Facebook, perhaps best known as a gathering spot for disinformed dolts and profound privacy problems, has announced plans for a new digital currency.
In a statement Tuesday, the Facebook team touted 2020 plans for its new digital wallet Calibra, which will allow users to save, send, and spend a global blockchain-powered currency called Libra.
"From the beginning, Calibra will let you send Libra to almost anyone with a smartphone, as easily and instantly as you might send a text message and at low to no cost," the team said in their announcement statement Tuesday. "And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code, or riding your local public transit without needing to carry cash or a metro pass."
The team added that Calibra is planned to boast allegedly “strong protections” related to privacy, i.e. the same anti-fraud measures used by major banks and credit card providers, as well as automated activity-monitoring systems to detect suspicious account patterns.
"We're still early in the process of developing Calibra," the team cautioned. "Along the way we'll be consulting with a wide range of experts to make sure we can deliver a product that is safe, private, and easy to use for everyone."
In anticipation of the then-rumored announcement earlier this week, analysts seemed to largely express optimism regarding the Zuckerberg machine's latest venture. SunTrust analysts told CNBC, for example, that Libra could mark a "major initiative" that reduces "regulatory scrutiny."
Some, however, remain skeptical given Facebook's less-than-comforting history.
