*Facebook has announced plans for a new digital currency called Calibra wallet, which will give users access to the “internet of money” in 2020.
As reported by the Sun, Facebook “… intends to open the Calibra Wallet up to additional services, so that people can pay bills, buy goods by scanning a code or accessing public transport.”
In a statement Tuesday, the Facebook team reveals plans for its roll out in 2020 of a new digital currency called Libra, Complex reports.
“From the beginning, Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost,” the team said in their announcement. “And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code, or riding your local public transit without needing to carry cash or a metro pass.”
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Facebook says its cryptocurrency will help millions of people around the world who don’t have a bank account or can’t afford to send money overseas https://t.co/HnkXqyP748
— The Wall Street Journal (@WSJ) June 18, 2019
But the team cautioned, “We’re still early in the process of developing Calibra. Along the way we’ll be consulting with a wide range of experts to make sure we can deliver a product that is safe, private, and easy to use for everyone.”
Calibra wallet is being supported by Visa, Mastercard and PayPal.
Meanwhile, Facebook’s past privacy issues raise concerns.
One Twitter user noted, “If Facebook can’t (won’t) protect my privacy, why would I trust them to look after my money?”
Another said: “Is it because this company steals everyone’s information and sells it to the highest bidder that no one is trying to prevent it from continuing to exist?”
A third warned, “Facebook coin is nothing to joke about anymore, it’s a threat to the US Dollar that will bypass banks.”
Critics also warn that “Just like in China with its social credit system, your behavior and political views will likely have an impact on your access to the “internet of money,” writes infowars.com.
