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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.
Paul Merrell

WikiLeaks Wins Case Against Visa: Ordered to pay '$204k Per Month if Blockade not Lifted' - 0 views

  • Iceland's Supreme Court has ruled that Valitor (formerly Visa Iceland) must pay WikiLeaks $204,900 per month or $2,494,604 per year in fines if it continues to blockade the whistle-blowing site. The court upheld the decision that Valitor had unlawfully terminated its contract with WikiLeaks' donation processor, DataCell. "Today's decision marked the most important victory to date against the unlawful and arbitrary economic blockade erected by US companies against WikiLeaks," the organization's press release stated.
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