This should be interesting to watch in the coming years. Facebook announced yesterday they will launch their Cryptocurrency next year, called Libra. Libra Association official website: libra.org White paper: libra.org/en-US/white-paper Founding members (libra.org/en-US/association/#founding_members) include: Mastercard, VISA, PayPal, Ebay, Stripe, Uber, Spotify, Lyft, Vodafone, Coinbase (popular crypto exchange), and several other companies. From the Libra website: Blockchain Technology — Libra is built on a secure, scalable, and reliable blockchain. Stable Value — Libra is backed by a reserve of assets that help keep its value stable. Independent Governance — Libra is governed by the independent Libra Association, tasked with evolving the ecosystem. “Unlike previous stablecoins, Libra will not be issued by a central party. Instead, Facebook has enlisted 27 fellow Silicon Valley titans—among them PayPal, Visa, Spotify, Mastercard, Uber, and eBay—to operate as preliminary “validator nodes” who will each share a transparent copy of a vast ledger of transactions reflecting all the activity on the network.” Within a few hours of the announcement: France Calls for Central Bank Review of Facebook Token (Bloomberg article) French Finance Minister Bruno Le Maire said the digital currency known as Libra shouldn’t be seen as a replacement for traditional currencies. “It is out of question’’ that Libra “become a sovereign currency,’’ Le Maire said in an interview on Europe 1 radio. “It can’t and it must not happen.” Markus Ferber, a German member of the European Parliament, said Facebook, with more than 2 billion users, could become a “shadow bank” and that regulators should be on high alert. A few thoughts: ~ Regulatory hurdles could kill this before it gets going, but I suspect FB would not announce if there was too much uncertainty on that point  ~ FB has over two billion monthly users — if this gets traction it could be huge ~ FB owns (and abuses) their users’ personal data, and now they get their financial info too... what could possibly go wrong? ~ Massive financial surveillance by FB & big data partners  Facebook has created Calibra, a Financial Crimes Enforcement Network (FinCEN)-registered subsidiary to ensure “separation between social and financial data and to build and operate services on its behalf on top of the Libra network.” Calibra registered with FinCEN as a money services business (MSB) in February to operate in all 50 U.S. states as well as nine commonwealths and territories.