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A Christian financial expert is advising potential users of Facebook's newly announced cryptocurrency system to be wary about how their personal and financial information could be abused in such a system.
With as many as one and three-quarter billion users worldwide, there's no doubt Facebook is making a lot of money – but now it's about to start literally making money … as in currency. It will be electronic currency, of course, but Facebook announced Tuesday it will roll out "Project Libra" set for public use sometime in mid-2020. According to the Wall Street Journal, the social media giant has been working for more than a year on the heretofore secret initiative to build what's essentially a cryptocurrency-based payments system.
Here's how it will work: Users send Facebook money and in exchange receive the equivalent in a virtual currency called "libra." They then can use libra to pay for or buy anything that happens online, from a new belt to a utility bill.
Dan Celia of Financial Issues Stewardship Ministries says it's not all that different from the way consumers purchase things now. "This is basically a glorified credit card that Facebook is putting out," he tells OneNewsNow. "And it is going to trade in dollars; it is not going to go up and down – it's going to be based on a basket of currencies that are actual, real live currency."
But while he acknowledges the system gives consumers a bit more convenience, Celia warns that it's a treasure trove of information for Facebook. The business giant, he says, will gain access to individuals' banking account numbers and tax information, including social security numbers – and that's just the start.
"They are going to own the entire person – not just some personal information that they can use to market and use to sell," he cautions. "… They're going to own everything about their product. And their product, as you know, is you and me."
Celia, who hosts a nationally syndicated daily radio program, isn't prone to conspiracies or inflated rhetoric – so he doesn't mean it lightly when he adds:
"It is critically important that everybody understands just how dangerous this piece of the product they own is. The thing that is going to usher in End Times and a one-world government is a one-world currency – and this is an incredibly dangerous step to that direction."
According to The Associated Press, Facebook won't run Libra directly; instead, the company and its partners are forming a nonprofit called the Libra Association, headquartered in Geneva, that will oversee the new currency and its use. The association will be regulated by Swiss financial authorities, Facebook said.
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