Facebook announces that its cryptocurrency will launch next year

Bitcoin Climbs to One Year High on Facebook Crypto Pact ReportMore

Bitcoin Climbs to One Year High on Facebook Crypto Pact ReportMore

The social network will launch the cryptocurrency in 2020, complete with a wallet developed by Facebook's new Calibra subsidiary.

As stated previously, Facebook has collaborated with various financial institutions as co-founders for its crypto project, such as MasterCard, Visa, PayPal, Stripe, eBay, Spotify, Uber, Lyft, Vodafone Group, Andreessen Horowitz, Facebook, and more.

Facebook is leaping into the world of cryptocurrency with its own digital money, created to let people save, send or spend money as easily as firing off text messages.

Facebook says that Libra will be a good option for people worldwide for whom "even basic financial services are still out of reach".

In its most recent report on global banking services, the World Bank identified financial inclusion as a key driver of development.

Facebook's stated mission for Libra is to serve the unbanked and facilitate low-fee money transfers globally. "A lot of the so-called emerging markets implemented this technology early on because their citizens don't have bank accounts, but they do have mobile phones".

A US regulatory source briefed on the matter said Facebook had been in communication with USA regulators but added it was still unclear how the currency would be structured and whether it would directly fall under any existing USA regulatory regimes. Each purchase of Libra will be backed by a reserve fund of equal value held in real-world currencies to stabilize Libra's value. Bitcoin itself remains shrouded in secrecy and fraud concerns, not to mention wild value fluctuations, making it unappealing for the average shopper.

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"We view Facebook's introduction of the Libra currency as a potential watershed moment for the company and global adoption of crypto", wrote Mark Mahaney, an analyst at RBC Capital Markets who has an outperform rating and $250 price target on Facebook shares.

"This instrument for transactions will allow Facebook to collect millions and millions of data, which strengthens my conviction that there is a need to regulate the digital giants", said French Finance Minister Bruno Le Maire in an interview on Europe 1 radio.

"Combining transaction data from the Calibra app with the social data that Facebook and WhatsApp and Instagram has, that's where the treasure trove is", Teunis Brosens, ING's lead economist for digital finance and regulation in Amsterdam, said.

Calibra also won't share account or financial information for Facebook, aside from limited cases.

Libra's initial circle of founders includes more than 20 high-profile companies that hope to expand acceptance of the new currency. Libra is a stablecoin created to tame the volatility of cryptocurrencies and thus be useful for day-to-day commerce.

The details: The Libra team will be governed by a nonprofit foundation called Calibra, based in Switzerland.

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