Facebook finally unveiled the details of Libra, its cryptocurrency. Using Libra people can buy things or send money to people with nearly zero fees. It will be rolled out for use in 2020 and allow the platform’s billions of users across the globe to make financial transactions online. The currency will be serviced by a collective of companies called the Libra Association.
Libra is a global currency and financial infrastructure. In other words, it is a digital asset built by Facebook and powered by a new Facebook-created version of the blockchain, the encrypted technology used by bitcoin and other cryptocurrencies.
Facebook aims to reach 1.7 billion people around the world who do not have access to a bank account. This new technology threatens to change the landscape of banking.
Facebooks’s Libra, cryptocurrency is already the subject of scrutiny, as Facebook faces increasing calls for regulation and antitrust measures.