SAN FRANCISCO/NEW YORK: Facebook plans to launch a cryptocurrency called Libra next year as part of its wider efforts to expand beyond social networking into e-commerce and global payments.
"Given its history of managing our data, it shouldn’t take much to convince people that Facebook managing our money is probably a terrible idea," Neil Campling, Head of TMT Research at Mirabaud Securities in London said in a note. Some have called for Facebook to incur penalties, or be forcibly broken up, for mishandling user data, allowing troubling material to appear on its site and not preventing Russian interference in the 2016 U.S. presidential election through a social media disinformation campaign.
"This would be a good reason for the European Commission to start work on a proper regulatory framework governing the rules of virtual currencies" he said in a statement. The Bank of England said its governor Mark Carney met Facebook CEO Mark Zuckerberg earlier this year, but declined to give details, while the Bank of International Settlements in Basel, an umbrella group for central banks, declined to comment.Bitcoin, the most well-known cryptocurrency, was created in 2008 as a way for pseudonymous users to transfer value online through encrypted digital ledgers.
They hope to have 100 members by Libra's launch. Each member gets one vote on substantial decisions regarding the cryptocurrency network and firms must invest at least US$10 million to join. Facebook does not plan to maintain a leadership role after 2019.
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