Big Tech's War for Your Wallet: Facebook Sparks Outrage After Announcing Plans for Digital Currency

In a move that could reshape the world's financial system, Facebook has unveiled plans to launch a new global digital currency called Libra. Facebook announced its plans on Tuesday after secretly working on the cryptocurrency for more than a year. It will launch Libra next year in partnership with other large companies including Visa, Mastercard, PayPal and Uber. Facebook said it wants to create "a simple global currency and infrastructure that empowers billions of people." The plan has already come under fierce criticism from financial regulators and lawmakers. Democratic Senator Sherrod Brown tweeted, "Facebook is already too big and too powerful, and it has used that power to exploit users' data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight." We speak with David Dayen, the executive editor of The American Prospect. He recently wrote a piece for The New Republic headlined "The Final Battle in Big Tech's War to Dominate Your World."