Facebook Libra, according to its developers is generally a digital currency or cryptocurrency which is largely a move that is aimed at finding a solution and reaching the billions out there in the population who have no access to bank accounts.
Around the month of June the year 2019, Facebook made an announcement of this digital currency Libra which is said to be ready and good to go for use by the beginning of the following year, 2020. Facebook Libra cryptocurrency is aimed to allow the billions of users there are on the platform, globally, make financial transactions online.
Players in the financial industry and banking industry in particular have already felt the heat of the wave and as a result of the fears that they have looking at the way this technology is going to reshape the landscape of banking and finance in general, there is already an instigation of lots and lots of scrutiny of the subject by many players and legislators alike. Naturally, this may be the reason behind all the calls there have been for regulation and mention of lots of antitrust measures.
Having mentioned all these, as a consumer as ordinary as you are without getting much into the power-plays and issues above, the question you must be asking yourself is when this Facebook Libra cryptocurrency will be good to go for you to use it to pay for goods and services. Read on for all the basics and facts that you need to know about this digital coin.
To quote what Facebook says Libra is, Libra is a “global currency and financial infrastructure”. From this, we can say that Facebook Libra is a digital asset that is built by Facebook and powered by the new Facebook-created version of blockchain. A blockchain is basically an encrypted technology and is often used by a number of the cryptocurrencies, Bitcoin and the like examples. Having said these, the question that may still remain a baffling one to many is why Facebook is launching cryptocurrency and whether or not they are allowed to do so in the first place. Read on and find out more below.
As we already have seen given in the preliminaries, the aim of the project, at least as given by Facebook themselves, is to reach to the billions in the global population who actually aren’t accessed to bank accounts. But this be as it is, it is to be known that Facebook in and of itself will not be in charge of Libra anyway.