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Facebook has announced the launch of its own digital currency in a major new push into the worldwide financial services industry.
The new currency will be a cryptocurrency similar to bitcoin. A cryptocurrency is a kind of money that does not exist in the form of bills or coins. Governments and banks do not oversee the money. Instead, it is exchanged digitally between buyers and sellers using secret codes for security.
A network of computers records cryptocurrency activity between users. The activity is included in a “ledger,” or list, known as the blockchain. The blockchain permits the activity records to be checked and stored securely. People keep their cryptocurrency in digital wallets that operate in a way similar to online banks.
Facebook is calling its cryptocurrency Libra. It expects to launch the service publicly in the first half of next year.
The U.S.-based social media service says Libra will be available to anyone with a smartphone and internet connection. “Moving money around the world should be as easy and cheap as sending a text message,” Facebook says on its website. “No matter where you live, what you do, or how much you earn.”
The company says it especially wants to reach an estimated 1.7 billion “unbanked” people across the world who currently do not use a bank. Costs to use Libra will be lower than what other companies currently charge for the service, Facebook said. It has not yet released pricing information, however.
Facebook says its digital currency will differ in several ways from bitcoin and other popular cryptocurrencies in use today. Unlike the others, the company says, Libra’s value will be tied to real money backed by banks and government securities in major currencies like the U.S. dollar, euro, yen and others.
The Libra system will also be supported by several traditional financial companies, including PayPal, Visa, Mastercard and eBay. Facebook set up the Switzerland-based not-for-profit Libra Association to govern the activities of the digital currency.
The company says these changes are aimed at improving trust and preventing major valuation changes of the Libra. Investors in bitcoin and other cryptocurrencies have lost hundreds of millions of dollars because of sharp price drops and computer attacks.
Facebook created a separate company, called Calibra, to operate the Calibra wallet system. The wallet is used to store, send and receive Libras. Calibra will be available as an app on smartphones or directly from Facebook’s Messenger and WhatsApp products.
Facebook said it had taken major steps to create a system that is private and secure. People using Calibra will first have to go through a process to confirm their identities.
The company says Calibra will only share user information with parent company Facebook and third parties when it receives user permission to do so. User information might also be shared in some other “limited cases,” such as when law enforcement requests information, Facebook said in a statement.
Facebook has promised not to use any Calibra data to improve targeting of its advertising. Businesses will see the same information about users who pay with Libra as they do about users paying with credit cards, the company said.
Even with such statements and promises, Facebook is likely to face serious questions about its new cryptocurrency system from lawmakers in the United States and other countries. Some American lawmakers have already proposed that Facebook face new rules or penalties – or possibly even be forcibly broken up - for major incidents involving the misuse of private user data.
I’m Bryan Lynn.
Bryan Lynn wrote this story for VOA Learning English, based on reports from the Associated Press, Reuters, Agence France-Presse and Facebook. was the editor.
We want to hear from you. Write to us in the Comments section, and visit our Facebook page.
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Words in This Story
digital – adj. related to computer technology, especially the internet
wallet – n. container used to hold money
cheap – adj. low cost
app – n. program for a smartphone or other device that performs a special function
penalty – n. a punishment for doing something that is against a law or rule (2019/06/20 07:02)
Today is Juneteenth in the United States – a holiday that is over 150 years old, but is still unknown to many people. It marks the end of official slavery in the country and celebrates the promise of freedom.
The word “Juneteenth” combines the month “June” with the number 19. It recalls June 19, 1865, the day troops from the Union side of the American Civil War arrived in the city of Galveston, Texas.
At that time, Texas was part of the Confederate States of America, the group of Southern states fighting the Union for the right to keep slaves. The 250,000 enslaved people in Texas did not know that the president at the time -- Abraham Lincoln -- had declared them legally free.
In fact, Lincoln had declared them legally free more than two years before – on January 1, 1863.
But Texas was far to the west of the country and removed from much of the fighting. Few Union soldiers were there to communicate or enforce Lincoln’s order. Confederate slave holders likely did not care about it or did not agree with it. And they did not want to lose a free labor force.
