Facebook's New Cryptocurrency Libra Has 'Big Hairy Issues'

19.06.19

The social media behemoth, Facebook, unveiled plans for a cryptocurrency, with plans to "launch in the first half of 2020."

The currency is called Libra, a collaboration between Facebook's new subsidiary Calibra and more than 20 other companies and ventures, including Mastercard, PayPal, Visa, Uber, Vodafone and eBay.

Like other cryptocurrencies -- including BitCoin, Ethereum and LiteCoin -- Libra is meant to replace dollars and cents for online transactions, with the benefit of making payments without annoying exchange rates between foreign currencies.

But while Facebook is just one of two dozen entities involved in Libra, the social media giant has more at stake than just helping you buy that new pair of shoes, according to Nigel Phair, director of UNSW Canberra Cyber.

"Their business model is all about ads. They want you to live your life on Facebook. They've got to come up with novel ways of keeping you heavily engaged," Phair told 10 daily.

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