Facebook launch its own cryptocurrency. Is called Pound and will be operational from 2020. Unlike other virtual coins, it will be stable in that backed by a reserve of real, low volatility assets, such as bank deposits and short-term government bonds denominated in highly reputable and stable central bank currencies. In this way, the fluctuations in value compared to real coins will be reduced as much as possible.
To manage transactions with Libra, Facebook will introduce a digital wallet through a new group division, Calibra. The online wallet will allow you to transfer money anywhere in the world as is done with messages, at (almost) zero costs.
The wallet will be integrated into the two Facebook-branded messaging apps, Messenger e WhatsApp, but a new dedicated application will also arrive next year. More services will be added in the future: from paying bills to small daily transactions.
The new cryptocurrency will run on a new platform blockchain managed by the Libra Association, a group of 28 subjects which includes, in addition to Facebook, companies such as Mastercard, Visa, PayPal, Booking, Uber, eBay and Spotify.
Facebook will keep social data separate from financial data and the latter can only be used with the explicit authorization of users. The shared platform with other operators should also protect Zuckerberg from accusations of monopolizing data.
Mark Zuckerberg's company states that the goal is to allow as many people as possible to access digital financial services: "Despite technological advances - writes the company - a large part of the world's population has been left behind: 1,7 billion adults remain outside the financial system with no access to a traditional bank, even though a billion of them have a cell phone.
Facebook also points out that almost half of adults in the world do not have an active bank account. The situation is even worse in emerging countries, where about 70% of small businesses do not have access to credit and emigrants pay $25 billion in commissions on remittances each year. Money that banks could lose, at least in part, due to Libra.
