I guess is a new thing to you: Libra Digital Currency. This is the currency introduced newly by Facebook and in genuinely partnership with so many registered organizations. You don’t have to panic because it is a legit digital currency for trading.
Rundown Libra Digital Currency
This is to say that Facebook has finally disclose Libra as its new project and task in partnership with 27 organizations around the world. This project is governed and controlled by a non-profit global association called calibra.
Quoting from Zuckerberg statement on the libra project:
“Libra’s mission is to make a simple global financial infrastructure that endows millions of people around the world”
Furthermore, Zuckerberg lay more emphasis by saying that- “Mobile money can be part of our lives as we don’t have to always carry cash, which can be insecure, or pay extra fees for transfers”
Most importantly, these applies especially for people who don’t have access to traditional banks or financial services. However, We have billions of people who don’t have a bank account but do have a mobile phone.
In addition to that, Libra’s main foundation members of payment include Mastercard, Paypal, Visa, and Stripe. Also, we consider Silicon Valley institution like Uber, Lyft, eBay, as well as venture capital firm
In addition to that, Facebook says it hopes to reach 100 founding members before the official Libra launch.
New Membership is open to anyone with requirements including direct rivals like Google or Twitter. Now, the association based in Geneva, Switzerland, will meet biannually.
Over All Elements And Characteristics
- The first part to consider is the mobile: It will be convenient to anyone with an entry-level smart phone and data connectivity as well.
- Stability: this is one of the characteristics, It is uprightly back by a reserve whose main purpose is to keep its value stable.
- Fast and easy access: Libra transactions are quick and easy no matter where you are sending or spending your money.
- Use for the world: It is a global cryptocurrency and exchange that will be available around the world.
- Security panel: Libra is a cryptocurrency and exchange coin built on a blockchain designed with security in mind.
However, according to The New York Times Times, Facebook has high hopes about Libra modifying the financial system. Also, this is not in control by today’s power brokers on Wall Street or central banks.
Another statement by a Facebook member (David Marcus) stated, “This is something that could be a significant change for the entire world.”
Therefore, the main reason for creating Libra is to have a consecrated, organized entity with strong privacy commitments. Talking more on that, we will have the same governance rights as any other member.
Finally, a clear point on this is that there is a fellowship of extraordinary minds assembling to make the world a better place. The fact is that Facebook might be the biggest company ever if all these go through successfully.
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