Facebook has developed into a preacher of the data protection. However, with the data that will generate its new Libra-currency, does not want to have to do the US-American Internet giant, something. A promise that will keep the group barely. Because data are his business.

of Course, trust is important. Especially when it comes to money. But this truism is a Problem for the new currency? Probably not. Although Facebook has strained the confidence and trust of its users with new scandals; their behaviour, but nothing changed. For over two billion people, Facebook, Whatsapp and Instagram are essential. Because these services all use. Because they are easily accessible and free of charge. The price is the disclosure of the personal data, take users into buying it.

the announced Facebook-currency Libra is easily accessible, and free. Billion, have until now no access to financial services, or in countries with ailing currencies life, take the Chance. The privacy issue is likely to be of secondary importance for them. But she stands anyway.

Facebook wants to know who pays whom how much

Although Facebook has announced that there will be a separation between Facebook and Libra, between social and financial data. “But the privacy problem is not solved, because different data sets can also be retrofitted to merge,” says Dirk Helbing (54), ETH Zurich Professor for Computational Science. “First of all, similar to the protestations of Facebook in the past have made turns out wrong.”

Why is Facebook else on the Internet of the money, if not the data? Aleksander Berentsen, Professor of economic theory at the University of Basel: “in this case, the data are to mine the gold. Facebook wants to know who pays whom how much.”

It was also made by David Chaum (64) not doubt. The co-founder of the crypto-currency Bitcoin to SonntagsBlick: “A club of well-established corporations, promises the privacy of the traditional banking system and at the same time Profit from the mass of those that do not have access to banks, contradicts itself.”

Facebook’s entry into the world of Finance is likely to advertising, therefore, no farewell from the data-based model mean, but its extension. That Facebook to to data, also shows a seemingly inconspicuous note in a paper on the Libra-currency: “We believe that a distributed and portable digital proof of identity is a prerequisite for financial inclusion and for the competition.”

in other words: Facebook is working on an E-ID to allow access to the digital currency. And in contrast to Libra, the company shall, in the case of the electronic identity card, not even the promise for the safeguarding of data protection. Bern is likely to be well advised, with the Swiss E-ID forward going. Because the Facebook ID is definitely coming.