The Social Network giant, Facebook has officially announced their Cryptocurrency Platform called Calibra. The first official Cryptocurrency for this new Platform would be Libra i.e. Facebook’s official Cryptocurrency.
Both, the Calibra Cryptocurrency Platform and the Libra Cryptocurrency will be launched together in the next year i.e. 2020. Unlike Bitcoin, the new Libra Cryptocurrency will be backed by a reserve of assets.
If we talk about future planning, the Libra Cryptocurrency will be used in offline and online services. This means you can purchase things and can make online payment through this currency on the web network.
Facebook’s executive has revealed everything about this Cryptocurrency Platform and the Cryptocurrency with their future planning and availability.
The Libra Cryptocurrency will be first launched in developed countries. Initially, this currency will be made available for the people who can transfer money through this platform from one account to another. This will be a great move for the people who don’t have a bank account of the local banks. They can easily make use of this platform to send and receive funds instantly.
Facebook is investing huge money on developing this new Cryptocurrency platform as a globally centralized platform just like the US Dollar. After gaining success in the developed countries, the same platform and the currency will be made available to the under-developing countries as well. However, the spokesperson has not disclosed anything regarding the same.
In the future, Libra will become an Internationally accepted Currency for any type of online transaction. You will be able to purchase anything or can send money through the same platform to any other’s account. The platform will be accepted globally and will not have any obstacles to transfer and receive funds even in the International domain.
The same platform and currency will support the entire range of financial products which includes credit, banking, loans etc. You will not be asked to have a bank account to make payment for your loans etc, you can repay your loan or can deposit funds without the need of a bank account.
To make this happen, the company has formed a nonprofit Libra Association with 27 partners. The platform is still in its development mode and will be launched officially in the year 2020.
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