Facebook's new cryptocurrency could unite Zuckerberg’s empire—and keep the FTC out
plans to debut Libra, a cryptocurrency it has been developing for more than a year. Described by the company as “a simple global currency and financial infrastructure that can empower billions of people,” Libra will partner Facebook with Mastercard, Visa, Uber, and an array of other high-profile companies in what the“the most far-reaching attempt by a mainstream company to jump into the world of cryptocurrencies.”who is leading Facebook’s blockchain technology research, is stoked.
Of course, there are concerns about the new product. For one, Zuckerberg’s claim that there will be a hard wall between Calibra and Facebook isn’t quite true. As Business Insider, Calibra’s own terms of service indicate that there are instances in which Calibra account data could be shared with Facebook for crime prevention and in other “limited circumstances.” What’s more, Facebook could, with user permission, share information with Calibra for an “improved” experience.
Libra is a long way from profitability, but it has the potential to be a game-changer for a company with billions of users. With that sort of scale, Zuckerberg shouldn’t have any problem convincing more multinationals to buy into his payments system, making the service—and therefore Facebook—increasingly essential. Asmagazine, “It’s pretty easy to quit Facebook, the app where you fight with your childhood neighbor about politics.
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