Facebook is planning to launch a cryptocurrency to “transform the global economy.” The digital currency, called Libra, is being developed by Facebook and supported by its heavyweight partners such as VISA, MasterCard, PayPal, Uber, Spotify, etc.
According to their plan, after its launch, users will be able to send Libra inside of Facebook Messenger and WhatsApp, with it mostly being meant as an intermediary for transferring traditional currencies. Eventually, Facebook hopes Libra will be accepted as a form of payment, and that other financial services will be built on top of its blockchain-based network.
Facebook is also setting up a subsidiary company, Calibra, which will develop products and services based around Libra. It’s where Facebook intends to make money off of the cryptocurrency, and it’ll be starting with the launch of its digital wallet. Calibra will also handle Libra integrations for Facebook’s other products.
Given Facebook’s lofty goals – and its reputation for disregarding privacy and exacerbating immense political and social issues throughout the world – the announcement of Libra was followed by immediate backlash from regulators. Facebook will have a lot of questions to answer ahead of the currency’s launch in the first half of 2020.
– Everything you need to know about Libra, Facebook’s ambitious cryptocurrency – The Verge
Here we would like to share with you 10 things that Facebook users need to know about Libra. What are your views? Tell us in the comment below!
