Facebook launches Libra digital currency

Facebook launched Libra along with more than 10 business partners

A few hours ago the website of what would be the new "cryptocurrency" of Facebook was published.

The digital currency Libra, which had previously been speculated to be called GlobalCoin, is an initiative of the Libra Association, an NGO with offices in Switzerland.

The association's mission is to "empower billions of people by creating a global currency and global financial infrastructure."

In this way, Libra will be focused mainly on people from developing countries, where the rate of financial inclusion is low.

For this, Facebook, who created this association, has achieved commercial alliances with the largest companies in various sectors.

Among the partners are payment companies (Mastercard and Visa), telecommunications (Vodafone), e-commerce (Mercadolibre) and many more.

Source: https://www.theblockcrypto.com/2019/06/18/facebook-libra-cryptocurrency-calibra-launch/

According to the white paper, it would be a stablecoin which will be fully backed by a reserve of assets (the Libra Reserve) and supported in a competitive network of exchange houses or exchangeg.

The backup will consist of a collection of low volatility assets, including bank deposits and instruments issued by governments with stable currencies.

Also, in the statement it is mentioned that it will be a blockchain scalable that will use a programming language called Move.

Because its goal is to target a global audience, the software that implements the Libra Blockchain is open source, designed so that anyone can build on it, and billions of people can depend on it for their financial needs, notes the release.

On the other hand, it also announced the launch of Calibra, a new subsidiary of Facebook whose objective is to provide financial services that allow people to access and participate in the network.

The first product that Calibra will introduce is a digital wallet, which will be available in Messenger, WhatsApp and as a standalone application. It is expected to be launched for 2020.

For the moment, the project is in testnet, interested users can make use of this.

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