Facebook is about to get its own cryptocurrency called Libra. In a sense, Facebook CEO Mark Zuckerberg is declaring that he wants his platform to become a virtual nation, populated by users, powered by a self-contained economy, and headed by a CEO - Zuckerberg himself - who is not even accountable to his shareholders.
Facebook has announced a plan to launch a new cryptocurrency named the Libra, adding another layer to its efforts to dominate global communications and business. Backed by huge finance and technology companies including Visa, Spotify, eBay, PayPal and Uber – plus a ready-made user base of 2 billion people around the world – Facebook is positioned to pressure countries and central banks to cooperate with its reinvention of the global financial system.
On Wednesday, Facebook announced Libra, a cryptocurrency that it will launch (along with 27 other partners) in 2020.
A little like Bitcoin and a little like PayPal, Libra will be a new digital currency, one available to people without bank accounts or credit cards, but that could potentially be a major force for the rest of us, too. But first you have to trust Facebook with yet more personal data. Here’s what you need to know.
Humanity needs ethical leadership, and time to think through the potential repercussions of rapid technological change. That’s why, in my view, Facebook’s cryptocurrency should be blocked by financial regulators until its design has been proved to be safe for all of global society.
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Binge is Australia's newest streaming service and in order for it to avoid a flop, it needs to offer something substantial given the existing competition. With Netflix and Stan holding the lion's share of subscribers in Australia outside of Foxtel, let's see how Binge shapes up to them.