Facebook will be officially launching digitally-native cryptocurrency, Libra, globally in mid-2020.
Facebook finally revealed the details of its cryptocurrency which will be called Libra. Libra will let you buy things or send money to people with nearly zero interest using the Calibra Wallet that will be built into WhatsApp, Messenger and Facebook app itself. According to the social media giant, Libra is an easy-to-use replacement for cash, which it claims will grant access to financial services for people across the globe. But a great deal of doubt and concern regarding trust and security arose alongside this news.
One of the greatest red flags about the Calibra enterprise is a fraud and identity theft. Facebook, on the other hand, promises to utilize the strictest technologies to ensure the safety of both users and the financial system as a whole.
This could particularly be an issue in countries where government-issued identification is unavailable or easy to forge. The initial intent for Libra is to serve primarily as a money transferring tool, Facebook’s ultimate goal is to turn it into a mainstream currency, used to make day-to-day purchases and even serve as a loan and credit system. With that said, Libra could perhaps trade alongside Bitcoin on crypto exchanges considering Facebook’s reach.