Facebook is finally going to
launch its cryptocurrency named Libra worldwide. Recently Facebook shared news about its
pseudo digital currency and its association called Libra Association that will
look overall things about Libra. Though Facebook unveiled a white paper detailing how it will
work, the App and the service are yet to be launched till the first quarter of 2020.
Facebook, Messenger, and WhatsApp users will be able to use this feature to
transfer their money to anyone they want. Facebook is
targeting its 1.7 billion users to initially provide the service with. Those who
do not have a bank account but having a smartphone will be the most benefitted.
Though the word ‘cryptocurrency’ instantly
strikes your mind with Bitcoin, it is slightly different than that. To end-users(investors), Bitcoin was something to be bought or sold depending upon the market
value. Moreover, Bitcoins’ value gets fluctuated randomly as it is governed by only a few merchants.
Unlike Bitcoin, Libra will not be
centered or controlled by few merchants but by several authorized partners. The
acceptance of Libra is expected to be very high considering Facebook is targeting
‘common people’ also who don’t have bank accounts.
So, Libra will let anyone send
their money as quickly as texting to anyone who is having a smartphone and the
Apps installed in it. Reportedly, the service will be available for free to
minimal cost.
Switzerland-based company Calibra,
a non-profit organization, will control this Libra service. Facebook along with
28 other companies like Vodafone, Uber, Visa, Spotify, Mastercard, and non-profit
Women’s World Banking has been backing this project to be launched.
There are so many things to be
clarified on this service from the Facebook side also.
Considering there are several easy
money transfer services (Tez/Google Pay/Paytm) already available to us that transfers
‘real money to the users, will Facebook be able to get hold of the market implementing
its cryptocurrency?
Will People have the trust in Facebook
with their hard-earned money after it is accused with ‘Data-scandal’ couple of
times?
Well, time will answer those
questions. But what do you think now?
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| Libra Association Partners |
Image source: google.com
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