FACEBOOK is launching its own cryptocurrency next year with plans of allowing people to move money from their smartphone. But what is cryptocurrency, and how will Libra work? Here’s what you need to know. What is Facebook’s cryptocurrency Libra? Facebook is launching the cryptocurrency next year that will allow people to move money from their smartphone. The currency is known as Libra, which the social network says it has “no special role” in governing and will manage the reserve equally with a group of big companies. Experts have branded the move a dangerous power grab that marks Facebook’s “most invasive and dangerous” form of surveillance yet. So far, Facebook has enlisted 28 firms, including Spotify and Uber, who each had to invest a minimum of £8million to be a founding member of the Libra Association, an independent not-for-profit membership organisation. It wants to attract 100 businesses in time for launch, which it is aiming for the first half of 2020. Libra is supported by a reserve of the world’s best assets and the world’s most trusted central banks, who gave the cryptocurrency “general cautious support”, according to David Marcus, who started exploring blockchain at Facebook a year ago. How does… Read full this story
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