Facebook's cryptocurrency raises privacy concerns
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Jun 20, 2019
Facebook's cryptocurrency raises privacy concerns

Facebook's announcement of its plan to launch a new cryptocurrency might shake up global finance by reaching those who currently don't have bank accounts. However, privacy concerns and a lack of trust in the company may prevent people from getting on board.

Facebook has revealed its plans to launch a cryptocurrency in mid-2020. The currency, called Libra, functions as blockchain in all ways except that only founding members of the cryptocurrency can run a node. Facebook has announced that “To ensure that Libra is truly open and always operates in the best interest of its users, our ambition is for the Libra network to become permissionless,” reports Facebook, with an aim of making it open within 5 years of its launch. Facebook also unveiled Calibra, a digital wallet to store and spend Libra, operating as a separate subsidiary.