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Would you trust Libra, Facebook's new digital currency?

Would you trust Libra, Facebook's new digital currency?

The cats out of the bag. Facebook has announced Libra, what it calls a new global cryptocurrency based on the blockchain, with a projected release for 2020. With over 2.38 billion monthly active users, Facebook commands massive global reach, but with it's history of privacy scandals, would you trust Facebook with your money?

Facebook's Libra coin differs from the cryptocurrencies we already know because it's backed by a reserve of real-world currency with a value to match familiar stable currencies like the US dollar and the euro. This should in theory protect against price fluctuations. 

These Zuck bucks could be used like any other regular currency for online transactions, banking, shopping and so on, and Facebook is keen to stress the convenience for countries with financial instability or little online banking infrastructure. Facebook will provide a digital wallet, Calibra, via a new subsidiary company of the same name.

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A preview of the Calibra app. / © Calibra/Facebook

However, there is good cause for skepticism about Facebook having it's own currency. Despite assurances of user privacy and security, the social network has a terrible track record on both counts, failing users more than once. And even if you think Facebook can be trusted with your personal finances, the idea of a powerful multinational company with its own currency has unsettling echoes of cyberpunk dystopia, and brings up uncomfortable memories of exploitative company scrip currencies of the previous centuries. Then there's the potential of Facebook's influence in politics being magnified by its financial power, or the facilitation of money laundering if the Libra is not strongly regulated and monitored.

So we put it to you:

Would you use Facebook’s new digital currency?
View results

 

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5 comments

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  • Never. Not only I do not trust Facebook but I can see terrible political and economical possible consequences and think that this should be stopped .This seems different from other crypto currencies and part of a wider plan. Not only Facebooks controls our data but now wants to control our finances and influence governments and financial markets. I have no love for conspiracy theories but it seems to me that in this case everything is clearly stated by Facebook


  • Vijay 3 months ago Link to comment

    Any assurances of user privacy and security given by FB, I would take with a pinch of salt.


  • I don't trust Facebook with all of the scrutiny and controversy about their practices and privacy concerns. When they say they take our privacy seriously all I hear is blah, blah, blah. I think all they will be doing is collecting user financial data to pass along to the highest bidder.


  • storm 3 months ago Link to comment

    I have no interest in the Libra companies having a record of my financial state nor activities. This is just another data mining operation dressed up as something else.


    • i totally agree. facebook is such an destructieve overrated thing, pple talk about "sociale media" but in my words I call it antisocial media because of all bad thing happening on there.

      same thing goes for twitter by the way. nothing social about it, and dangerous people like Trump should be banned because of all lies spreaded around there dangering all people on our planet...

      so same bad things can be expected from Facebook's "currency" and I think only a few will have the financial benefit.
      just watch the poll in the article...

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