Facebook Libra Cryptocurrency: A new type of digital money

Yesterday, Facebook announced its ambitious cryptocurrency ‘Libra’. Facebook Libra is a new type of digital money designed for masses that can be used via Facebook apps and social networks. If everything will go as per the plan, soon you will be able to shop and send money using Facebook Libra.

Facebook, didn’t provide exact details about how and when this cryptocurrency will be distributed, but as per the executives, it would firstly available on Facebook Messenger and WhatsApp in mid-2020.

Additionally, Facebook announced a new digital wallet names ‘Calibra’ that can be operated by Facebook as a separate subsidiary. Calibra would let users store and spend Libra.

Facebook is ambitious to create Libra a global digital currency, but instead of dominating the market, the company is planning to pull payment on the platform.