Faizel Patel, Radio Islam News – 19-06-2019

(Twitter: @FaizelPatel143)

Facebook has announced plans to launch a new global cryptocurrency called Libra pledging to deliver stable virtual money that lives on smartphones and could bring over a billion “unbanked” people into the financial system.

AFP reports, the social networking giant is linked with 28 partners including MasterCard, Visa, PayPal, Lyft, Uber to form Libra Association, a Geneva based company, the only entity able to “mint or burn” the digital coin maintaining supply in tune with demand and assets in reserve.

Facebook and some two dozen partners released a prototype of Libra as open source code for developers interested in weaving it into apps, services or businesses.

To facilitate transactions, Facebook also created Calibra, which will offer digital wallets to save send and spend Libra’s.

Calibra is being built into Facebook’s Messenger and WhatsApp with a goal of letting users send Libra as easily as they might fire off a text message.

Analyst and cryptocurrency investor Lou Kerner says Facebook’s move has the potential to open the door for cryptocurrency to a wider public.

The whole system is scheduled to launch early next year.