Facebook Announces Libra, Its Own Digital Currency

Facebook finally officially announced its digital currency called Libra. With this currency, billions of Facebook users can conduct financial transactions throughout the world.

Libra users can send money to other users, and can be used to pay for products or services that support the use of this digital currency. Libra is a blockchain-based network and is not designed as a speculative asset like bitcoin whose value is very volatile.

Facebook calls Libra aimed at connecting people who previously did not have access to traditional banking platforms. And with the number of monthly users reaching 2.4 billion people, Libra could have rocked the world banking system.

In the beginning, Libra would be more widely used to send money from one individual to another who had access to traditional banks. But in the future, Libra is intended to make a mainstream cryptocurrency, which is a form of decentralized payment whose value is stable like the United States dollar.

Libra will be available on standalone or stand alone, but is also available on the WhatsApp and Facebook Messenger platforms. This currency is the fastest new available to the public in 2020.

Although made by Facebook, in the future Libra will be released to a larger community. Facebook itself has formed a Libra Association with 27 partners to monitor Libra and its development.

The association contains a number of venture capital companies, nonprofit organizations, crypto companies, corporate financial companies, technology and telecommunications service providers and others, as quoted from the Guardian, Tuesday (06/18/2019).

Some of the big companies that have registered in this association include Coinbase, Mastercard, Visa, eBay, payPal, Stripe, Spotify, Uber, Lyft, and Vodafone. This company also contributes to Libra Reserve, which is a collection of funds to ensure that each unit in the Libra currency is secured with a physical currency, not like Bitcoin