Facebook unveiled its own cryptocurrency. It will be named ‘Libra’ and is set to be officially rolled out in 2020
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.
The sun writes that Experts have branded the move a dangerous power grab that marks Facebook’s “most invasive” form of surveillance yet.
If successful, Libra could have benefits for consumers and small businesses in reducing the transaction costs of electronic payments, but the success of Libra is not guaranteed,” said John Belau, a senior fellow at the Competitive Enterprise Institute, a nonprofit policy group in Washington.
“Like other cryptocurrencies, it will face many challenges of which the most important is establishing trust in a community of users.”