Facebook reveals digital wallet plan

Facebook reveals digital wallet plan

Facebook is unveiling plans to create a new digital currency similar to Bitcoin for global use, one that could drive more e-commerce on its services and boost ads on its platforms.

Binance Research, the research arm of major cryptocurrency exchange Binance, claims that Facebook's Libra stablecoin could spark additional cryptocurrency volume in a post published on its blog on June 18.

Cryptocurrencies were initially designed as an alternative to conventional money, outside of the control of central banks and governments.

It will be run by an association comprised of other corporate investors and non-profit members, with an expected launch in the first half of 2020.

Businesses will see the same information about customers who pay with Libra as they do about customers who pay with credit cards, Weil told Reuters. It says Calibra won't mix these transactions with your social profile, so Facebook will not - in theory - be able to use transactions.

With Libra, Facebook is aiming to create a truly global digital currency that can help empower billions of people across the world. The cryptocurrency, called Libra, will be backed by a basket of conventional currencies and other stable assets, preventing the wild price swings that have plagued bitcoin and most other cryptocurrencies.

Facebook today announced a new Calibra subsidiary that will provide a new cryptocurrency and financial infrastructure called Libra. That could range from Uber discounts to a Libra bonus paid when users set up a Calibra wallet, although the companies haven't laid out specifics. Facebook has come under greater scrutiny in the a year ago following a number of revelations about its treatment of users' data and concerns about privacy.

Calibra will only share user data with parent company Facebook and third parties when it has customer consent, or in other "limited cases", such as when law enforcement requests information, according to a statement.

It's very early days for Calibra / Libra, but as the sole music service involved from day one, Spotify will have a close-up view of how the project develops, and how the resulting technology could be used in its business.

Calibra engineers are involved in building the blockchain, though Facebook says it intends to keep the currency and the wallet in separate entities. That could make the Libra blockchain a permanent record of all purchases or cash transfers every individual makes, even if they're stored under pseudonyms rather than real names.

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