“Libra” — described as “a new global currency” — was unveiled Tuesday in a new initiative in payments for the world’s biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream.
“We believe if you give people access to money and opportunity at the lowest cost, the way the internet itself did in the past with information, you can create a lot more stability than we have had up until now,” Disparte told AFP. Facebook will be just one voice among many in the association but is separately building a digital wallet called Calibra.
“It is not about trusting Facebook, it is effectively trusting in the association’s founding organizations that this is independent and democratic,” Disparte said.The launch comes with Facebook seeking to move past a series of lapses on privacy and data protection which have tarnished its image and spark scrutiny from regulators around the world.