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.

Related News:

Most liked

Airbus launches super fuel efficient A321XLR
He also announced that Boeing was raising its long-term forecast for global plane demand, notably amid sustained growth in Asia. The "XLR" can seat up to 244 passengers in single-class layout, and will reportedly come with 40 percent more storage volume.

Former VP Biden says he’ll win SC in the 2020 election
The negative response about Trump was up 3 percentage points from a poll conducted in late April and early May. NBC News , one of those that broke the Trump internal poll story, showed Trump losing in reliably Red States.

Eoin Morgan: England captain hits record 17 sixes against Afghanistan
Afghanistan held England to 46 for one off the first 10 overs - their lowest powerplay total so far this World Cup . After opting to bat, England made a slow start before opener James Vince (26) was dismissed by Dawlat Zadran.

LaMelo Ball announces he will play in Australia next season
Now, the youngest member of the family, LaMelo Ball , is getting his moment in the spotlight. Ball is the 21st ranked player in the current high school recruiting crop.

Boris Johnson a no-show at Westminster leadership hustings
Critics say a more robust contest would have exposed her flaws as a leader before she got the top job. He should be here to answer that very question".

17 killed, dozens injured as multiple bomb blasts rock Borno
According to media reports, it was the biggest mass killing by suicide bombers in Nigeria this year. More than two million have been displaced because of its anarchist activities.

Brain fever kills 97 children in India
It said that the ministry and state government should respond within four weeks. "The ambulance facility will be free of cost". Bihar health officials are also struggling to deal with a heatwave that has killed over 70 people.

Copa America | Argentina lose out in opener
Other tournament favourites Brazil, Chile and Uruguay all recorded comfortable victories in their respective first matchday games. Argentina - back-to-back runner-up in 2015 and 2016 - was upstaged 2-0 by Colombia in its Copa opener on Saturday.

Man Utd table swap offer for West Ham defender Issa Diop
It remains to be seen if the Red Devils act on their reported interest in the Frenchman or pursue alternate targets. At 22 years of age, he is bound to improve from here as well, making him an enticing prospect for Manchester United.

Bill Cosby's 'America's Dad' Father's Day post gets mixed reaction
Andrew Wyatt told USA Today that the comedian wanted the Father's Day message to be shared on social media. Attached is an old video of Cosby talking about slavery, and America "breaking up the black man's family".

Parrish pitches gem in FSU’s 1-0 win over Arkansas at CWS
Flowers made a spectacular catch while crashing into the wall and Arkansas couldn't take advantage of two two-out base runners. The Seminoles would finally break through in the ninth, leading off with a baserunner after JC Flowers was hit by a pitch.

M's Trade Edwin Encarnacion To Yankees
As part of the trade, the Mariners will reportedly also send $8.4 million of what is owed to Encarnacion to NY . They have now dealt two big bats in Encarnacion and Jay Bruce who they sent to the Phillies recently.

Pogba: Real Madrid have until 8 August to seal signing
Meanwhile, Zinedine Zidane is in the process of rebuilding his Real Madrid squad, which now includes Eden Hazard. Tielemans could replace Pogba at Old Trafford, or even work in tandem with the Frenchman.

U.S. Supreme Court dismisses Virginia redistricting case
On remand from the justices, the OR court will search the case record for evidence of anti-religious animus against the Kleins . There are legal firms who specialize in this niche business now - and in getting their cases before the Supreme Court.

Kenya dispels fears of Ebola outbreak
The Nigeria Centre for Disease Control has said that following the outbreak of Ebola of Uganda and Democratic Republic of Congo. Health Cabinet Secretary Sicily Kariuki on Monday, June 17, said there was no case of Ebola confirmed in Kenya.