Tuesday, June 18, 2019

Facebook Cryptocurrency “Libra” Announced

Facebook Currency - Libra

With all the rumors heard and reports of Facebook launching its own cryptocurrency. Now, this is no more a rumor. Facebook CEO Mark Zuckerberg has announced via "Facebook" that Facebook is working on a new currency. 

In his Facebook post, Mark explains the currency which he named "Libra", that how this currency would work, what the company aims to do with it, and of course, he assures people that it’ll be private, and their data won’t be shared with Facebook.

Facebook has partnered with 27 organizations around the world to start a non-profit organization called Libra Association, with the mission to “create a simple global financial infrastructure that empowers billions of people around the world.”

Facebook Libra Cryptocurrency Launch Date

According to Mark Zuckerberg, the currency would be launching in 2020 and will be powered by the blockchain. With Libra, Facebook is aiming to make mobile banking available to people who don't have a bank account but do have a mobile phone. Zuckerberg mentions that there are a billion people around the world that don’t have a bank account to their name but use mobile phones. 

Also read: What is a Blockchain?

What is Calibra?

Mark Zuckerberg is hoping to make it easier for people to send and receive money and, he also announced a subsidiary called ‘Calibra’ that will build services to allow users to spend, send, and save the Libra currency. This will be available as a digital wallet in WhatsApp and Messenger. For this, a standalone app will also be available sometimes later.

Any data leaks?

In his post, Zuckerberg makes it a point to emphasise that data shared with Calibra will be separate from that shared with Facebook, and says “This is an important part of our vision for a privacy-focused social platform — where you can interact in all the ways you’d want privately, from messaging to secure payments.”

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