be tied to public transactions.
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