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Editedby

DimitraKessenides

andMadeleineLim

2 T E C H N O L O G Y

When Facebook Inc. recently unveiled Libra, its

long-awaited cryptocurrency, the company used

the announcement as a chance to convey just how

much care has gone into the digital asset. David

Marcus,theformerPayPalHoldingsInc.president

who’sthesocialnetwork’sblockchainboss,saidat

a June11 preview held under the vaulted ceilings

of the old San Francisco Mint that libra was a unit

of measure in ancient Rome and is the astrologi-

cal symbol for balance and justice. “Freedom, jus-

tice, money,” Marcus said. “Basically everything

we want this endeavor to become.”

● Facebook’scryptocurrency

willputusertrusttothetest

Whateverthespin,oncethecurrencybecomes

availableinthefirsthalfof2020,Facebookwill

collectmoreconsumerdataanddigdeeperinto

itsusers’digitallives.Asit continuestoapologize

forthemanywaysit’sbreachedpeople’strust,

the company is asking users to take a huge leap of

faith on Libra. “Are people going to feel safe using

Facebook as their digital wallet?” asks Dave Heger,

an analyst at Edward Jones Investments. “When you

start talking about money and the potential loss of

money, I would think a lot of people would be pretty

skeptical just based on the recent history that the

company has had.”

Regulatory pressure on Facebook has never been

greater. The Federal Trade Commission isfinalizing

an investigation into its privacy practices,whichthe

company has said could lead to a fine up to$5billion.

TR

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