Facebook’s Libra pitches to be the future of money

[Concord 0]

It is a hugely ambitious - some might say megalomaniacal - project to create a new global currency. Facebook's David Marcus tells me it is about giving billions of people more freedom with money and "righting the many wrongs of the present system".

 

The message is this is not some little side project a small team at the Facebook's Menlo Park headquarters will try out for a few months before moving on to something else - this is both the future of Facebook and the future of money, an initiative that has seen an alliance of big players in payments such as Paypal and Visa, Silicon Valley players such as Uber and Lyft and major venture capital firms, a kind of Avengers: Endgame of technology and finance superheroes come together to make the world a better place.

 

But there are still many questions about FaceCoin - or Libra as the company wants us to call it. The principal one I keep coming back to is - why? As in why do we need a new global currency and do we really want it from Facebook?

 

 

 

More on: https://www.bbc.com/news/technology-48667525

[HunterGatherer 0]

Facebook Libra is so bewildering..at one point, it will definitely help the crypto and digital money adoption around the world and help the unbanked population but at the same time, do we really want Facebook and big corporations to be in charge of it and present their own 'perversed' version of corporate blockchain?