CEO Of Facebook Mark Zuckerberg Announces Launch Of Libra Digital Currency in 2020 

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Since it was gathered that Facebook is working on a Cryptocurrency project. So many people have been waiting to hear about the project. Many even felt the announcement will have an immediate positive impact on the price of BTC. However, BTC price experienced a decline as soon as Facebook announced its’ Libra digital currency Project

On the 18th of June 2019, Mark Zuckerberg announced in a Post that Facebook along with 27 other organizations worldwide would be coming together to create a new currency called Libra.

Zuckerberg stated that the goal is to create a “simple global financial infrastructure”, according to the post the Libra currency would be powered by blockchain and is scheduled to be launched in 2020.

He stated that a significant number of people do not make use of traditional banks or financial services, but they own mobile phones, he stated that the currency would make financial transactions easier for people with such cases.

Being able to use mobile money can have an important positive impact on people’s lives because you don’t have to always carry cash, which can be insecure, or pay extra fees for transfers. This is especially important for people who don’t have access to traditional banks or financial services. Right now there are around a billion people who don’t have a bank account but do have a mobile phone.”

He further announced that with the aim of making financial transactions more convenient Facebook would also be launching an independent subsidiary called Calibra. Calibra would enable its users to spend and save Libra, Calibra will be available on WhatsApp and Messenger and also as a standalone app in 2020. He promised that the app would be regulated like any other payment service providers and information shared with Calibra would be kept separate from the information shared on Facebook.

The CEO hopes that in the future the currency can be used in daily expenditures.

“Over time, we hope to offer more services for people and businesses – like paying 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.”

According to the announcement many companies would be using Libra to build their own services, they include payments companies like Visa, PayU, PayPal, Stripe and Mastercard  to popular services like Booking, eBay, Farfetch, Spotify, Lyft, Uber, also non – profit companies like Kiva, Mercy Corps and women’s World Banking to crypto-based companies like Coinbase, Xapo, Anchorage and Bison Trails.   

Great news right?

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