Libra Coin

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?

Libra published a whitepaper outlining the project’s technical design, governance structure, and goals for the Libra Association. Calibra, the proposed wallet subsidiary, was meant to be the user-facing product, letting people store and spend Libra directly through WhatsApp and Messenger.

The whitepaper is still publicly available, though its relevance has faded considerably. The project was rebranded to Diem in 2020, then shut down entirely when Meta sold its assets to Silvergate Capital in January 2022. Calibra itself was rebranded to Novi, which also closed without reaching mainstream adoption.

While Libra’s Calibra wallet never fully launched, there are already reliable options for storing your digital assets. A crypto wallet lets you securely hold Bitcoin and other cryptocurrencies right now, with no regulatory delays or pivots to wait on.

How to buy Libra coin

You cannot buy Libra coin. The project was never publicly launched, rebranded to Diem in 2020 under sustained regulatory pressure, and was ultimately abandoned when Meta sold the Diem assets in January 2022. The coin never reached consumers in any form.

If you’re interested in exploring established cryptocurrencies while Libra remains a closed chapter, you can buy XRP directly and start using decentralized digital assets today. XRP is a payments-focused cryptocurrency with actual transaction infrastructure, which is broadly what Libra originally set out to be but without the years of regulatory limbo.

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

The countries that have made Bitcoin illegal as a form of payment are doing so largely to protect their own digital currency projects from competition. That regulatory pressure applies to decentralized alternatives broadly, though it varies considerably by jurisdiction. Despite restrictions in a handful of markets, you can still buy Ethereum and other major cryptocurrencies on platforms operating under clear regulatory frameworks.

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. Unlike Libra’s proposed stable peg to a basket of currencies, Bitcoin’s value fluctuates freely. Use a USD to BTC converter to see exactly how much Bitcoin your dollars can get you today.

In the same way 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 through blockchain technology on what can be purchased.