July 24, 2019

Facebook own currency

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Facebook has announced its own digital currency, Libra, which will be available in the first half of 2020. The rumours before the announcement called it GlobalCoin and classified as cryptocurrency. Facebook also described it as ‘powered by blockchain’. Facebook, along with 27 other partner companies, founded Libra Association in Switzerland. According to a white paper from Facebook, there will be a real reserve of low-v...olatility assets behind Libra to provide its stability and value, including cash and government securities from stable and reputable central banks. Users will keep their money and pay through a new service, Calibra (the digital wallet for Libra). The wallet will be available in Messenger, WhatsApp and as a standalone app. The main advantages are money transfer inside Facebook apps without fees and the ability to convert it through ATMs. According to many experts, Libra is not cryptocurrency because it is not based on blockchain (distributed ledger) technology. Now it resembles an attempt to compete with other digital payment systems. The short news received a lot of comments from very different sources. Some of them are optimistic about the future of new global digital money and its potential positive influence on financial ecosystem. Others are very sceptical. A Senate banking committee has scheduled a hearing on Facebook's currency project for July 16.

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