Facebook libra money

France 24 is not responsible for the content of external websites. Facebook already rules daily communication for more than two billion people around the world. Now it wants its own currency, too. The social network unveiled an ambitious plan Tuesday to create a new digital currency similar to Bitcoin for global use, one that could drive more e-commerce on its services and boost ads on its platforms. But the effort, which Facebook is launching with partners including PayPal, Uber, Spotify, Visa and Mastercard, could also complicate matters for the beleaguered social network. Facebook is currently under federal investigation over its privacy practices, and along with other technology giants also faces a new antitrust probe in Congress.

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WATCH RELATED VIDEO: Is Libra really a cryptocurrency? Facebook’s new money, explained - WIRED Explains

The Trouble Starts If Facebook’s New Currency Succeeds

It was in January , that the founder of Facebook, Mark Zuckerberg, announced among his new year resolutions that he will be looking into the positive and negative impacts of cryptocurrencies. Fast forward a year and a half and the launch of the libra coin was announced. What makes it different from bitcoin and the rest of the altcoins?

Where and how are we supposed to use it? Libra is a digital currency built on blockchain that was proposed by the American social media company Facebook.

In July , the Libra Association — a Swiss group made up of 28 stakeholders, all Silicon Valley megacompanies including Facebook, MasterCard, Visa, Lyft, Uber, and Spotify — released a white paper where they defined Libra currency and how it will function. Libra will run on a blockchain, however, it diverges from a traditional blockchain in a couple of ways. The other partners of the Libra Association, e. Spotify and Uber, will also search for ways to integrate Libra payments.

In the application, users will be able to carry out real-world fiat to crypto conversion to obtain their Libras, which they will be able to send to each other for a very small transaction fee or use to pay for their coffee. Until now crypto assets have remained somewhat a niche class. However, when a megacompany with over 2.

If Libra is to store metadata about every transaction and, for example, cross-reference it with apps like WhatsApp, they could come up with a detailed user profile. The questions about a private group creating its own currency , possible hacking, tax evasion and money laundering have also been raised.

The payment processors got cold feet in face of being held responsible if Libra made things too easy for terrorists and money launderers. As a result, the Libra Association and project, in general, can count with only one payment processor PayU. Despite the criticism, there are also opinions that welcome Libra as a new asset class leading to financial innovation.

Facebook has said that the plan is to move to a fully decentralized network within five years. That means that the value of Libra units in circulation will be backed by a reserve of low-risk assets like bank deposits in various currencies and US Treasuries. The Libra reserve is made up of the U. This move is intended to prevent its value from fluctuating too wildly. That has also been the argument to defend its centralized nature.

Facebook-backed Diem aims to launch digital currency pilot later this year

Called Libra , the cryptocurrency and blockchain system is backed by major companies and groups and scheduled to hit the market in Facebook wants Libra to become a global currency that could help the 1. Unsurprisingly, the announcement was met with calls for tough scrutiny from regulators and skepticism from technologists and the cryptocurrency community. Congressional committee hearings already are planned. Wall Street, however, gave a thumbs up to this endeavor because it adds a potentially big source of revenue for Facebook beyond advertising. The stock was up as much as 8.

Libra is not a (new) cryptocurrency like Bitcoin. How revolutionary and stable is this virtual money? What are the economic limits? facebook libra money.

ECB warns the future of money is at stake as Facebook preps January crypto launch

By Donna Lu. Facebook is launching a cryptocurrency. Facebook announced its plans to launch Libra , a digital currency, in Once in circulation, the cryptocurrency will be stored in a digital wallet called Calibra, which will be available as a standalone app as well as within Facebook Messenger and WhatsApp. Facebook has created a subsidiary of the same name to administer the services. Once launched, users will be able to buy Libra and add it to their digital wallet. Similar to the Chinese social app WeChat, which has integrated payments, Libra will be built into Facebook Messenger and WhatsApp, allowing users to send and receive money via messages. Eventually, the firm envisages Libra will also be used for offline payments too , such as paying bills, buying coffee, or paying for public transport. The currency has been backed by Visa and Mastercard, as well as tech firms including Uber, Spotify and eBay, meaning that they are likely to accept Libra payments in future. Libra will be built on its own blockchain, a decentralised database that records the history of transactions over time.


facebook libra money

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The cryptocurrency project has been dogged by concerns over regulation and security. Facebook's proposed global digital currency has suffered a setback after major payment companies including Mastercard, Visa and eBay pulled out.

Opinion: Facebook's Libra and the power of money

Copyright The Associated Press. All rights reserved. Libra, which was later known as the digital currency project Diem, is dead and its assets sold to bank holding company Silvergate Capital. A once-ambitious but now faltering Facebook-backed digital currency project known as Diem is dead, its assets sold to bank holding company Silvergate Capital. Silvergate and the Diem Association announced the sale on Tuesday.

Meta’s cryptocurrency ploy all but dead with Libra/Diem seeking to sell assets

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CONSUMERS WILL probably view holding Facebook's new currency, Libra, as an alternative to putting money in the bank.

Will Facebook’s Libra Bring Cryptocurrency into the Mainstream?

The Diem Association, which was launched by Facebook in and was supposed to govern a new cryptocurrency that the social media group would create called libra, is said to be winding down and selling its assets. The bank serves bitcoin and blockchain companies and had been working with the Diem Association. Sale negotiations are not concluded, but sources have confirmed that the project is.

Facebook to launch digital currency, Libra, in effort to create new global payment system

RELATED VIDEO: Bitcoin \u0026 Facebook's Libra: The Future of Money - Cryptocurrencies - Cryptonews - Dollar - Diem

Rare was the occasion when President Trump and Rep. Maxine Waters could agree on anything, but Facebook has a knack of bringing people together. The matter at hand was Libra, a new digital currency designed for use on the social network. Trump was sharper. It was a PR disaster for Facebook.

Facebook faces a rough road ahead with Libra, but defections by high-profile partners are still unlikely to spell the end for the digital currency. On Friday, Visa and MasterCard announced their departures from the Libra project, as did e-commerce giant eBay and payments startup Stripe.

Facebook is shifting its Libra cryptocurrency plans after intense regulatory pressure

After months of rumours, Facebook finally unveiled its digital currency plans - and they did not disappoint. The social media giant's plans are far-reaching and have already attracted some well-known partners to back it. Is Libra really the best of the libertarian cryptocurrency and traditional corporate worlds combined? When the social media giant with close to 2. Facebook's Libra, clearly has the potential to quickly achieve vast scale, setting it apart from any other cryptocurrency and virtual or gaming currency around. Facebook is well aware that in order for Libra to be successful, it needs to open it up, which is why it is seeking the support of other corporate backers and has announced that Libra will launch as an independent entity in

Facebook to launch global ‘Libra’ cryptocurrency

Representations of virtual currency are displayed in front of the Libra logo in this illustration picture, June 21, O 's Libra project, plans to launch a U. The association, which comprises 26 financial firms and non-profits, said it was relocating its main operations from Switzerland to the United States and withdrawing its payment system license application with the Swiss financial regulator.

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  1. Hamzah

    This brilliant idea has to be purposely

  2. Pruet

    Congratulations, very good idea