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Facebook plans to issue its own cryptocurrency, "Libra"

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Facebook plans to issue its own cryptocurrency, "Libra"

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On 18 June 2019, Facebook announced that it will launch its own cryptocurrency called "Libra".

Here are a few highlights of the Libra Project:

Libra is essentially a stablecoin, designed to be a law-volatility cryptocurrency backed by "a collection of low-volatility assets, including bank deposits and government securities in currencies from stable and reputable central banks"

The mission of Libra is to "enable a simple global currency and financial infrastructure that empowers billions of people".

Libra Association, a non-profit organization based in Geneva, will govern the cryptocurrency. Facebook states that "collaborating and innovating with the financial sector, including regulators and experts across a variety of industries, is the only way to ensure that a sustainable, secure and trusted framework underpins this new system. And this approach can deliver a lower-cost, more accessible, more connected global financial system."

Facebook has built a new programming language (known as "Move"), a blockchain ( "Libra Blockchain"), a regulated entity ("Calibra") and a custodial wallet (also known as "Calibra").

For now, the Libra Blockchain is being launched as a permissioned blockchain. The plan is to transition to a permissionless blockchain over time.

Libra is backed by a host of companies as diverse as Visa, Mastercard Paypal, eBay and Uber. For a full lists of founding members and partners of Libra, see https://www.bloomberg.com/news/articles/2019-06-18/facebook-s-cryptocurrency-project-who-s-in-and-who-s-out