Author: Tronserve admin
Monday 2nd August 2021 10:23 AM
Facebook Reveals Its New Digital Currency Called Libra
As announced earlier, Facebook launched a completely new cryptocurrency availabe in 2020 – Libra. Characterized as a new digital wallet for new digital currency, the new financial service will allow consumers to keep their cryptocurrency safe and secure, as well as make various transactions.
At the time it launches in 2020, the digital wallet will be available in Messenger, WhatsApp, but also as a standalone app. The move to come out with such a service is centered on the people’s need to save, send or spend money even if they do not own a bank account.
Clearly, many people around the world still don’t benefit from even basic financial services, mostly in developing countries. Calibra, the company behind the financial service, is intended to address this problem since it will allow those who do not have a bank account to save, send and spend Libra.
Most especially, Calibra will allow members to send Libra to nearly anyone with a smartphone very much like sending a text message. Various other services will be provided to those using Libra subsequently, such as the alternative to pay their bills.
Facebook affirms that Calibra is not going to share account information or financial data with its servers or any third party without customer consent. Furthermore, the social network company says that Calibra will use Facebook data to comply with the law, secure customers’ accounts and prevent criminal activity.
It remains to be seen what merchants will accept Facebook’s new crypto currency and how companies in developing countries will be persuaded to pay their workers in Libra if they so choose.