Facebook To Release Cryptocurrency by 2020
Facebook is launching its own brand of cryptocurrency called Libra in 2020, the tech company announced this week. Calibra, a subsidiary company of Facebook, released a white paper explaining the plan. They also launched an official Web site for Libra laying out plans to bring it to the market next year.
Calibra assures potential users that the cryptocurrency is secure and can be used with almost no fees. Users’ real names will also not be attached to the currency, which is purchased under a pseudonym by trading in local currency. However, federal regulators will probably approach Libra with a great deal more caution, especially since Facebook has been considered a target for antitrust legislation.
Kevin Weil, the Vice President of Product at Calibra, said Facebook and Calibra have totally different data systems. People who have worried about Facebook privacy breaches do not need to have the same concerns about Calibra, Weil said.
“Your social data on Facebook is kept separate from Calibra data,” Weil told the Washington Post. “This is not about improving ad targeting. We’re trying to draw a bright red line.”
Financial insiders are predicting that Libra could become more widely used than Bitcoin, the most common form of cryptocurrency on the market.
-
The Office for National Statistics (ONS) released official figures on Wednesday, revealing that the United Kingdom posted a record...
-
Neuralink Makes a Major Breakthrough with Patient A patient who has received a Neuralink brain implant can now control...
-
As scrutiny intensifies, Fujitsu faces repercussions for its role in the Post Office scandal. The UK government has issued...
-
America’s Favorite Car, the Camry, Takes a Green Turn with Hybrid-Only 2025 Model. In a groundbreaking announcement, Toyota, the...
-
Rishi Sunak stresses the need for external control in managing AI risks at the AI Safety Summit. UK Prime...
-
Tech Billionaire Proposes Renaming Wikipedia to ‘Dickipedia’ in Exchange for Record Donation In a recent social media spectacle, tech...
-
Urgent IMF Deal Needed to Prevent Pakistan’s Economic Collapse, Bloomberg Warns Bloomberg, a renowned US-based financial news service, has...
-
Federal student loan borrowers are in a tough situation as the pause on loan payments, implemented during the pandemic,...
-
A recent investigation by the Wall Street Journal has exposed Instagram’s alleged involvement in facilitating illegal activities, particularly concerning...
-
Silicon Valley Bank’s Acquisition Fallout: Rising Unemployment and Uncertain Future First Citizens BancShares Inc., the new Silicon Valley Bank...
-
President Joe Biden and House Speaker Kevin McCarthy engaged in crucial negotiations on Monday to address the US government’s...
-
NASA is seeking public help with the Daily Minor Planet project. The Daily Minor Planet Project is a...