Facebook’s crypto ambitions spark privacy concerns, political backlash

The Facebook logo is displayed and lit on a wall. Photo: Alex Haney/Unsplash

Facebook Inc announced ambitious plans on Tuesday to launch a new global cryptocurrency called Libra, part of an effort to expand into digital payments that immediately raised privacy concerns.

The social networking giant has linked with 28 partners including Mastercard, PayPal and Uber to form Libra Association, a Geneva-based entity governing the new digital coin, according to marketing materials and interviews with executives. No banks are yet part of the group.

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