The New York Times reports Facebook has created a financial service powered by a cryptocurrency called Libra. Facebook has partnered with companies such as Mastercard and Uber for the project in hopes of officially launching next year. Anyone who wants to acquire Libra tokens will need to go through the tech company’s new subsidiary, Calibra. Users will have to show a form of government identification in order to receive the tokens. “Your financial data will never be used to target ads on Facebook,” Calibra Vice President of Product Kevin Weil said. In response to the announcement, U.S. Rep. Maxine Waters, D-Calif., called on Facebook to “agree to a moratorium” on the project until Congress and regulators have a chance to examine the situation given concerns about Facebook's recent activity. Fortune also reports on the potential privacy implications of Facebook's Libra project. (Registration may be required to access this story.) Editor's Note: IAPP Editorial Director Jedidiah Bracy, CIPP, covered the basics of blockchain in this piece for Privacy Tech.
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