Facebook Announces Digital Wallet and Coin, Libra

Because it possibly stands to faces billions of dollars in fines from the US Federal Trade Commission (FTC), Facebook, today announced its plans for Calibra, a Facebook subsidiary that will provide financial services and enable users to have access to and participate in the Libra network.

“Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost. And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass,” the news release stated.

Intended to be officially released in 2020, the digital currency is powered by blockchain technology. However, not all responses to the news have been positive. The cryptocurrency is “a glorified exchange traded fund which uses blockchain buzzwords to neutralize the regulatory impact of coming to market without a licence as well as to veil the disproportionate influence of Facebook in what it hopes will eventually become a global digital reserve system,” according to the Financial Times.

While some remain weary, given Facebook’s recent track record of failing to protect consumer data, the company added that “Calibra will have strong protections in place to keep your money and your information safe. We’ll be using all the ..

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