The New Facebook Currency Libra
Facebook have recently announced their plans to launch a new digital currency. The new currency will be called Libra and they aim to bring it out next year. Over the next few months, Libra will be developed and tested, aiming to launch in the first half of 2020.
How can you use it?
It will allow you to buy things and make payments with almost zero fees. Users will be able to make payments through Facebook apps and WhatsApp. It will also be possible for non-Facebook users to be able to use it through separate apps.
What is the purpose?
It was originally designed to help the 1.7 billion in the world without access to banking services. It was aimed at making sending money abroad much quicker at a low cost. Facebook claim they are trying to help people in developing countries, in particular women as they are the most affected by the lack of access to banking.
Other Interests In Libra
They have made 28 financial deals with companies such as Uber, Spotify and Paypal. This is so that people trust the new Facebook currency after all of the recent privacy issues they have had. With large companies already showing so much interest, it is only a matter of time before more companies back the idea as well. The group of companies and charities that will independently manage Libra will be called the Libra Association. They have also said that the user data will only be shared with its parent company and third parties when it has customer consent or when there is a law enforcement.
Government Response
The government have responded questioning the consumer protection and how the data will be stored. As there have been so many previous privacy issues with Facebook, most people responded quite concerned about Libra. The company has been advised that they should wait until the US Congress has examined Libra.
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