Facebook Libra and Calibra: Everything to know about Facebook currency you may all use in future

Facebook launched a new digital currency
wallet called calibra earlier this week it is going to be operated by a company
with the same name Calibra has facebook explained in its blog post is part of a
new subsidiary that Facebook and friends have created two focuses on financial
services inside the Calibra wallet you will find Libre the digital currency or
the cryptocurrency it is based on blockchain technology and at its launch
which is set for 2020 it will enable anyone to save spend and send money on
Facebook’s network using Calibra and Libre the ultimate goal as Facebook
explains is to eventually enable people to do real-life transactions like paying
bills buying a cup of coffee or riding local public transit without using cash
or something like a Metro pass from the beginning calibra will let you send
Libra to almost anyone with a smartphone as easily and instantly as you might
send a text message in a low to no cost Facebook notes the best thing about
Libra is that users were to use it not only using a standalone app but also
using whatsapp and Facebook Messenger to Facebook apps that are popular among
uses all this jibber-jabber about calibra and Libra might sound a bit
confusing more so to those who are not familiar with the concept of blockchain
and crypto currencies so here is simple explain that that will help you
understand what Facebook is up to this time what is Calibra and what is Libra
Calibra is the digital wallet and Libra is the cryptocurrency that it stores
simple right think of Calibra and libras your Paytm
wallet and your money from an indian bank Paytm wallet is the new wallet that
stores money from your connected bank account this currency which in this case
is the Indian rupee is regulated by the RBI now apply the same analogy to
calibra and Libra calibra is the wallet and Libra the currency like Indian rupee
except in this case Libra is not regulated by RBI or any other central
bank of any other country but by the Libra Association which consists of
Facebook and several other organizations from across the globe
how is Libra different from fear currency before knowing the difference
it is important to know what is fiat currency wealth fiat currency is the
currency issue by a government foreign deaerated the indian rupee for the u.s.
it is the US dollar and for the european union it is the euro libre differs from
clear currencies any fiat currency in a number of ways first the fiat currency
can be printed libre like other crypto currencies bitcoin and litecoin cannot
it is represented digitally second fiat currencies are regulated by governments
and central banks Libre on the other hand is managed by the Libre
organisation lastly you cannot pay your taxes using Libre but you can use fiat
currencies to do so how does Libre work well those who have heard the story of
Bitcoin know that the cryptocurrency is now struggling to cross the $10,000 mark
after reaching in a time high of $19,000 in 2017 Libre is supposed to solve this
inherent problem and become the more stable virtual currency by having a set
of low volatility assets such as bank deposits and government securities
provided by the partners backing it the group of partners according to a
blockchain glove the block includes a staggering 27 names and it is a mix of
telecommunications payments ecommerce companies nonprofit organizations and
investment firms here is the list blockchain coinbase bison trails Sato
and Anchorage ecommerce eBay Farfetch’d and Mercado Pago investment firms
andreessen horowitz Union Square Ventures creative destruction lab River
capital and thrive capital nonprofits Women’s World banking Kiva and mercy
core payments visa strike PayPal hi you and MasterCard ride share uber and lyft
technology Facebook of course and Spotify a/b telecommunications Vodafone
and the ads and booking holdings each of these organizations are giving ten
million dollars to become the founding members of the Libre association and to
provide the virtual currency of stability that Bitcoin lacks that said
the only way to create more Libre coins is by purchasing more Libre coins use
fiat currency is it secure Libre is based on the Libre blockchain which in
this case is a permission blockchain at least for now
Facebook intends to turn this into a permissionless blockchain five years
later meaning it can be modified by a handful of people when they get
two-thirds of the consenting votes as is the case with any blockchain Libre is
secure but here’s a thing Facebook in its overview said that Facebook will not
share account information or financial data with Facebook will third-party apps
without consumer consent good but calibra will use Facebook data for
complying with law calibra will use Facebook data to comply with the law
secure customers accounts mitigate risk and prevent criminal activity Facebook
wrote which sure leads door open for debate will Libre be launched in India
one word and for now known Facebook will not likely launch Libre which is slated
to be launched in 2020 in US sanctioned countries or the countries that have
banned crypto currencies this includes China North Korea and Iran a facebook
spokesperson in a statement to the TechCrunch also confirmed the Libre
would not be available in the country so if you are living in India you can
probably forget all about this crypto talk for now for more updates like share
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