Facebook has gone a long way in bringing crypto currency or virtual currency Libra. Facebook has officially called for Libra to step forward, despite various setbacks and political pressures. US lawmakers, regulators and political leaders have been deeply critical of Facebook's plans for this virtual currency.
Libra is a non-profit organization working for the management of the currency. Twenty-two members of the company formally signed the agreement last Monday. On October 8, the Libra Association officially held its first meeting in Geneva. Initially, the Libra Association was a member of 20 organizations. Due to political criticism, five organizations have withdrawn from Libya. So before Monday's meeting, concerns were raised over Libya's future. Facebook, however, spoke of their strong efforts with Libra at the meeting.
Recently Visa, MasterCard, and PayPal announced the withdrawal from Facebook's Libra initiative.
Facebook's initiative to create a private currency that facilitates cross border payment systems is said to be regulated in different countries. The Switzerland-based Libra Association, however, says they will keep the initiative away from Facebook. Libra will not be owned by Facebook.
Lawmakers say that where Facebook is stepping in to protect users' privacy, the launch of a currency like Libra will pose a danger.
France and Germany have already called for action to stop the use of Libra in Europe. Zuckerberg will have to attend a hearing before the United States House Financial Services Committee on October 29 over the Libra project.
What is Libra?
Facebook Libra will provide an electronic wallet for all. Facebook says the value of this currency will be calculated in line with the international currency's value. Libra can be bought with conventional currency. A Facebook whitepaper says that Libra will not show ads targeting Facebook users because it does not contain Facebook user information. However, Facebook plans to combine various Facebook products with Libra payments. Facebook has hundreds of millions of users using these products regularly. The difference with crypto currencies like Bitcoin will be the ease and ease of use.
Facebook says virtual currency will include things like bank deposits, short-term government security. It will not have the same inflation as other currencies.
David Marcus, head of the Libra division of Facebook, Libra's developer, said they plan to provide financial benefits to virtual currencies in the future. This includes things like lending. Significantly, Facebook will not pay any interest against the libido that a Facebook user puts into his account.
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| Libra Cryptocurrency |
Libra is a non-profit organization working for the management of the currency. Twenty-two members of the company formally signed the agreement last Monday. On October 8, the Libra Association officially held its first meeting in Geneva. Initially, the Libra Association was a member of 20 organizations. Due to political criticism, five organizations have withdrawn from Libya. So before Monday's meeting, concerns were raised over Libya's future. Facebook, however, spoke of their strong efforts with Libra at the meeting.
Recently Visa, MasterCard, and PayPal announced the withdrawal from Facebook's Libra initiative.
Facebook's initiative to create a private currency that facilitates cross border payment systems is said to be regulated in different countries. The Switzerland-based Libra Association, however, says they will keep the initiative away from Facebook. Libra will not be owned by Facebook.
Lawmakers say that where Facebook is stepping in to protect users' privacy, the launch of a currency like Libra will pose a danger.
France and Germany have already called for action to stop the use of Libra in Europe. Zuckerberg will have to attend a hearing before the United States House Financial Services Committee on October 29 over the Libra project.
What is Libra?
Facebook Libra will provide an electronic wallet for all. Facebook says the value of this currency will be calculated in line with the international currency's value. Libra can be bought with conventional currency. A Facebook whitepaper says that Libra will not show ads targeting Facebook users because it does not contain Facebook user information. However, Facebook plans to combine various Facebook products with Libra payments. Facebook has hundreds of millions of users using these products regularly. The difference with crypto currencies like Bitcoin will be the ease and ease of use.
Facebook says virtual currency will include things like bank deposits, short-term government security. It will not have the same inflation as other currencies.
David Marcus, head of the Libra division of Facebook, Libra's developer, said they plan to provide financial benefits to virtual currencies in the future. This includes things like lending. Significantly, Facebook will not pay any interest against the libido that a Facebook user puts into his account.