Libra – Facebook’s Worldwide Currency

This morning, Mark Zuckerberg, CEO of Facebook and social media world dominator has announced a new currency named Libra.

Libra’s mission is non-profit, although if you’re responsible for powering the world’s currency, you don’t really need money. People will give you whatever you ask for!

Facebook is joining with 27 organizations around the world to start the non-profit, Libra Association. While there aren’t too many details, it’s a huge step in making cryptocurrencies more available for a wider community.

In a Facebook post this morning, Mark Zuckerberg said “Libra’s mission is to create a simple global financial infrastructure that empowers billions of people around the world. It’s powered by blockchain technology and the plan is to launch it in 2020. You can read more about the association here: [link]”

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Powered by Blockchain technology, Libra will be a cashless currency that will be usable and transferrable all over the world. As there aren’t any banks or countries controlling the money, there’s no need for transfer fees, it’s secured by incredible levels of encryption, and also saves you the need for cash.

However, there are plenty of people who aren’t so keen on seeing Facebook control our money as well as online world.

In the Guardian’s online article, they said:

“US and UK officials have expressed concern about Facebook’s move into the financial sector. In May, members of the US Senate committee on banking, housing, and urban affairs wrote to Mark Zuckerberg, the Facebook CEO, asking him to answer questions on privacy concerns and financial regulation. ‘It is important to understand how large social platforms make data available that can be used in ways that have big implications for consumers’ financial lives,” the letter said. “It is also important to understand how large social platforms use financial data to profile and target consumers.‘ Facebook executives claim the Libra system will help the many millions of people without bank accounts but with access to mobile phones to enter the banking world and to more seamlessly send money.”

Mark continues, “There’s still a lot more to learn and do before Libra will be ready to officially launch.”

Yeah, no kidding! Stay tuned for more updates.

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