So, no one told the enslaved people -- until June 19, when a Union general and a few thousand soldiers landed to take control of the area. The general quickly read an announcement. He informed the people that the Union had won the Civil War and “all slaves are free.”
Many formerly enslaved people immediately began to celebrate. As soon as they could, some left Texas and joined family members in other states. Some remained and built new lives.
They remembered June 19 in a special way in the years that followed. In time, their children and grandchildren celebrated it as a holiday, too.
What happens on Juneteenth?
Historically, Juneteenth has often involved barbecues, music, prayers and fancy clothes. Betty Anderson, who is a descendant of enslaved people, spoke to The Federalist magazine about her own Juneteenth traditions. She said the day includes stories about people who continued to fight for equal rights because “freedom from slavery did not bring freedom for the African-American.”
Historian Henry Louis Gates, Jr. made a similar point on the website The Root. He said one of the important things about Juneteenth is that it is a positive, powerful celebration, even in the face of discrimination.
For example, in the late 1800s and early 1900s, Texas officials refused to permit black people to gather at public spaces. So, black families and friends celebrated Juneteenth near rivers and lakes, Gates said. In time, they bought their own parks where they could celebrate.
A national holiday?
If Juneteenth has been part of American life for hundreds of years, why do many people not know about it?
The Juneteenth website explains that, through the 1800s, the day was well known to many African-Americans. But in the early 1900s, more and more children began leaving their families and going to school. There, the official history books did not tell about Juneteenth – or about the lives of formerly enslaved people in general.
In addition, as the country faced difficult economic times, employers did not permit workers to leave on June 19. Many considered July 4, when Americans mark their declaration of independence from Britain, as a more patriotic celebration.
And so, Juneteenth celebrations decreased.
However, during the country’s Civil Rights movement of the 1950s and 1960s, some African-Americans and activists embraced Juneteenth again. The day connected them to black American history, as well as to anyone who was not truly free.
In the late 20th century, Texas declared the day an official state holiday. Other states and cities are also increasingly supporting Juneteenth celebrations. Some activists are calling for it to become a federal holiday.
The Juneteenth website notes that the day honors African-American freedom and achievement. At the same time, it urges continued progress and respect for all cultures.
That website calls it a national day of pride. And a writer for the National Museum of African-American History and Culture in Washington, D.C., calls it “our country’s second independence day.”
I’m Kelly Jean Kelly.
Kelly Jean Kelly wrote this story for Learning English. Ashley Thompson was the editor.
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Words in This Story
barbecue - n. an outdoor meal or party at which food is cooked over hot coals or an open fire
fancy - adj. not plain or ordinary
positive - n. good or useful
patriotic - adj. having or showing great love and support for your country
embrace - v. to accept something readily or gladly
achievement - n. a result of hard work
pride - n. a feeling that you respect yourself and deserve to be respected by other people(2019/06/20 07:00)
The United Nations refugee agency says there are now more than 70 million people displaced in the world and the problem is growing.
The U.N. reports on refugees in its yearly publication, Global Trends. It provides a count of international refugees, asylum-seekers and people displaced within their own countries.
Thursday is World Refugee Day. U.N. High Commissioner for Refugees Filippo Grandi told reporters that the refugee situation is going in what he called “the wrong direction.” He said, “There are new conflicts, new situations, producing refugees, adding themselves to the old ones. The old ones never get resolved.”
The Italian diplomat spoke at a press conference called after release of the report named Global Trends: Forced Displacement in 2018.
Grandi said displaced people need safety from war, conflict and persecution. He also warned that the “language around refugees and migrants is often divisive…” He said some countries are identifying refugees as threats to safety and jobs in host communities. But, he praised the acceptance of refugees by “…communities who are themselves hosting large numbers...”
This year’s report tells of people who struggle to cross rivers, deserts, fences and many barriers in an effort to escape repressive governments and violence.
Of the total, most are people displaced within their own country. The U.N. says 41 million people are internally displaced.
Many of the so-called “displacement situations” have lasted more than five years. The conflict in Syria, for example, has gone on for eight years with no apparent end, displacing 13 million people.
In South America, the crisis in Venezuela has driven an estimated four million people from the country. Many move fluidly across the borders with Brazil, Colombia and Peru. Venezuelans now make up the largest single group of asylum-seekers, 340,000 people, worldwide.
