Facebook is all set to launch Libra cryptocurrency next year. As per reports, the newly formed digital currency, Libra will be launched in 2020. The Libra currency, which will be kept in a digital wallet, will be available in Messenger, What’s App as well as a stand-alone app. The social giant has formally unveiled the digital currency project – Libra on Tuesday. Meanwhile, Facebook is also in talks with other players to create Libra association. The independent association will manage the currency and Calibra (Digital wallet). The announcement of cryptocurrency has come at a time when the social platform is under regulatory and political scrutiny over mishandling of user data.
The social giant has launched a test version of its blockchain, the technology on which cryptocurrencies such as bitcoin. It will an open-source software where developers can experiment with building applications on the platform and submit feedback on the code.
With 2.4 billion users around the world, Facebook’s goal is to bring cryptocurrency into the mainstream. The name Libra was inspired by the Roman unit of weight measure which is basically a symbol for the balance of justice.
Along with Facebook, Libra is backed by 28 partner companies and nonprofits including finance and tech giants such as MasterCard Visa, Spotify, PayPal, eBay and Uber while as the rival bitcoin is already backed by dozens of companies including Uber, PayPal and Mastercard.
Facebook has promised that it won’t access information from the currency’s digital wallets without the customer’s consent. However, in recent years, investors have lost hundreds of millions of dollars through hacking and even markets has been plagued by accusations of money-laundering, illegal drug sales and terrorist financing and others.