Facebook is planning to start a cryptocurrency. It hopes that the cryptocurrency would “change the global economy.” The currency, called Libra, is being developed by Facebook, but the company proposes to share control with an association of organizations, consisting of venture capital firms, credit card companies, and other tech giants.
At launch, one would be able to send Libra inside of Facebook Messenger and WhatsApp, with it mostly being meant as a mediator for shifting traditional currencies. Eventually, Facebook hopes Libra would be accepted as a form of payment, and other financial services would be built on top of its blockchain-based network.
Facebook is also begining a subsidiary company, Calibra, which would develop products and services based around Libra. It’s where Facebook aims to make money off of the cryptocurrency, and it’ll be starting with the start of its digital wallet. Calibra would also handle Libra merge for Facebook’s other products.
Goings by Facebook’s grand goals and its reputation for ignoring privacy and aggravating immense political and social matters throughout the world — the announcement of Libra was ensued by immediate protest from regulators. Facebook will have a lot of questions to answer before the launch of the currency in the first half of 2020.