Facebook is going to announce it’s official cryptocurrency in the coming weeks according to a report in The Wall Street Journal. It is assuming that Facebook official cryptocurrency will be named as ‘Libra‘. This cryptocurrency will be functional from next year. Analysts say that if Facebook’s Cryptocurrency is introduced, there will be radical changes in banking services around the world. If Facebook’s Cryptocurrency project is successful, then all financial transactions in the world will soon come under the Blockchain technology.
Cryptocurrency is a type of currency or exchange medium. You can’t see or feel that like real life currency as Dollars, Euros, etc. Cryptocurrency is used for transactions with blockchain technology. The common cryptocurrency is Bitcoin, BitCash, Lightcoin, etc. Additionally, Blockchain is a safe and open way of storing information. In this method, information is stored in different blocks in the form of a chain after one.
In the meantime, the world’s largest financial services provider and other customer service providers have signed an agreement with Facebook on ‘Libra’. These companies include Visa, MasterCard, PayPal, Uber, Stripe, and Booking.com. All these companies will invest $ 10 million each to create Facebook’s cryptocurrency. Companies will monitor Facebook’s digital coin system under an autonomous organization called ‘Libra Association‘. Analysts say other companies have joined Facebook in order to verify how popular is the official facebook cryptocurrency ‘libra’ within more than 200 million active Facebook users.
It is assuming that, If the initiative is successful, then companies like MasterCard and Visa will have been linked to the digital coin system of Facebook in the hope of benefiting from it.
Near Future, Facebook plans to make arrangements like conventional ATM booths to simplify its usage. From the booths ‘Libra’ coins will be able to take the country’s current official currency.
Techcrunch & a few tech websites said Authority will announce official Facebook Cryptocurrency on 18th of this month.
However, analysts also say that before starting the digital currency officially, there will be a number of laws in place to go through Facebook. Also, there is a risk of security and money laundering of this currency. Adequate measures should be taken to eliminate those risks.