Facebook To Launch Digital Currency, Libra, In Effort To Create New Global Payment System

Discussion in 'The Locker Room' started by #PanAfricana, Jun 18, 2019.

  1. SirReginald

    SirReginald The African Diaspora Will Be "ONE" (#PanAfricana) Hall of Shame Supporter

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    June 18, 2019, 5:05 AM EDT
    By David Ingram


    SAN FRANCISCO — Facebook is going into the banking business.

    The social networking company on Tuesday said it plans to help launch a digital currency in 2020, marking one of the company’s most aggressive moves yet to push beyond digital advertising.

    A new nonprofit group based in Geneva, the Libra Association, will oversee the currency, called Libra. It will initially be backed by Facebook’s expertise but governed by 28 founding partners including payment firms Visa and Mastercard and internet companies eBay, Spotify and Uber.

    Facebook said that it wants the currency to be available starting the first half of next year and that it believes many of the 2 billion people who are already on the company’s services will one day regularly use the new currency to buy things or send money internationally.

    “The motivation for this is to effectively enable a simple global currency and financial infrastructure that empowers billions of people,” Dante Disparte, head of policy and communications for the Libra Association, told NBC News.

    The project would bring a consumer-friendly version of digital currencies to smartphones around the world, potentially creating a way for people to easily transfer money, build credit and pay bills while avoiding costly fees. Libra is open source, meaning any company or person can build a business within its framework.

    For example, a consumer could buy some Libra using dollars and save them in a digital wallet. That Libra could then be sent to a family member via WhatsApp messenger or used to pay a bill in a foreign country without having to worry about an exchange rate.

    The project is the biggest step of any major corporation into the emerging realms of digital currency and blockchain technology, representing a vote of confidence that experiments in new forms of digital payments could be more than a passing fad. Blockchain is a decentralized system in which computers each contribute to a shared public ledger, allowing for secure transactions without a central authority.

    Libra, named partly after a Roman unit for weight and currency, will have echoes of bitcoin, the popular cryptocurrency, but also some key differences — most notably that it will be governed by a central authority and that its value will be tied to other assets.

    Facebook said it plans to offer financial services, possibly one day including loans, through a new subsidiary that specializes in Libra.

    The price of bitcoin has rallied above $9,000 in recent days, the highest in more than a year, as news reports about Facebook’s plans raised expectations for digital currencies.

    "Any cryptocurrency needs critical mass to have success, and you can't have more critical mass than Facebook,” said Jamie McCormick, managing director of Bitcoin Marketing, which helps companies launch products and services using cryptocurrencies. McCormick called Libra, “a very interesting development that will legitimize the industry.”

    Facebook said it would keep data about people’s financial transactions separate from data about social networks, so that Libra information would not be used to target advertising on Facebook or Instagram.

    Libra will not be exactly like bitcoin or other so-called cryptocurrencies that began emerging a decade ago. Cryptocurrencies are known for their decentralized nature, existing outside any central authority such as a government or large, corporate association.


    And the Libra value will be pegged to a reserve of real, low-volatility assets, making it relatively stable compared to the notoriously fluctuating value of bitcoin, according to Facebook and the Libra Association. The reserve, or “basket,” will have assets “like bank deposits and government securities in currencies from stable and reputable central banks,” Facebook said.

    Facebook to launch digital currency, Libra, in effort to create new global payment system
     
  2. Knowledge

    Knowledge Superstar Supporter

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    Hackers in the cut like
    :steviej::mjlit:
     
  3. Roid Jones

    Roid Jones Veteran Supporter

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    The Bible was right :wow:
     
  4. SirReginald

    SirReginald The African Diaspora Will Be "ONE" (#PanAfricana) Hall of Shame Supporter

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    Um, what?
     
  5. ColdSlither

    ColdSlither Extensive Enterprises Supporter

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    Alibaba and Tencent are doing this in China as well.
     
