Those skeptical of Facebook’s creation of their own cryptocurrency have every right to be. The new cryptocurrency, which has been named Libra, has been unveiled, and it’s a dangerous and invasive form of surveillance in the hands of a company known for its privacy concerns and censorship.
Experts have branded the move a dangerous power grab that marks Facebook’s “most invasive” form of surveillance yet. So far, Facebook has enlisted 28 firms, including Spotify and Uber, who each had to invest a minimum of $1o million to be a founding member of the Libra Association, an independent not-for-profit membership organization.
But this will be a hard sell for a company who is determined to silence voices and sell private data to advertisers for a profit. There is no company that should be trusted less than Facebook, other than perhaps Twitter. The unveiling of the Libra cryptocurrency comes just over a year after the Cambridge Analytica scandal, which saw the private data of millions of Facebook users manipulated for the purpose of political profiling. Since then, the social network has been plagued by a series of privacy scandals that have continuously called into question the way Facebook handles its users’ data. Facebook’s decision to branch out into this area could potentially open its users up to risks far beyond the privacy scandals of the past….