Are you kidding me? Facebook, the company that thinks privacy is a challenge to be overcome rather than an essential right to be protected, is launching its own currency. Good lemmings that we are, we’re all supposed to transfer our hard-earned dollars or euros or rupees or yen into Zuckerbucks?
Okay. Okay. Let’s back up a second. What exactly is Facebook doing? Let’s break it down.
Facebook has announced it will be launching a new cryptocurrency called Libra sometime next year. The company is going to integrate payment and currency transfer capabilities right into Facebook’s mobile app, Messenger, and WhatsApp. Presumably, we’ll see it show up in the Facebook-owned Instagram app sometime later.
Libra, according to Facebook, is like Bitcoin in that it’s a blockchain-based currency. But it’s not like Bitcoin because Facebook claims it’s put a structure in place to stabilize the value of Libra.