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Once Facebook’s Libra makes it to the cryptocurrency mainstream, there may be a new threat to consumers: Their own bad spending habits.
Libra is a proposed cryptocurrency designed by Facebook and operated with a consortium of partners, including payments providers, credit card companies and consumer companies. It is set to begin in the first half of 2020.
In a Facebook white paper, the company maintains that Libra won’t be connected to a user’s data for targeted advertisements. Yet the social media giant is planning to incorporate Libra payments into its own products used by billions of people, which leads to other concerns, experts say.
“For a number of users, that ease of access for a tool that can be used for purchases and retail consumer activity could be dangerous, especially for those who already have a difficult time keeping control of their budget,” said Bruce McClary, vice president of communications for the National Foundation for Credit…