Facebook has announced plans for a cryptocurrency, Libra (Image: GETTY)
The cryptocurrency will be managed by a large group of companies including Spotify, Uber and Vodafone. The wallet, which will be available in WhatsApp and Facebook Messenger will eventually be able to pay bills, buy goods or use public transport. David Marcus who started delving into blockchain at Facebook last year told The Sun: "Libra holds the potential to provide billions of people around the world with access to a more inclusive, more open financial ecosystem.”
Users would be able to send each other money as well and their account information from Calibra will not be shared with Facebook for ad targeting but will be used in “limited cases” to “keep people safe, comply with the law, and provide basic functionality to the people who use Calibra”, Facebook said.
Stefano Parisse, group director of product and services at Vodafone said: "This has the potential to be truly transformative and will benefit those who have never used, or are struggling to access, financial services around the world."
Phil Chen, decentralised chief officer at Taiwanese electronics giant HTC did share an optimistic view: "If you’re concerned with Facebook knowing too much or having too much access to your private data or social graph, the GlobalCoin will give Facebook even
