The Role of Facebook Libra in Cryptocurrency World
Facebook’s daring attempt to create a global digital currency that promotes financial inclusion for the unbanked has caused quite a stir in the world!
What is Libra?
- It’s a “global currency and financial infrastructure” that lets you send money all over the world with lower fees than other banking services like the Western Union.
- The initial value for Libra will be close to the value of a dollar, euro or pound.
- Libra will run on a blockchain platform called the Libra Network.
- Calibra is now a subsidiary of Facebook, which is designed to provide financial services.
Will Libra shake up financial services?
Libra will allow its billions of users to make financial transactions across the world. The cryptocurrency is being branded as a means to connect people who do not have access to traditional banking platforms.
What are Libra’s prospects?
The currency is being developed by Facebook, but the company intends to share control with a group of organizations, including venture capital firms, credit card companies, and other technology giants.
When is the currency expected to launch?
Facebook intends to release Libra in the first half of 2020.