Facebook to launch its digital currency Libra in January 2021

Author at TechGenyz Facebook
Facebook Libra Cryptocurrency
Libra Cryptocurrency Coin in Digital Money Economy | Image credit: Depositphotos

Facebook has finally shifted its digital currency launch, called Libra that is going to be a big event in the coming year in January. It was quite an ongoing debate on a successful launching, as earlier it faced a drawback with the emergence of tough competition from both PayPal and other digital currency companies.

When launched in 2019, it failed to receive recognition from the global regulators on the grounds of a possible money instability or money laundering. It had been planning to create a “digital composite” of all the coins added to one synthetic coin. But now the scenario has changed for Libra, it is supposed to just one coin with a one-to-one dollar system.

Moreover, the organization has confirmed on looking at its limited scopes that had been criticized by the global regulators and to bring possible measures to create a further secure system.

With the upcoming Libra, the transaction is going to be a lot easier than comprehended. It promises to be accessible for everyone possessing a smartphone through which they will be able to carry or send money at any given point of time, from any corner of the world.

Moreover, the money transferring service will charge much less than compared to the other existing money transferring services and this motive from Facebook is quite thoughtful for people earning any sum of money.

Built on blockchains, Facebook intended to create this as a simple tool that is as easy and quick as sending a message. Also, its aim doesn’t lie in substituting other cryptocurrency systems but to provide worldwide access to the facility which otherwise is limited to only a certain part of the society by other money transferring digital systems.

Libra, an initiative by Facebook and more will be backed by government assets from central bank that gives assurity and provides proper securing stability as well.

Facebook has confirmed that once it is out, Libra can be accessed by users over Messenger and WhatsApp as well where it will be stored in their digital eWallet called Caliber.

It is quite a thoughful approach considering the requirement and surging demand for digital currency platforms which intends to expand to every corner of the world.