Facebook Unveils Libra Cryptocurrency, Sets Launch For 2020

Facebook Unveils Libra Cryptocurrency, Sets Launch For 2020

The digital currency, called Libra, is scheduled to launch sometime in the next six to 12 months.

"If the top-line question about Facebook and antitrust is about whether to break it up and spin off the likes of WhatsApp and Instagram - well this global coin is the most invasive and risky form of surveillance they have devised thus far", Chen continued.

But Libra has a few advantages over Bitcoin, which has proven to be a volatile currency. Unlike most cryptocurrencies now out there, Facebook's Libra will be backed by a reserve of real assets, which means its value will remain largely stable.

Libra is a so-called stablecoin, 100% backed by a basket of securities and fiat currencies, such as the dollar, euro, pound and yen. Yet once a company like Facebook dives in, this might be the validation the industry needs to gain mass adoption from other traditional tech and financial players.

The social networking giant has linked with 28 partners including Mastercard, PayPal and Uber to form Libra Association, a Geneva-based entity governing the new digital coin, according to marketing materials and interviews with executives.

Calibra's website says it's "a connected wallet for a connected world", while Libra's site claims it'll "reinvent money" and "transform the global economy" so "people everywhere can live better lives".

YouTuber buys town, renames it Gay Hell to protest Trump’s policy
The town is about 24 kilometres northwest of Ann Arbor and is believed to have a population of about 70 people, according to NBC. But it was most recently put on the market in 2016 for a whopping $900,000 by John Colone, Hell's unofficial mayor.

Have to Hear Foreign Dirt to Know If It's Bad
Trump also spoke in the interview about Trump Tower Moscow, calling it more of a "concept" than a deal. According to Donald Trump there is nothing wrong in listening to all what is there to know.

You Can Now Read Trump’s ‘Secret Deal’ With Mexico
He added that if Mexico did not address the issue to his satisfaction, he would make it implement a safe third country agreement. Trump answered, "I would say that would be announced next week but except I would rather announce it now".

They would not specify which regulators or whether Facebook had applied for financial licences anywhere. The goal is for Libra to be used outside of the social network as well: Consumers may eventually be able to use it to pay for a cab or a cup of morning coffee. "It's not just access to the information of your transactions, it's direct access to your wealth and capital".

Facebook, which has had its share of issues with protecting user data on its platform, said in a news release that "w$3 hen it launches, Calibra will have strong protections in place to keep your money and your information safe".

The company claims that it won't, which is why it has created a company called Calibra - like the wallet app - which will handle the crypto transactions.

Many privacy questions remain unanswered, though. Cryptocurrencies operate on a "blockchain", a record of transactions created to be resistant. The currency's name: Libra.

And Bank of America: "With more than 2.5 billion users, Facebook and its partners could be a significant endorsement of cryptocurrency and a notable addition to the Facebook app ecosystem". "This is about fostering more sales within an ad to get more business from advertisers to make ads more interesting on Facebook", Gartner analyst Avivah Litan told the Associated Press.

French lawmakers this year approved legislation - dubbed "Gafa" after Google, Amazon, Facebook and Apple - for a new tax on digital giants, and a joint commission of the upper and lower houses of the legislature is now discussing the final details.

Related Articles