Facebook And The New Cryptocurrency: Libra
Facebook has created a new digital currency and its name is Libra. With partnership with Visa, PayPal, Stripe, Mercado Pago. Furthermore, these merchants will be accepting Libra.
Moreover, other tech companies on board with Facebook for Libra include eBay, Uber, Lyft and Mercado Pago.
Overall, Libra seems pretty solid because Facebook will also be introducing a new digital wallet with it called Calibra. People will be able to exchange and store the currency as well in a safer way. The mission will be done with and through Facebook apps.
What Is Libra The Cryptocurrency?
Libra will be introduced during the 1st half of the coming year. The currency will be run by the Libra Association which is based in Geneva, Switzerland.
The whole aim of the cryptocurrency is to be accessible, secure and then be stable. It has also been announced that Libra cryptocurrency will be backed by the Government’s money.
Libra Doesn’t Look That Solid
It is apparent that to make Libra legit, there might be serious problems. It seems to me that Sheryl Sandberg’s Facebook COO is trying to come up with a one-stop solution for digital currency.
This means that Facebook is trying to secure a name in the cryptocurrency industry by the name of Libra and then support it with all sorts of other mechanisms including digital wallets and currencies.
The gimmick and trick by Facebook here with the cryptocurrency is that they are going to come up with a one-stop solution, the cryptocurrency itself (aka: Libra) and then come up with a well-rounded solution such as the Digital Wallet to support it and so the money goes back to Facebook itself with its detrimental exchange rates on and for the app. Close?
The idea is that Libra will be a secure way of exchanging money, payments and other business activities by a complete solution online.
Furthermore, and lastly, with the new cryptocurrency, Libra, being backed by monetary exchanges with government money, a solid backing and great support, America might be in for a pleasant ride with Libra;
‘A secure and digital way of monetizing your payments and solutions (complete and secure with AI) to facilitate buy and sell exchange’ online.
However, with a new conference in March 2020 on Libra, it is apparent that Libra might not bear fruit.
Moreover, if Facebook’s current CEO-ship changes where the COO comes in to change the leadership and the existing political situation changes so that we have a new President in The U.S. and things change across the globe.
However, not that The U.S. is in a good place or its citizens, really!
Stay Tuned At Tech Unveiled.