  6. loyola llothta

    loyola llothta ☭☭☭

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    tell us more
     
  7. #PanAfricana.

    #PanAfricana. LWO Official Disciple of the Kobe system!

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    Hopefully we can get donations to get that beard :mjcry:
     
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  8. loyola llothta

    loyola llothta ☭☭☭

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    oh yeah fuk facebook
     
  9. Ask a Serious Question

    Ask a Serious Question Waxing Poetic

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    Facebook is a habitual line-stepper.
     
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  10. SirReginald

    SirReginald The African Diaspora Will Be "ONE" (#PanAfricana) Hall of Shame Supporter

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    Naw, this is actually good.
     
  11. ColdSlither

    ColdSlither Extensive Enterprises Supporter

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    Tencent, Alibaba, Xiaomi units win Hong Kong online banking license

    HONG KONG (Reuters) - Hong Kong’s banking regulator has issued four more online-only banking licenses to units of Alibaba, PingAn and smartphone maker Xiaomi, as well as to a JV involving Tencent, ICBC and Hillhouse Capital.

    These bring the number of so-called virtual banking licenses issued by the Hong Kong Monetary Authority this year to eight.

    The introduction of online-only banking has the potential to be the biggest shake-up in years in the city’s retail banking sector dominated by old-guard lenders such as HSBC, Standard Chartered and a slew of Chinese banks.

    The Hong Kong Monetary Authority said the newly licensed banks plan to launch their services in six to nine months.

    The regulator said it would closely monitor the operations of the virtual banks, including customer reactions and the impact of these services on the banking sector in general.

    “Eight new ambitious and well-capitalized “challenger” banks coming to market in or around the same time have the potential to inflict considerable damage on incumbent players - as well as on each other,” said James Lloyd, EY’s fintech leader for Asia Pacific. “Expect fireworks,” he added.

    The latest four companies to receive a license are Ant SME Services (Hong Kong) Limited, Infinium Limited, Insight Fintech HK Limited and Ping An OneConnect Company Limited.

    Infinium Limited is a JV between Tencent, Industrial and Commercial Bank of China (Asia) - a unit of Chinese banking giant ICBC, Hong Kong Exchanges and Clearing - the operator of the Hong Kong stock exchange, private equity firm Hillhouse Capital, and Adrian Cheng, executive vice chairman of New World Development and executive director of Chow Tai Fook.

    “Opening up critical banking services to retail consumers and SMEs will fundamentally change the way that businesses in Hong Kong operate,” Jie Liu, partner at Hillhouse Capital, said in a statement.

    Insight Fintech is a JV between Xiaomi, which holds 90 percent, and independent investment bank AMTD Group.

    “Our virtual bank will enable every user to enjoy the pleasure of using fintech,” said Hong Feng, Xiaomi’s co-founder and senior vice president in a statement.

    Ant SME Services is a unit of Alibaba affiliate Ant Financial, while PingAn One Connect is a unit of Chinese insurance giant PingAn.

    Reporting by Alun John, Editing by Himani Sarkar

     
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  12. Ask a Serious Question

    Ask a Serious Question Waxing Poetic

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    A company that collects and aggregates user data, and tailors algorithms to advertise to that user, also wants to create a currency to use for what I'm assuming to purchase what it's advertising...

    How is this actually good?
     
  13. you're NOT "n!ggas"

    you're NOT "n!ggas" FKA ciroq drobama Supporter

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    Imagine Jesus flipping these digital tables :lawd:
     
  14. SleezyBigSlim

    SleezyBigSlim Superstar

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    Jewish owned Facebook is going into the banking business sounds about right.:pacspit: this was probably the plan all along. Them fakkits own the world wide banking system already
     
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  15. AlainLocke

    AlainLocke Banned

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    USA government gotta break up Facebook, Google, and Amazon.

    They are damn near the government.

    You can't let any private company have all this power.
     
    getmoney310cpt, Json, IVS and 8 others dapped this.

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