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Paul Merrell

Facebook's Cryptocurrency: Stop It Before It Starts - Lawfare - 0 views

  • On Tuesday, Facebook announced its forthcoming cryptocurrency, Libra. The company says it intends to integrate it into Facebook’s Messenger and WhatsApp products. Although Facebook says it’s created an “independent” subsidiary, Calibra, and purports that the currency itself will be controlled by an independent Libra Foundation, the coin really a Facebook project. It is not live yet, giving governments the opportunity to kill this project before it actually gets off the ground and gives rise to cybercriminals that couldn’t capitalize on existing cryptocurrencies. In particular, the IRS and FinCEN should take action now.
Paul Merrell

Facebook unveils cryptocurrency Libra | Time - 0 views

  • As it continues to explore new business models that may work in a world focused on privacy rather than broadly sharing data online, Facebook on Tuesday revealed plans for its own global digital currency, Libra, which aims to allow users to make purchases or send money with close to zero transaction fees. Facebook said it hopes Libra will make it easier for the estimated 1.7 billion unbanked adults worldwide to access banking services and transfer money electronically. “Just as people can use their phones to message friends anywhere in the world today, with Libra, the same can be done with money — instantly, securely and at a low cost,” Facebook said in a Libra white paper.
  • Users will be able to make transactions with Libra by 2020, Facebook says, both through a standalone app called Calibra as well as with Facebook’s own family of apps. Unlike bitcoin and some similar offerings, the price of Libra is tied to low-risk assets, which should prevent the speculative behavior and wild price swings plaguing other digital currencies. The currency will be overseen by the Libra Association, a Switzerland-based collective of more than a dozen companies, including Visa, Uber and Mastercard, each of whom have invested at least $10 million in the technology. Users of Libra will pay $1 to use Libra which will sit in a bank account and earn interest which will pay the Libra Association.
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