Facebook Libra: The Digital Currency | Facebook Digital Currency Libra
Facebook is launching their own digital currency or cryptocurrency. Facebook recently announced the launch of their cryptocurrency ‘Libra’. Chief Executive Mark Zuckerberg announced the launch of ‘Libra’ on his official Facebook page. With Libra, Facebook and WhatsApp users can easily exchange money and shop with each other.
The news was originally published in December last year. At the beginning of the new year, they put forward the new staff. Their cryptocurrency team is expanding in Calabar. Facebook has also announced that London-based new company Chainspace will own it. This virtual currency will officially launch in 2020 using block chain technology.
Investors are usually excited about such a Facebook event. The world of cryptocurrency is emerging. The importance of this business depends on the advent of Facebook. Facebook Coins will now catch the eye of development in the international market. Basically Facebook’s cryptocurrency agenda will implement the liberal finance system.
In the meantime, the world’s largest financial services provider and other customer service organizations have already signed a deal with Facebook over cryptocurrency ‘Libra’. The list includes Mastercard, Visa, PayPal, Stripe, eBay, Uber, Lyft, Spotify, Coinbase, Japo, Andreasen Horowitz, Booking.com, Vodafone. A total of four companies, including these companies, will control Facebook’s cryptocurrency under an autonomous organization called the Libra Association.
But after all this, some questions remain. And is Libra cryptocurrency at all? And what will be Facebook’s role in building blockchain infrastructure quickly and efficiently? And most worryingly, who will ensure the safe use of this virtual currency. Because of Bitcoin fraud and its overuse in terrorist acts, it is unknown to anyone.
Facebook has not yet responded to these questions. However, a recent BBC interview with the Governor of the Bank of England revealed some ideas.
Governor Mark Carney said the central banks would not just sit and watch Libra’s activities. Mr. When Carney Mark Zuckerberg briefed on Libera a few months ago, he was there. He gave some warning messages about the plan. He acknowledged the need for new innovations in the global payment system. But he thinks that from that point on, there should be a clear policy in place.
Mark Carney said: ‘I welcome Libra. But Facebook should also be responsible for these issues – surveillance, consumer protection, market protection, human rights. We will not allow a network that will be used for the work of criminals and terrorists. There are no bank accounts of 1.5 billion people worldwide. Facebook is basically trying to make these huge populations their virtual currency subscribers. These people get into a lot of trouble when it comes to transferring money to family and relatives. In addition to this, the additional costs are calculated. But creating a new superfast blockchain and ensuring that the new system complies with restrictions on money laundering and terror financing will be a long and expensive process, experts say.