- Facebook unveils the plan for a global currency that will work as an alternative to cash.
- Technology to make transactions with Libra will become available by 2020.
- This crypto initiative would facilitate shopping, applications, and gaming.
- Libra is just the beginning of an exciting journey, says Facebook CEO Mark Zuckerberg.
- If you lose your Libra coins, we’ll offer refunds; Mark Zuckerberg.
Facebook unveils the plan for a global currency that will work as an alternative to cash, credit cards, and bank transfers. This digital currency would enable billion of users around the world to make transactions. This might be a threat alarm for the world’s banking system. The digital currency Libra will also connect those people who don’t have access to traditional banking systems.
Libra – a global consortium
The technology to make transactions with Libra will become available by 2020. This will allow users to pay for goods and services without the use of their local currency. The Facebook’s consortium to introduce Libra has reportedly joined by more than a dozen companies including PayPal, Uber, Visa Mastercard, the crypto exchange Coinbase, eBay, etc.
The companies and telecommunication firms will invest around $10 million each into the project. Facebook CEO Mark Zuckerberg has promised a new direction for the global giant. Analyst Mark Mahaney said that this crypto initiative would facilitate shopping, applications, and gaming. The currency will also leverage its broad user base in Asia.
Libra is just the beginning of an exciting journey
Libra is said to be powered by blockchain technology. Mark Zuckerberg has shared on his Facebook page that this is just the beginning of an exciting journey as he is looking forward to sharing more soon. He has also said that there’s still a lot more to learn and do before Libra will be ready to launch officially.
About the privacy concerns, he said that privacy and safety will be built into every step and that the global giant will provide the fraud protection so if you lose your Libra coins, we’ll offer refunds. “This is an important part of our vision for a privacy-focused social platform where you can interact in all the ways you would want privately, from messaging to secure payments,” he further said.
Libra – decentralized currency
The Libra currency will be decentralized means that it will be available to all those having internet access. An important contribution of Libra would be its low fees and cost-effectiveness. Libra will make it easy for everyone to share money just like the sharing of pictures and messages.
What is Calibra?
Facebook will also launch its independent subsidiary called Calibra to enable the sending and receiving of transactions. The digital wallet will be available in Whatsapp and Messenger and as a standalone app next year. Calibra will be regulated like other payment service providers. The information shared with Calibra will be kept separate from the information shared by users on Facebook, said Mark Zuckerberg.
Do you really think that Libra will transform the world currency setup and banking transaction systems? Please leave your comments