Facebook Launched its Currency ‘Libra’, Facebook Messenger and WhatsApp both apps user can Send & Receive cash.
Facebook wants people to use their unique currency ‘Libra’ like Bitcoin. Where you don't need any bank account.
Facebook has announced their digital currency named Libra, which will be rolled out in 2020 for common use. It will allow billions of users of the platform worldwide to conduct financial transactions online.
New technology threatens to change the banking landscape and is already the subject of investigation because Facebook is facing increasing calls for regulation and antitrust measures.
Facebook says Libra is a new “Global Currency and Financial Infrastructure” In different words, It is a digital asset created via Facebook and is powered through a new Facebook-built model of the Blockchain, an encrypted technological know-how used via Bitcoin and other Cryptocurrencies
Q1. Why is it called Libra?
Ans. The title Libra comes from the fundamental Roman size of weight. The abbreviation for pound is derived from pound Libra, and the £ image in the beginning comes from the ornate L in Libra.
Q2. Why Facebook wants to launch a Cryptocurrency, and are they allowed?
Ans. Facebook claims that it wishes to attain 1.7 billion humans round the world who do now not have get admission to to a financial institution account. The business enterprise is possibly to run into regulatory hurdles and lethality concerns, mainly at a time when many regulators prefer to ruin Facebook, however no precise rules has been positioned in advance of the launch. Amid rumors of Facebook's new monetary expansion, individuals of the US Senate wrote a letter to CEO Mark Zuckerberg in May in search of clarification on privacy concerns.
Q3. Who is in charge of Libra?
Ans. The foreign money will be serviced with the aid of a team of groups known as the “Libra Association". It acts as a “Constant" recognized as, valued for present day property such as the greenback or euro, with the intention of making it much less difficulty to volatility that many cryptocurrencies experience. The Libra Association has been described through Facebook as an independent, non-profit employer based totally in Switzerland. It performs two essential functions: Libra is allotted cash for social motives to validate transactions on the Blockchain and for reserve management. Within the Libra Association there will be a governing physique known as the Libra Association Council, which consists of a consultant from every member of the association, who will vote on coverage and governance decisions. Facebook claims that though it created the Libra Association and the Libra Blockchain, as soon as the forex is launched in 2020, the employer will step out of a management position and all contributors of the affiliation will maintain equal votes in the Libra sign.
Q4. How do I get Libra?
Ans. Facebook is not going into details about how the currency will be available at launch, but the signs point towards a hybrid approach. The presence of traditional payment firms such as Visa and MasterCard in the list of founders suggests that the company would be perfectly happy to allow users to buy only currency But Facebook is also likely to carry what is known in Crypto currency circles as an “Air Drop", handing out small amounts of currency for free in an effort to kick start the ecosystem. This will be important if it is to fulfill its goal of bringing financial services to people without bank accounts. Last, of course, those users will need a more reliable source of untapped income than ordinary BrandsOut from Facebook. In the long run, some of the founding members of Hamant can also expect them to pay their employees or part of their salaries.
Q5. How can I use it?
Ans. When the cryptocurrency launches, users can download a digital wallet calibra, which will allow them to send it to anyone with a smartphone. It will be available as Messenger, WhatsApp and standalone apps. It is not clear in which countries the coin will launch, although Facebook said that “Almost anyone" in the world would be able to download the app with a smartphone.
Q6. What can you buy with it?
Ans. Facebook will launch Calibra, Libra digital wallet to allow users to send money to each other. In addition to transactions on the app, Facebook wants to facilitate the use of Libra at various vendors for day-to-day transactions. Ride-hailing firms Uber and Lyft are early investors in the project, suggesting that perhaps users using Tula will be able to pay for services on the app, although none of the companies responded to a request for comment.
Q7. Is it safe?
Ans. There are many privacy concerns about a financial app operated by Facebook. The company has said that it will implement financials to prevent money laundering and fraud. “We are all using the same justification and anti-fraud processes that banks and credit cards use, and we have automated systems that will routinely monitor activity to protect and intervene inaccurate behavior," Facebook said It also claims that it will have “Live Support” to help users who lose access to accounts and if a user loses money through fraud, Facebook has offered a refund. Facebook's Libra Blockchain will be constructed on open supply code that permits the developer and lookup neighbourhood to reveal it for diagram and protection flaws, and to inspire safety professionals to factor out vulnerabilities in the employer platform “Bug Bounty” Will put in force the program.
Q8. How will Facebook make money from it?
Ans. Facebook said Libra will be placed on the Blockchain through a small fee per transaction. Many of these charges will be transferred to vendors who can then absorb the costs themselves or relay them to users.
Q9. Is Facebook Going to Sell My Crypto Data to Advertising Companies?
Ans. Facebook claims that it will keep financial data separate from user advertising profiles on Libra. The blockchain is a “Pseudonym”, the company said and, like many crypto networks, will allow users to have one or more addresses that are not associated with their real-life identities. The enterprise stated, “Calibra Customers” account facts and economic information will now not be used to enhance advert concentrated on on Facebook, the household of products.
