Thursday, 22 August, 2019

Facebook’s cryptocurrency ambitions face privacy concerns, political backlash

'Sell Bitcoin... buy Libra' – should you invest in Facebook's new digital currency? Facebook reveals its new digital currency called Libra
Russell Knight | 19 June, 2019, 10:39

Libra will let you send money to nearly anyone with a smartphone, as easily as a text message and at "low to no cost", Facebook says.

Calibra, the new Facebook subsidiary which will operate Libra, has made no secret of its ambitions to branch out from funds transfer into credit, bill payments and other more sophisticated products.

Facebook has engaged with regulators in the United States and overseas about the planned cryptocurrency, company executives said.

And the ubiquity of smartphones means digital wallets for Libra could make banking and credit card services and e-commerce available in places where they don´t now exist.

Facebook is handling the initial buildout of Libra.

Finally we have a brief video about the Libra Association, a non-profit that will manage the cash associated with he project.

The Libra Association, which effectively acts as a governing body for Facebook's cryptocurrency, also counts financial institutions and payment providers like Visa, Mastercard, Paypal and Stripe as well as companies like Uber, Lyft and Ebay among its members. Facebook will launch a "wallet" app for buying and selling Libra, called Calibra, and will let people use it for payments over WhatsApp, the global messaging service, and Facebook Messenger.

The company said that right from the start, "Calibra will let you send Libra to nearly anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost".

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People demonstrated against the inadequate facilities at the hospital and alleged negligence on the part of hospital staff. The Union Minister also held discussions with doctors of Sri Krishna Medical College and Hospital in Muzaffarpur.

"Access to financial services is limited or restricted for those who need it most-those impacted by cost, reliability, and the ability to seamlessly send money", the Libra white paper argues.

The French Finance Minister, Bruno Le Maire, has recently publicly aired his concerns regarding Libra on a recent European Radio 1 interview.

Without divulging any details about the members of Libra Association, Facebook said they include "geographically distributed and diverse" businesses and academic institutions. Those issues have led some government officials to call for Facebook to incur penalties or be forcibly broken up.

"Freedom, justice and money, which is exactly what we're trying to do here", Marcus said.

Facebook, whose shares gained about 2 per cent in early trading, faces a public backlash over a series of scandals, and its new venture may face opposition from privacy advocates, consumer groups, regulators and politicians.

Cybersecurity and privacy expert Mike Chapple, an associate teaching professor of information technology, analytics and operations at the University of Notre Dame's Mendoza College of Business, said that while the price of bitcoin is determined by market demand, leading to enormous volatility, Libra is backed by a financial reserve that mixes the world's major stable currencies.

Because Libra is "user-friendly", Chapple continued, it won't require the specialized software or technical savvy requited to purchase cryptocurrencies like bitcoin.

Bank of England Governor Mark Carney said Facebook´s new currency would have to withstand scrutiny of its operational resilience and not allow itself to be used for money laundering or terror financing. "The mission for Libra is a simple global currency and financial infrastructure that empowers billions of people".

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