Since the past two years cryptocurrency have been getting a lot of popularisation. And all were known for their value in the market. The bitcoin has gained a major lamplight in this case. From it's rising value to it's dropping rate everywhere it was famous.
Now what else we are hearing is that facebook is planning to launch it's own cryptocurrency called as Libra which hopes that it will change the global economy. The cryptocurrency Libra is expected to be launched in the first quarter of 2020. You will be able to send Libra through Facebook and Whatsapp which will act as an intermediary for transfer of your trditional currencies. You can pay your bills to Spotify subscription through Libra as many companies have joined for the launch of the Libra. Facebook is also hoping that it will be accepted as a form of payment. The facebook's Libra is built on blockchain based network.
And if you are worried about your Facebook account informations and your transaction details to be get leaked then here is the saviour. Facebook is going to set-up a separate company to be named as Calibra which will look into the transaction and other payment related details without messing up with your Facebook account's details. Calibra will also handle Libra integrations for Facebook’s other products.
The Libra can be accessed by every person having a smartphone and a internet connection. Libra is going to have a separate wallet like Paypal etc. through which you can do your required transactions. Facebook beleives that " Moving money around the world would be so easy and cheap like sending a text message". Facebook says it's cryptocurrency will be different from any other digital currencies like the bitcoin that is used in today. Unlike others the Libra's value will be tied to real money that are backed by banks and government securities in major currencies like the U.S. dollar, euro, yen and others. You don't have to worry of the dropping of the value of the currency, even if the rate drops the value will remain the same so shopkeepers and other store managers have no worry in accepting this currency.
Facebook says that it has set-up major securities. The user have to first go through a process to confirm their identities. Facebook says it won't be using any of the calibra data to trigger users with different ads which annoys as we all know.
So ahead of the launch facebook is going to have many questions regarding their digital currency. I hope this currency would be of great help to the users.