What is Libra Coin – Facebook’s very own digital currency
Facebook recently made a statement regarding the release of their very own digital currency. Here is what Mark Zuckerberg had to say about Libra coin:
So, what is Libra coin?
In short, Libra is a centralized form of mobile money built on Blockchain technology. Essentially, it is Facebook’s very own cryptocurrency.
You may have noticed that Mark does not mention the words “Bitcoin” or “cryptocurrency” throughout the announcement posted above. Many speculate that the reason behind it is that Facebook does not want to associate its currency with anything related to cryptocurrencies, even though they are practically built on the same technology.
Where can I find out more about Libra and it’s subsidiary – Calibra?
If you want to explore the details of this new digital currency, you can read Libra’s whitepaper by clicking here.
How to buy Libra coin
If you are currently wondering how to invest in Libra coin, remember that the project is not yet realized. We are currently waiting for developments when it comes to the involvement of Facebook, Libra coin and Calibra in the world of cryptocurrencies.
When will users be able to use Libra?
According to Facebook, Libra coin was going to launch sometime in 2020. However, in 2019, several events delayed the creation of the project.
On July 15, 2019, Facebook formally announced that Libra will not launch until there are no more regulatory concerns and Libra has the “appropriate approvals“.
Later that year, on September 18th, 2019, Facebook’s CEO Mark Zuckerberg held a meeting with the top Senate Democratic leaders. During the meeting, he informed lawmakers that Libra would not launch anywhere in the world unless the company received full approval from United States regulators.
What Libra did – predictions and trends for 2020
In many ways, even though Libra is currently under careful consideration for becoming a viable and legal payment option, it has already caused an uproar in the economic system. More specifically, it has sparked an interest in many central banks to reconsider, begin, or speed up their plans for state-sanctioned digital currency.
The countries that have made Bitcoin illegal as a form of payment, are doing so in to not challenge their own digital currency projects. If this particular trend increases, there is a very viable chance that Bitcoin will continue to evolve as “digital gold”, but decrease the viability of all remaining altcoins to act as a store of value.
Libra did one more thing that is often overlooked. It introduced the idea that a state-backed digital currency could be used as a method to deliver various universal income proposals for the long-term future.
In the same was that food stamps cannot be used to buy specific things, like alcohol, there appears to be an interest in developing a system that will deliver universal income while at the same time restricting its use (thanks to blockchain technology) on what can be purchased.
Given the increase in popularity for the concept of universal basic income, there is a real possibility that governments will start working together with cryptocurrency companies (if they are not doing so already), despite the philosophical concept tied with decentralized payment systems.