Displaying items by tag: Libra

Facebook will launch a Swiss-based cryptocurrency and payment system, called Libra, which could ‘reinvent money’. It is a huge political gamble, but the rewards could be enormous. Facebook is asking its 2.5 billion users and government regulators to entrust it with a power that governments jealously protect - access to money. Currently ‘Big Tech’ has become powerful but is not doing enough to protect the privacy of users or put a stop to fake news. Nevertheless it wants to launch a project that could give Silicon Valley the ability to track not just what people say and like but how they spend their money. If Libra overcomes political and regulatory storms and develops trustworthy technology and financial stability, it would attract 1.7 billion people around the world who currently lack access to traditional bank accounts. It is claimed that they could use their smartphone to make payments, as inexpensively as sending a text message.