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Facebook announces Libra cryptocurrency

2019-06-18 17:09 by
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Facebook is officially entering the crypto game. Today, the company formally unveiled its highly-anticipated cryptocurrency. It's called Libra. Facebook also announced the creation of the Libra Association, an independent organization that will manage the currency, and Calibra digital wallet.

When it launches in 2020, Calibra will let people send and receive Libra cryptocurrency by simply using a smartphone. Eventually, Facebook said, it wants to offer more services for people and businesses, including the ability to easily pay bills, buy a cup of coffee with the scan of a code and use it to ride public transit without the need for cash or a physical pass.

The digital wallet will be available in Messenger, WhatsApp, but also as a standalone app. The decision to launch such a service is based on the people's need to save, send or spend money even if they don't have a bank account.

Calibra is set to "have strong protections in place" to keep people's money and private information safe. Facebook says it will rely on the same verification and anti-fraud processes as banks and credit cards, noting that it will have automated systems designed to proactively monitor activity and prevent fraudulent behavior on people's Calibra account. If someone does gain access to your account and your Libra balance is affected, the company said Calibra will offer you a refund. Meanwhile, a dedicated live support team will be there to help people if they lose their phone or the password to their account.

Read more -here-

 

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