"No matter where you live, what you do, or how much you earn".
Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data.
Although the goal of making the transfer of money as easy and affordable as sending a text sounds good, essentially transforming Facebook into a global bank, as Libra is exchanged on its platform and through its apps, like Messenger and WhatsApp, some of those consumer savings will be coming straight out of the pockets of the powerful global institutions that now create, control and profit from money. Users will be able to convert their local currency into Libra and then store the balance of Libra in their Calibra app.
Forrester analyst Meng Liu agrees that Facebook's Libra project has far-reaching implications, essentially creating a shopping ecosystem within the company's family of apps.
If Facebook is successful in launching its own digital currency the Chinese social media platforms can also follow their steps and make advancements in crypto-sector.
Cryptocurrency investors have also lost hundreds of millions of dollars through steep price drops and crypto-exchange hacks and the market has faced money-laundering and terrorist-financing allegations.
And while Calibra is a subsidiary of Facebook, the two will operate independently of one another.
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Though Facebook hopes the technology will allow access to banking services for those in developing countries, here in Canada the cryptocurrency could help keep the cost of money transfers down.
Nonetheless, Facebook promises not to "share account information or financial data with Facebook, Inc. or any third party without customer consent".
Markus Ferber, a senior German lawmaker in the European parliament, said in a statement that Facebook's new coin should put "regulators on high alert" and called on the European Commission to start work on regulatory framework for virtual currencies.
Update: Following the publication of this article, a Facebook representative told The Block in a message that "Calibra will be available in all places where FB is available and crypto is legal".
McNamee, who has been an outspoken critic of the platform, is also the author of "Zucked: Waking Up to the Facebook Catastrophe".
Such centralized control, despite the release of the Libra whitepaper and assurances from Facebook that Libra will be governed by dozens of companies, has done little to assuage regulators who fear that Facebook is poised to establish a robust shadow banking system with billions of users upon launch.