Reply to post: Backed by real money 1:1

You can trust us to run a digital currency – we're Facebook: Exec begs Europe not to ban Libra

Wellyboot Silver badge

Backed by real money 1:1

Facebook taking real money deposits and then using its own made up currency for transactions, an excellent way for the proles to pay directly for more snooping.

That sounds like a bank to me and US banking regulators are not a group to annoy.

As a balance point a major credit card company (rhymes with Harclays) now pass customer details to social media sites so they can improve their service offerings push adverts to the customers who have opted out from direct marketing. I'll make a running guess they aren't alone.

Merchant Bankers - cockney slang for....

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