However, two-thirds of all refugees come from only five countries: Syria, Afghanistan, South Sudan, Myanmar and Somalia.
Grandi said the huge migrations cause great pressure on countries. He said this can lead them to take measures that are harmful to refugees. “We are in a very dangerous situation,” he said.
The official noted that the “largest supporter of refugees” in the world is the U.S. which is the U.N. refugee agency’s biggest donor.
But he added that wealthy countries do not suffer the greatest difficulty linked to refugee crises. He said most refugees are in countries close to conflict areas. This means that poor and middle-income countries are hardest hit. “That is where we need to focus,” he said.
Grandi said refugees would like to go home, but live in a state of limbo for years because lasting answers to the problems they face get increasingly difficult.
I’m Mario Ritter Jr.
Mario Ritter Jr. adapted this AP story for VOA Learning English with additional material from VOA’s Lisa Shlien. Caty Weaver was the editor.
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Words in This Story
trend –n. the general direction of some situation or condition
persecution –n. to treat someone cruelly or unfairly
divisive –adj. causing division or disagreement
focus –n. the main purpose or interest
limbo –n. a place or position that is neither bad nor good; in some religions, between heaven and hell
We want to hear from you. Write to us in the Comments section, and visit our Facebook page.(2019/06/20 06:59)
A Joint Investigative Team has charged four people with murder in the 2014 downing of Malaysia Airlines Flight 17 over Ukraine that killed 298 people.
The team said the trial will start in March 2020 at the Hague District Court.
The team also said the four prepared the launch of the Buk missile that brought the plane down, although they may not have made the decision to actually launch the missile. The preparation justified the charges, the team said.
One of the suspects is Russian national Igor Girkin, who led the separatist forces in Donetsk in 2014. He dismissed the accusations.
The “insurgents did not shoot down the Boeing,” he told The Associated Press by telephone on Wednesday
Girkin has since been removed from his post and now lives in Moscow. The other three people charged are Sergey Dubinskiy and Oleg Pulatov. Both men have Russian citizenship, and Leonid Kharchenko, is a Ukraine national.
Alexander Borodai is a Russian national who was a rebel leader in Ukraine’s Donetsk area in 2014 when the plane was shot down. He told the AP that it is “untrue” that the separatists attacked the plane. He also lives in Moscow now.
The team asked for cooperation from the Russian government, but did not ask for the extradition of the four men. The Russian Constitution does not permit the extradition of Russian citizens.
Fred Westerbeke is a lawyer and prosecutor on the team. He said “we will ask Russia to hand the summons to the suspects.” He added that we will “ask for Russia to cooperate again with legal help.”
Silene Fredriksz-Hoogzand’s son Bryce was among the 298 people who died in the crash. She is pleased that a trial will start next year, nearly five years after the plane blew up over the eastern Ukraine.
“This is what we hoped for,” she said. “This is a start of it. It is a good start.”
She added that she did not expect any of the suspects to appear for the trial, which begins on March 9.
All 298 passengers and crew on board the flight from Amsterdam to Kuala Lumpur were killed on July 17, 2014. Investigators found that a missile hit the Boeing 777 in flight. Bodies fell from the sky onto farms and fields of flowers.
The families of those killed were told of the trial date early Wednesday at a private meeting before a news conference by investigators.
The team is made up of detectives and prosecutors from the Netherlands, Malaysia, Australia, Belgium and Ukraine. Last year, the team said that it was sure that the Buk missile that hit flight MH17 came from the Russian army’s 53rd Anti-Aircraft Missile brigade in the Russian city of Kursk.
Russia has always denied responsibility for shooting down the flight. Last year, Russia claimed that the Buk missile came from the Ukrainian army. The Netherlands and Australia have said they hold Moscow responsible for providing the Buk missile system used in the attack.
I’m Susan Shand.
The Associated Press reported this story. Susan Shand adapted it for VOA Learning English. Mario Ritter Jr. was the editor.
Write to us in the Comments Section or on our Facebook page.
