After several months of speculation, Facebook has finally announced its own crypto-currency, Libra. This digital currency aims to allow users to buy / sell products with virtually no fees, as well as sending money between users.
Facebook will give users the opportunity to buy / sell Pound through online platforms as well as physical stores. In this way, all users will be able to easily access the new crypto-currency. According to information published by the company, Libra will be launched during the first half of 2020.
How will Facebook globalize its crypto?
The big goal, according to Facebook, is to give financial freedom to the millions of users who do not have access to bank accounts. especially in many developing countries.
To be able to globalize Libra as effectively and quickly as possible, Facebook has created a non-profit organization called the Libra Association.
This new organization is attended by 27 companies. Among them is Vodafone , Mastercard , Uber , Coinbase , PayPal , Spotify , eBay , Visa and many others.
In order to avoid that the Libra can be monopolized by any of the companies, all will have a single vote in the decisions to be made, thus maintaining a balance in the management of the future of the criptomoeda.
How will the management and transactions of ‘Libra’
Facebook has created a subsidiary, Calibra, which will focus primarily on the management of all Libra-related transactions. Your integration will be seamless across all Facebook applications, including Messenger, WhatsApp, and Instagram. In this way, users of these social networks and messaging platforms can transfer money quickly and securely.
Mark Zuckerberg stated that the information shared by users at Calibra was completely separated from Facebook information, in order to ensure the privacy of users. This will be a ‘promise’ that will surely give you talk over the next few days.
To ensure the safety of users’ money, as with banks and credit card companies, Facebook will offer fraud protection.
A crypto-currency for payments and not for investments
One of the key features of the cryptomedical world is its high volatility, making it a haven / hell for high-risk investments.
However, as a form of payment, they turn out to be extremely complicated since their value can change considerably in just a few minutes.
For this reason, to ensure the stability of the Pound, the Libra Association will maintain bank deposits and government bonds for currencies such as the dollar, euro, pound sterling and yen.
In this way, they will be able to adjust the values of the Pound in case there is a great volatility in any other currency, guaranteeing the stability of its crypto.