Crypto is coming: get ready to spend Facebook’s money

The social network is likely to release details of its cryptocurrency this week: and it won’t be much like Bitcoin

First it had your friends, then it had your pictures, then it had your diary. Now, in the latest effort to entwine its systems still further into the everyday lives of its users, Facebook wants to get into your wallet.

On Tuesday, the social media behemoth is expected to reveal its own cryptocurrency, which has variously been called Libra and GlobalCoin. However, unlike other cryptocurrencies, the new creation will not have been founded in the spirit of libertarianism, outside the backing of established, conventional authorities. Instead, it appears to have the endorsement of more than 12 corporations, from Uber to PayPal, Visa and Mastercard.

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From our friends over at the : Business | The Guardian

 

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