Facebook announced that billion of Facebook users will be able to make their financial transactions by the digital currency called “Facebook Libra“.
Facebook Libra is a “global currency and financial infrastructure” powered by a new Facebook-created version of the blockchain.
All you want to know about the new cryptocurrency
The name “Libra” of the new cryptocurrency comes from the Roman measurement of weight “Libra“.
Facebook decided to reach 1.7 billion people did not have a bank account.
So Facebook will help them with their financial transactions.
Members of U.S senate refuse the new cryptocurrency because they need more privacy clarification from Mark Zuckerberg.
“Libra Association” is a group of companies will be responsible for the “Facebook Libra” currency.
“Libra Association” link “Facebook Libra” to Euro or Dollar assets to make it more stable.
It tries to reduce the volatility that many cryptocurrencies experienced.
Instructions to get “Facebook Libra” and use it
Facebook intended to hand out an amount of “Facebook Libra” for free, so Facebook can bring financial services to people with no bank accounts.
Users will download a digital wallet “Calibra” which will allow them to send Facebook Libra to anyone with smartphones.
Facebook coo said, “almost anybody” in the world with a smartphone will be able to download the App”.
Facebook wants to facilitate the use of “Libra” at daily transactions.
There are a lot of concerns about Facebook new currency but Facebook announces that there will be technologies to prevent money laundering and fraud.
“We will be using all the same verification and anti-fraud processes that banks and credit cards use.
” We’ll have automated systems that will proactively monitor activity to protect and prevent fraudulent behaviour”.
Facebook will offer refunds to those who lose their accounts or lose their money through fraud.
Maxine Waters refuses the “Facebook Libra”
The president of financial services in the United States House of Representatives” Maxine Waters” still concerns about the new Facebook cryptocurrency after holding a meeting with Government officials in Switzerland.
She said,” I appreciated that the government officials spent time to meet us, but I am still worried about submission an international cryptocurrency to a technology company.
The congress member met the representatives from State Secretariat for International Financial Affairs (SIF).
She also met the Federal Commissioner for Data and Information Protection (FDPIC), the Financial Market Supervisory Authority (FINMA) and Swiss legislators.
The president of financial services said that the Swiss officials understand the worries about Facebook plans.
Maxine Waters criticize strongly the new cryptocurrency since Facebook announced it in the June’s midlle.
She said that Facebook failed to protect user data.
Because of that, it is not trusted at all to protect the international financial services or user data.