After social media, Mark Zuckerberg-led Facebook wants to take over the cryptocurrency world as it plans to launch its digital coin Libra.
After social media, Mark Zuckerberg-led Facebook wants to take over the cryptocurrency world as it plans to launch its digital coin Libra. The social media giant is mulling over a financial transactions system for its over 2 billion who could use the virtual currency to make everyday purchases, especially those with no access to traditional bank accounts. The coin, backed by blockchain technology, is expected to debut in the first half of 2020.
“Right now, there are around a billion people who don’t have a bank account but do have a mobile phone. We aspire to make it easy for everyone to send and receive money just like you use our apps to instantly share messages and photos,” the social media platform founder Mark Zuckerberg said in a Facebook post. The financial transaction system is expected to help people as they would not need to carry cash or pay extra fees for transfers, he said.
Libra and Calibra
The social media giant is also planning to launch an independent subsidiary Calibra that will build services that would help to spend and save Libra. The digital wallet that would be available in WhatsApp and Messenger and as a standalone app in 2020, he added.
The payment service provider Calibra would be regulated like other peers and the information stored here would be kept separate from what users share on Facebook, he added.
“From the beginning, Calibra will let you send Libra to almost anyone with a smartphone at low to no cost. Over time, we hope to offer more services for people and businesses — like paying bills with the push of a button, buying coffee with the scan of a code, or riding local public transit without needing to carry cash or a metro pass,” he also said.
The popular cryptocurrency Bitcoin on Sunday crossed the $9,000 level ahead of Facebook announcing its own cryptocurrency. The virtual cyrptocurrency is now up 146 per cent this year, even as it lost significant value for the most part of the second half of the last year.