Facebook is all set to launch its digital currency, Libra, in January 2021
The social networking site ‘Facebook’ has announced the launch of its digital currency 'Libra' in January 2021. According to the World News Agency, Facebook has finally announced that it will launch its digital currency a month later, in the first week of January 2021. Facebook chief Mark Zuckerberg has been working hard since last year to introduce his digital currency, Libra.
According to reports, the obstacles to the launch of Libra have been removed, but even in January 2021, only a limited version of the digital currency Libra will be introduced by Facebook. Facebook is currently offering a digital currency in US dollars, but more currencies will be added to the project at a later date.
Earlier, Facebook had decided to offer Libra in the form of digital coins at different prices, but now a change in policy is possible. Facebook's concerns over the new digital currency had been raised as several European countries and global regulators had expressed concerns about the currency's impact on the global economy.
Earlier, Facebook had said in the plan that after the introduction of digital currency, the company's users will be able to make their payments through Facebook's app or messaging platform 'WhatsApp'. However, Facebook's plan was openly criticized by France and Germany, who said it could pose a threat to EU sovereignty.
The biggest hurdle in Libra's offer was that in October 2019, PayPal, MasterCard, Visa and eBay separated themselves from Facebook's digital currency project. The launch of Libra was delayed due to above financial companies distancing themselves from the Facebook Digital Currency project, but Libra will now be available to users in January 2021 with a limited edition.
The administration assured that Libra's user information would not be used for other Facebook-related applications. Facebook is partnering with 27 other organizations around the world to form the Nonprofit Libra Association, a currency aimed at providing financial services to people outside the banking system. Libra's website states that 31% of the world's population does not fall within the ambit of the traditional banking system. Libra wants to improve their access to financial services.
Facebook said that payments in this currency will be as easy as sending a message to someone. Payments will be made at a much lower cost, but it will also deduct commissions from payments made through its platform. According to foreign sources, in the next phase, Libra will also be used for offline payments such as paying bills, buying deals and traveling on public transport.
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Resources:
1- https://www.cnet.com/news/facebooks-controversial-libra-cryptocurrency-could-launch-in-january/
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great post dear. what according to you will happen if LIBRA comes out successfully to the other social blogging platforms which are leveraging Blockchain technology. Precisely what will happen to HIVE, STEEM, BLURT , Publix0, and other similar project. cheers
Thank you dear. Initially Libra will be used to make payments, but in the long run, Facebook has plans to start its own stablecoin.