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Facebook has lifted the veil of its new cryptocurrency. The new digital currency of the social network is officially known as Libra. According to our previous report, the new cryptocurrency will be managed by a subsidiary, Calibra, free of Facebook and supported by several partners. Most are financial organizations such as Visa, Mastercard and PayPal.
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As part of its official announcement, Facebook indicates that Libra will have its standalone application, but that digital currency will also be available on Facebook Messenger and WhatsApp. More importantly, the company is expected to launch and deploy cryptocurrency sometime in 2020. Although no specific date has been mentioned.
Thanks to its availability on its main email service, Facebook hopes to empower and allow people to send Libra to "almost everyone with a smartphone" and also "easily and instantly" as you would with a text message or a file multimedia. Virtually no cost.
Facebook also indicates that its new Libra will be heavily protected. To this end, its digital portfolio, Calibra, will feature some of the most powerful anti-fraud processes used by banks and credit card companies. In his blog post, the social media giant said it would "proactively monitor the activity to detect and prevent fraudulent behavior" in typical scenarios, such as an access illegal to the account of the user.
The company also insisted on the privacy issue by stating that Calibra would not share account information or financial data with Facebook or any other third party without the express consent of the user.
(Source: Facebook)
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