Facebook has finally launches its much anticipated digital program currency named "Libra". It is a new program of digital money designed for the billions of people using its apps and social network. If Libra is successful, users will soon be able to shop and send the currency-known as Libra-on Messenger and Instagram, as well as use it with a wide variety of other merchants like Uber, Spotify, and MasterCard.
Libra cryptocurrency is being touted as a means to connect people who do not have access to traditional banking platforms. With close to 2.4 billon people using Facebook each month, Libra could be a financial game changer but will face close scrutiny as Facebook continues to reel from a series of privacy scandals.
Facebook says, "Moving money around the world should be as easy and cheap as sending a text message. No matter where you live, what you do, or how much you earn. Libra is for everyone".
You'll be be able to buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third party wallet apps or Facebook's own Calibra wallet that will be built into WhatsApp, Messenger, and its own app.
According to David Marcus, a former PayPal executive who is leading Project Libra for Facebook, one of the initiative's main goals is to reach the 1.7 billion people worldwide who lack access to the banking system.
"It's an anomaly that the Internet has no protocol for money," Marcus tells Fortune, adding that Project Libra will also provide more competition in financial services, along with increasing access to capital.
Facebook wants to make Libra the evolution of PayPal. It's hoping Libra will become simpler to set up, more ubiquitous as payment method, more efficient with fewer fees, more accessible to the unbanked, more flexible thanks to developers, and more long-lasting through decentralization.
Facebook did not provide specifics about exactly when and how consumers will get ahold of the currency, but executives suggest it will first be distributed on Messenger and WhatsApp in mid-2020.
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Facebook says, "Moving money around the world should be as easy and cheap as sending a text message. No matter where you live, what you do, or how much you earn. Libra is for everyone".
You'll be be able to buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third party wallet apps or Facebook's own Calibra wallet that will be built into WhatsApp, Messenger, and its own app.
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| Libra display in action on a phone. |
According to David Marcus, a former PayPal executive who is leading Project Libra for Facebook, one of the initiative's main goals is to reach the 1.7 billion people worldwide who lack access to the banking system.
"It's an anomaly that the Internet has no protocol for money," Marcus tells Fortune, adding that Project Libra will also provide more competition in financial services, along with increasing access to capital.
Facebook did not provide specifics about exactly when and how consumers will get ahold of the currency, but executives suggest it will first be distributed on Messenger and WhatsApp in mid-2020.
Don't Forget To Join Our Active Telegram Group and Telegram Channel For Questions Or Discussion.
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