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Libra: Facebook unveils its cryptocurrency

Date: 19 June 2019 Tags: IT, Mobile & Computers
  • Social media giant Facebook has unveiled cryptocurrency Libra, its. It will be rolled out for use in 2020 and allow the platform’s billions of users across the globe to make financial transactions online. 
  • It will be serviced by a collective of companies called the Libra Association. Using Libra people can buy things or send money to people with nearly zero fees.
  • It will be open cryptocurrency system i.e. it will be more liquid and easier to exchange to/from fiat currency as compared to close cryptocurrency system such as bitcoin.
  • It will be different from most other digital payments systems as it will enable consumers to use the currency even if they don’t have bank account.
  • Its value will be pegged to basket of established currencies, including US dollar, euro and the Japanese yen, to stabilize value of digital currency. (Whereas in most of crypto currencies, their value is fluctuating based on their demand and supply)