There's been a lot of talk on Facebook's very own cryptocurrency and now an official announcement on the details and launch date of the new cryptocurrency has been revealed. It will be called Libra and will likely be launched sometime in 2020.
The new cryptocurrency will be run by a subsidiary named Calibra that's backed by not only Facebook, but other financial organisations like Visa, Mastercard, and even PayPal!
Libra will have its own standalone app, but it will also be available on Facebook Messenger and Whatsapp. By doing so, Facebook aims to empower and allow people to send Libra to “almost anyone with a smartphone” and as “easily and instantly” as one would send a typical text message or media file - all this at virtually no cost.
Facebook has also stated that Libra will be strongly protected, set with some of the strongest anti-fraud processes used by banks and credit cards companies. The social media company has also shared that they will “proactively monitor activity to detect and prevent fraudulent behaviour” in typical scenarios, such as unlawful access to the user’s account.
Of course, when it comes to Facebook, there are fears of privacy issues. To which the company firmly stated that it will not share account information or financial data with Facebook or any other third-party without the express consent of the user.