After a long
speculation, finally the social media via Facebook is going to introduce their
own digital currency 'Libra'. Initially, Mark Zuckerberg's association Facebook
has signed with more than two dozens of organizations in the world, including
Visa and MasterCard regarding the digital currency.
Facebook say,
their cryptocurrency Libra will be launched in next year. But in the meantime
28 organizations have contracted with Facebook. These are the payment
companies, commercial companies and venture capital companies from the Globe.
Before being
officially launched, Facebook hope that Libra will sign agreement with at least
100 famous companies. At present, there are 1.7 billion of people in the world
yet who are not maintaining any bank account but a large number of these people
are suing Smartphone. Facebook has targeted the vast majority of people to
raise Libra as a way of financial transactions.
They also said
that there is no need of a bank for financial transactions in this digital
currency system. It is possible to send money directly from any Smartphone to
another across the world.
Expert
opinion about Libra is that this digital coin of Facebook is going to bring a
big change to the banking and financial system around the world. Facebook is
creating its own 'digital currency' in the financial market. Not only that, but
also to draw crystallization on the digital platform, Mark Zuckerberg already
tied up with the bandwagon.
Although the
decision for the organization is final, America and England have not been
agreed yet. They are looking answers for a bunch of questions for the safety of
users to Zuckerberg. The US Federal Reserve System has added its voice to the
chorus of doubts raised by lawmakers, politicians and others worldwide about
Facebook's newly announced crypto currency, Libra.
Read the
article published on cnet on 10th July, 1019: Facebook Libra cryptocurrency a 'serious concern' for Federal Reserve, report says.
According to
a Bloomberg report "India, the third largest economy in Asia, is considering not allowing the cryptocurrency Libra to be traded at all".
If Libra can
come to the market, it can turn the foundation of banking and economic system
all over the world!
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