Facebook’s new digital currency Libra, is expected to launch in 2020. Here’s all you need to know about it in under 5 minutes.
Libra, a new global currency powered by blockchain technology is being introduced by Facebook to provide the basic financial services that may be out of reach for many adults in the world who don’t have an active bank account.
Calibra, the digital wallet that will hold the digital currency, will let you send Libra to almost anyone with a smartphone. Almost like sending and receiving text messages.
Facebook also plans to offer additional services to businesses as several small businesses in developing countries lack access to credit. The company is also planning additional services for people like paying bills, buying a cup of coffee by scanning a code or riding public transit without carrying cash or a metro pass.
Libra is built on a blockchain, backed by a reserve of assets and governed by the independent Libra Association. Libra is still in the development phase and Facebook will be consulting a range of experts before the roll-out.
This infographic shares a view of all you need to know about Libra.