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Words in This Story
insurgent – n. a person who fights against an established government or authority
summons – n. an official order to appear in a court of law
detective –n. a police officer whose job is to find information about crimes that have occurred and to catch criminals(2019/06/20 06:57)
An independent report into the murder of Saudi reporter Jamal Khashoggi says there is “credible evidence” of possible involvement by Saudi Crown Prince Mohammed bin Salman.
The United Nations report said the evidence supports the need for a continued investigation. It also suggested that sanctions be ordered on the Prince’s personal finances and property.
The report is likely to harden opinion against the crown prince among many Western governments. Critics say an operation of this size would have required the prince’s knowledge.
The 33-year-old Saudi prince denies any involvement in the killing. He continues to have the support of his father, King Salman. Saudi Arabia has blamed Saudi agents for independently killing the reporter.
UN human rights expert Agnes Callamard wrote the report. It said that The Kingdom of Saudi Arabia is responsible for Khashoggi’s killing.
Khashoggi criticized the crown prince. He is believed to have been killed and cut up into pieces inside the Saudi consulate in Istanbul by Saudi agents. His remains have not been found. Before his death, he had been living in the United States, near Washington, D.C. He wrote for the Washington Post and other news media. He left Saudi Arabia after a campaign against activists and critics of its rulers.
Callamard’s report also says there is “credible evidence pointing to the crime scenes (in Turkey) having been thoroughly, even forensically, cleaned.” This, the report says, suggests that Saudi Arabia’s own investigation was not carried out honestly.
There is “no reason why sanctions should not be applied against the Crown Prince and his personal assets” the report says. It notes that, in the past, sanctions have been ordered even before findings of guilt have been established.
UN report details the killing
The report also offers a minute-by-minute account of the events surrounding the killing based on audio recordings provided by Turkish officials. It notes the sounds of an electric tool were heard. The tool could have been used to cut up Khashoggi’s body.
It noted the “extreme sensitivity” of considering the criminal responsibility of the crown prince and his former adviser Saud al-Qahtani. Neither man has been charged.
“No conclusion is made as to guilt,” Callamard wrote of the two men. “The search for justice and accountability is not singularly dependent on finding a ‘smoking gun’ or the person holding it.”
She wrote that her examination was mainly to identify those who may have failed in or abused their positions of power.
The report also identified by name 15 suspects, of which 11 are on trial in Saudi Arabia. Five of those on trial may face execution under Saudi law.
Saudi Arabia has not released the names of those on trial and has kept trial activities mostly secret.
The U.N. report says the current trial of the 11 suspects in Saudi Arabia should be suspended because it fails to meet international rules. Callamard noted the trial is being held secretly. She also wrote that at least one person identified as responsible for the planning and organizing of the killing of Khashoggi has not been charged.
While some diplomats have been permitted to attend some of the Saudi court hearings, they were barred from speaking about them, she noted.
Callamard noted limitations on her examination, which began in January. She received no answer to her request to travel to Saudi Arabia. She also wrote that she had received only 45 minutes of tapes recorded within the consulate around the time of the killing. Turkish intelligence had said they had about seven hours of recordings.
Callamard also reported there was not enough evidence to suggest that either Turkey or the United States knew, or should have known, of an immediate threat to Khashoggi’s life.
The U.S. State Department has publicly named 16 people it says had a part in the killing of Khashoggi. Many U.S. lawmakers have criticized President Donald Trump for not condemning Saudi Arabia for the reporter’s killing.
I’m Ashley Thompson.
And I'm Jonathan Evans.
Jamey Keaten and Aya Batrawy reported this story for the Associated Press. Caty Weaver adapted the story for VOA Learning English. Mario Ritter was the editor.
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Words in This Story
credible - adj. able to be believed : reasonable to trust or believe
sanctions - n. an action that is taken or an order that is given to force a country to obey international laws by limiting or stopping trade with that country, by not allowing economic aid for that country, etc. — usually plural
consulate - n. the building where a consul lives and works
scenes - n. the place of an event or action
forensics - n. the study or science of solving crimes by using scientific knowledge or methods
conclusion - n. a final decision or judgment
smoking gun - n. a piece of evidence that clearly proves who did something or shows how something happened(2019/06/20 06:56)
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