But it didnвЂ™t escape notice that the move effectively fused three separate fiefdoms that critics have been saying should be broken up. Earlier this year, Zuckerberg announced that he would be integrating the backends of Facebook, Instagram, and WhatsApp to make them more secure. It will also make ZuckerbergвЂ™s digital empire more difficult for regulators to disentangle. In reality, LibraвЂ™s third-party structure gives plausible deniability to Facebook, which will have just one vote on the 29-member board that will govern its cryptocurrency. Yet the Facebook founder has always cared more about the illusion of privacy than the thing itself. вЂњThis is an important part of our vision for a privacy-focused social platform-where you can interact in all the ways you'd want privately, from messaging to secure payments,вЂќ he writes. As it stands now, Facebook is largely reliant on advertising for revenue with Libra, Facebook might ultimately become a crucial part of the digital payments infrastructure, too.ДЄlready, Zuckerberg is using Libra as more evidence that Facebook-which has moved to add end-to-end encryption for Messages and WhatsApp-cares about privacy. ZuckerbergвЂ™s inspiration appears to be WeChat, a Chinese mobile platform that offers comprehensive services including messaging, ride hailing, and electronic payments. ThereвЂ™s nothing wrong with providing a digital currency for people without bank accounts, of course, but itвЂ™s also worth considering how Libra is likely to consolidate FacebookвЂ™s power online. More worrying are FacebookвЂ™s potential motivations for entering the payments market in the first place. As Business Insider points out, CalibraвЂ™s own terms of service indicate that there are instances in which Calibra account data could be shared with Facebook for crime prevention and in other вЂњlimited circumstances.вЂќ WhatвЂ™s more, Facebook could, with user permission, share information with Calibra for an вЂњimprovedвЂќ experience. For one, ZuckerbergвЂ™s claim that there will be a hard wall between Calibra and Facebook isnвЂ™t quite true. Of course, there are concerns about the new product. вЂњWe aspire to make it easy for everyone to send and receive money just like you use our apps to instantly share messages and photos.вЂќ вЂњBeing able to use mobile money can have an important positive impact on people's lives because you don't have to always carry cash, which can be insecure, or pay extra fees for transfers,вЂќ Zuckerberg wrote in a Facebook post. вЂњThis is something that could be a profound change for the entire world.вЂќ Even Zuckerberg, who has spent much of the last two years on a sort of apology tour, sounds like heвЂ™s regained his change-the-world mojo. вЂњIt feels like it is time for a better system,вЂќ Marcus told the Times. Described by the company as вЂњa simple global currency and financial infrastructure that can empower billions of people,вЂќ Libra will partner Facebook with Mastercard, Visa, Uber, and an array of other high-profile companies in what the New York Times called вЂњthe most far-reaching attempt by a mainstream company to jump into the world of cryptocurrencies.вЂќДavid Marcus, who is leading FacebookвЂ™s blockchain technology research, is stoked. On Tuesday, Facebook announced plans to debut Libra, a cryptocurrency it has been developing for more than a year. Now, as regulators in Washington, D.C., bear down on Facebook, co-founder Mark Zuckerberg has acquired a new target: the global financial system. In its quest for world domination, Facebook has already disrupted everything from the media industry to American democracy, drawing scrutiny for things like its pitiful handling of user data, its monopolistic tendencies, and a вЂњ digital gangsterвЂќ mentality along the way.

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