Facebook to launch new cryptocurrency called Libra, Everything you need to know about Libra, Libra Is For People Who Have No Other Options. Facebook Inc. revealed plans on Tuesday to launch a cryptocurrency called Libra, the latest development in its effort to expand beyond social networking and move into e-commerce and global payments. Facebook has finally taken the wraps off its worst-kept secret: Libra, its global cryptocurrency.
Why is it called Libra Cryptocurrency ?
The name Libra comes from the basic Roman measurement of weight. The abbreviation lb for pound is derived from Libra, and the £ symbol originally comes from an ornate L in Libra.
What is Libra Cryptocurrency ?
Facebook says Libra is a “global currency and financial infrastructure”. In other words, it is a digital asset built by Facebook and powered by a new Facebook-created version of blockchain, the encrypted technology used by bitcoin and other cryptocurrencies.
After months of leaks, it's formally out in the open and we can take a closer look at the ambitious project. Facebook claims it wants to reach people without access to a bank account, and that Libra is the best way. The new technology threatens to change the landscape of banking and is already the subject of scrutiny, as Facebook faces increasing calls for regulation and antitrust measures.
According to Jerry Brito, executive director of cryptocurrency policy think tank Coin Center, there’s little reason for someone with pretty much any other options to use Libra. By now you know the basics of Libra. Cash in a local currency, get Libra, spend them like dollars without big transaction fees or your real name attached, cash them out whenever you want.
The Libra announcement comes as Facebook grapples with public backlash due to a series of scandals, and may face opposition from privacy advocates, consumer groups, regulators and lawmakers.