2019-06-19 16:36:55

Facebook Sparks Outrage After Announcing Plans for Digital Currency

In a move that could reshape the world’s financial system, Facebook has unveiled plans to launch a new global digital currency called Libra. Facebook announced its plans on Tuesday after secretly working on the cryptocurrency for more than a year.

It will launch Libra next year in partnership with other large companies including Visa, Mastercard, PayPal and Uber. Facebook said it wants to create “a simple global currency and infrastructure that empowers billions of people.” The plan has already come under fierce criticism from financial regulators and lawmakers.

Democratic Senator Sherrod Brown tweeted, “Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight.”

Democracy Now! speaks with David Dayen, the executive editor of The American Prospect. He recently wrote a piece for The New Republic headlined “The Final Battle in Big Tech’s War to Dominate Your World.”

Cryptocurrency David Dayen Democracy Now! digital currency Facebook Free Speech TV Libra Mastercard PayPal Senator Sherrod Brown The American Prospect The Final Battle in Big Tech's War to Dominate Your World The New Republic Uber Visa

Economy

Just Solutions

Today on Just Solutions: Energy Justice Program Director, Jean Su

Today on Just Solutions: Energy Justice Program Director, Jean Su

Mobilized

Tonight on Mobilized News: Peter Plastrik

Tonight on Mobilized News: Peter Plastrik

Mobilized

This Week On Mobilized: Peter Plastrik

This Week On Mobilized: Peter Plastrik

Rising Up With Sonali

Does the Inflation Reduction Act Help People and the Planet?

Does the Inflation Reduction Act Help People and the Planet?

Related

Democracy Now!

Viktor Orbán Has Eroded Democracy in Hungary. Now He’s Being Embraced by CPAC & American Right

Viktor Orbán Has Eroded Democracy in Hungary. Now He’s Being Embraced by CPAC & American Right

Democracy Now!

“It Brings Hope”: Colombia Inaugurates Leftist Former Guerrilla as Pres., Afro-Colombian Woman as VP

“It Brings Hope”: Colombia Inaugurates Leftist Former Guerrilla as Pres., Afro-Colombian Woman as VP

Democracy Now!

“Horrifying”: Gaza Assault Kills 44 Palestinians, 15 Children. Will Ceasefire End Bloodshed?

“Horrifying”: Gaza Assault Kills 44 Palestinians, 15 Children. Will Ceasefire End Bloodshed?

Democracy Now!

Top U.S. & World Headlines — August 8, 2022

Top U.S. & World Headlines — August 8, 2022

Proud Partners