Facebook already rules daily communication for more than two billion people around the world. Now it wants its own currency, too.
"If you fast forward a number of years, consumers all over the world will have the ability to access the world economy," Facebook executive David Marcus said. Libra will be different, Facebook says, in part because its value will be pegged to a basket of established currencies such as the U.S. dollar, the euro, the yen and others. Each purchase of Libra will be backed by a reserve fund of equal value held in real-world currencies to stabilise Libra's value.To be sure, recent history reminds us that many big Facebook announcements never really take off.
Many privacy questions remain unanswered, though. Cryptocurrencies such as Libra store all transactions on a widely distributed, encrypted "ledger" known as the blockchain. 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.
When zuckerburgs Facebook posts are ‘news’ 🙄
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