Facebook’s Libra faces privacy concerns, political backlash

SAN FRANCISCO/NEW YORK (Reuters) – 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. Facebook executives and others associated with Libra have big aspirations. Facebook is also betting Libra can squeeze more revenue out of its suite of apps, something already happening on Chinese social networks like WeChat. Other regulators, lawmakers and government officials around the globe also quickly issued critical statements. Other Libra Association members include companies like Visa, Spotify, eBay and Vodafone, as well as venture capital firms like Andreessen Horowitz.

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