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but Facebook is up in the pre-market after launching a new cryptocurrency called Libre with a projected launch date in the first half of next year move is designed to expand the company's presence in e-commerce and Global Payments also creating a regulated subsidiary called Calibra which will roll out a crypto wallet based on the Libre currency earlier on squawk the head of Calibra spoke about the differences between Libre and things like Bitcoin if you want to compare Libre with traditional crypto currencies the first thing and the first big difference is that typically crypto currencies are investments vehicles or you know investment assets rather than being great medium of exchange and and this is really designed from the ground up to be a great medium of exchange a very high quality form of digital money that you can use for everyday payments and cross-border payments micro transactions and all kinds of different things David Marcus is a longtime Facebook Evette and they're not doing this alone 27 partners and most importantly PayPal Visa and MasterCard now some people saying Jim and they only put in a token amount the fact is they're not fighting it unlike some of the bigger banks to take more Vig I described this yesterday as being brilliant because I think that this is a way to be able to show Congress government we're really trusted we're doing this nonprofit there's 2.6 billion people that are under banked this is I thought that one point they were gonna buy PayPal of course David Marcus from PayPal in order be able to make this happen but instead they're able to do it themselves I think that it's gonna take the heat off don't forget it will work even for the check-cashing people who have no no no I don't wanna I don't wanna I know let's not dwell on the goody two-shoes part of this what should we do just about the actual business implications of it well they're gonna make money from this you eventually it's intentionally the same way that venmo that that PayPal started this does seem to be and and the handful of conversations I've been able to have about it I mean they seem to have leapfrogged over some of the institutions in the banking world it's just this is cash over credit card right to digitization we're also losing Sheila where for example of all the payments companies that have merged this yes and there is a question will that be a new wall of money coming at the payments disenfranchises those David disintermediate does it to say yes that's what the blockchain is and that's why none of them are involved and I look like keep trying to find flaws in it I cannot find the white paper the white paper read something you know you're a word that got where the executive branch doesn't really spend a lot of time doing things like white papers but I thought it was brilliant and if it weren't Marcus I would question it but this is not a charm offensive it's something good but how about if you saw roll it out also with two billion people on the cloud they don't have enough money yet but they will it's a look if you ever in one of those currencies that 48 percent of the world is in currencies that are terrible that are inflating all that's what crypto was originally for which was to be able to deal with North Korean currency or deal with the Venezuelan currency and I think it's brilliant III don't have any flies on it other than just say that if you're real cynic you can say you know what this is a way to be able to show Congress you know 2.6 billion people trust us I don't know what you're worried about with the privacy thing we are mr.
privacy and mrs. privacy I think it's brilliant well Becky tried to get Marcus to delineate what data is going to be looked at by whom what will be used to market to whom and his point is that that's not it'll be siloed from the core Facebook Marcus is a very serious player I it's real guys and it's real to the point of if you and I want to see with Jamie Dimon to a a difficult part a tougher part of Philadelphia all that you saw our check cashing outfits the big that they take me this all the companies that take to when you at bar San Miguel I don't like to take credit cards why because they get like two three percent I can't do this because you can't do it as a merchant but eliminates tremendous friction and makes it so that if someone has this is kind of like what we think about home good like in Uganda ok take you again they did they skip the Tulsa the they skip the fix asset the fixed line tell Co REM on regular cell Wireless yeah that's what this is about and it's brilliant and I really think that when the end will say well you know Facebook that is not just the force of of taking your name and selling it this is being as private as possible or dan Shulman from PayPal wouldn't have gotten behind it the Libre blockchain peace out you know unfortunately they use words like blob Chin's crypto that give but it is block J in the sense that it's very secure yeah but it's what it seems to be capturing people's attention this morning is not necessarily changing the face of Facebook to become a friendlier you don't like that one no I mean maybe that happens maybe it doesn't but I mean you've got mark Mei who I know is gonna join us later yes like saying this report suggests it's the most you know them one of the most well organized efforts by a global consumer tech company yet anybody steal that got me I did that yesterday you did and you on the metal a mad dash you pointed all this out Mark Mahaney saying this Johnny one of the most important initiatives in the history of the company to unlock new engagement and revenues yes I said that yesterday says it today I say it here it comes up there he gets paid millions I get get out your violin yes we got him feel we're so sorry this is heading into Libra Zuckerberg I mean Zuckerberg sounds like yeah yeah he's he's almost biblical but there is it works I think it's a good idea they do have this network we all did think it was gonna be PayPal and if that's why PayPal's going up like 82 I understood wall and Fang itself since del Rahim speech Facebook's up what 17% was the time to buy when everyone and now is imagine like people coming and saying listen I had no bank account no one would lend me money I couldn't open account and then Facebook came to see me Facebook the new JP Morgan with no profit now they're also launching the Calibra digital wallet for Libre be available in messenger whatsapp so that is gonna help the column inconceivably do you think it will be Houston Cuba yes why because it'll be used in Venezuela it'll be all these countries like Cuba Venezuela North Korea been going up why I I don't know this is going to be you don't think it's about institutional participation yes I think more people and their I think people feel that you're finally that these currencies are going to start getting backing I personally believe that this is not a currency it is a de facto way that's backed up by a pooled money that is to be able to make it so that your current your currency is not R at every minute for hardworking people who do not want to just find all their money constantly the base by the Venezuelan government by governments that are irresponsible with well you make it sound more like an international play then yes absolutely so you don't think it's you eccentric what more other than no the lower rung of the incomes act the road and I think that the law wrong people are going to be in favor of it and I think that a lot of the critics in commerce oppose me saying you you're criticizing an institution that finally allowed me to have back you know this also be care that you're out here in terms of who gets helped who gets hurt I mean if you're ready Lou tating commerce across this platform at the levels that may be possible years in the future of course but if you're losing Bob when you want to buy something right our it were are potentially very large yes including for large financial institution so that may have been leapfrogged right can you believe an international bank that does not take two percent when charge you you know what the credit card ran toward you the credit card Mexico is it's 40 percent yeah that's crazy these people should use this they will the disenfranchised will welcome Mark Zuckerberg as a senior yeah it's a great man you
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