Facebook announces launch of new global currency

Hockey Tuesday 18/June/2019 16:33 PM
By: Times News Service
Facebook announces launch of new global currency
Muscat: Facebook announced the launch of a new global currency called Libra, which they said would be powered by blockchain technology.

Calibra, a digital wallet that will allow users to make transactions with the new currency, will be launched in 2020 and will be available on Messenger, WhatsApp as well as a standalone app.

The company stated that with Calibra, internet users would be able to send Libra to almost anyone with a smartphone "as easily and instantly as you might send a text message and at low to no cost" a release from the company outlined.

Facebook said that Libra would allow people without access to a bank account to make transactions.

The tech giant added that it envisioned people and businesses using Libra to pay bills with the push of a button, buy coffee by scanning a code or ride local transportation without the need for cash or a a metro pass.

Addressing safety concerns, the company said that when Calibra launches it would it would have a number of protections in place including the same anti-fraud and verification processes used by banks as well as automated systems that monitor activity, detect and prevent fraudulent behaviour.