Facebook's Cryptocurrency

Facebook's

Cryptocurrency,

LIBRA

Facebook's LIBRA is going to be released on 18th of June, 19. It is the code named cryptocurrency who's arrival was awaited for a very long period of time.

Company’s Head of Financial Services said that the white paper would debut June 18th, and that the cryptocurrency would indeed be pegged to a basket of currencies rather than a single one like the US dollar to prevent price fluctuations.

The debut of Libra could unlock a new era of commerce and payments for the social network. It could be used to offer low or no-fee payments between friends or remittance of earnings to family s from migrant workers abroad who are often gouged by money transfer services.

Sidestepping credit card transaction fees could also allow Facebook’s cryptocurrency to offer a cheaper way to pay merchants for traditional eCommerce, or facilitate micro transactions. And a better understanding of who buys what or which brands or popular could aid Facebook in ad measurement, ranking, and targeting to amplify its core business.

Libra's working

Its nomenclature

Facebook has registered a company called Libra Networks in Switzerland for financial services. Libra comes from the word LIBOR, an abbreviation for the London Inter-bank Offered Rate that’s used as a benchmark interest rate for borrowing between banks. LIBOR is for banks, while Libra is meant to be for the people.

The Token

The cryptocurrency will be a stablecoin — a token designed to have a stable price to prevent discrepancies and complications due to price fluctuations during a payment or negotiation process.

Facebook has spoken with financial institutions regarding contributing capital to form a $1 billion basket of multiple international fiat currencies and low-risk securities that will serve as collateral to stabilize the price of the coin, The Information reports. Facebook is working with various countries to pre-approve the roll-out of the stablecoin.

Using LIBRA

Facebook’s cryptocurrency will be transferable with zero fees via Facebook products including Messenger and WhatsApp. Facebook is working with merchants to accept the token as payment, and may offer sign-up bonuses.

Facebook also wants to roll out physical devices for ATM's so users can exchange traditional assets for the cryptocurrency.

It’s possible that this cryptocurrency could benefit financially too. By introducing a level of decentralization to the governance of the project, Facebook may be able to avoid regulation related to it holding too much power over a global currency.

It is going to be REVOLUTIONARY!!

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