The social media giant, Facebook on Tuesday (June 18) has announced its much anticipated project of its own digital global currency, ‘Libra’, which will provide an alternative to cash, credit cards and bank transfers. Libra Association debuted with 28 members including MasterCard, Visa, Stripe, Kiva, PayPal, Lyft, Uber and Women’s World Banking. The Libra Association will be the only entity able to “mint or burn” the digital currency, maintaining supply in tune with demand and assets in reserve, according to Barel.
“Libra” — described as “a new global currency” — was unveiled in a new initiative in payments for the world’s biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream. Facebook and some two dozen partners released a prototype of Libra as an open source code to be used by developers interested in weaving it into apps, services or businesses ahead of a rollout as global digital money next year.
The initiative has the potential to allow more than a billion “unbanked” people around the world access to online commerce and financial services, said Libra Association head of policy and communications Dante Disparte. “We believe if you give people access to money and opportunity at the lowest cost, the way the internet itself did in the past with information, you can create a lot more stability than we have had up until now,” Disparte told international news agency.
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20 September, 2019