English Vocabulary from
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Libra is being touted as a means to connect people who do not have access to traditional banking platforms. With close to 2.4 billion people using Facebook each month, Libra could be a financial game changer.
Facebook's 'Calibra' digital wallet will let users save, send and spend Libra with a smartphone. The digital wallet, expected to launch in 2020, will be available in Facebook Messenger, WhatsApp and as a standalone app.
The Libra currency, which is expected to launch in the first half of next year, has been backed by 27 other companies and organisations, including Uber, Spotify, Mastercard, eBay and Vodafone.
Important Points to Note about 'Libra' Digital Currency :
- Libra is a digital currency first set up and developed by Facebook, due to be launched in the first half of 2020.
- It's built with blockchain technology, and is being governed by a consortium of big companies including MasterCard, Visa, Uber, and Spotify.
- Facebook will set up a subsidiary called Calibra that will release a "wallet" app for buying and selling Libra. Users of WhatsApp and Facebook will be able to use Libra to send money to one another, and shopping and other features may follow.
- Libra is aimed at providing financial services to billions of people around the world, especially those who don't currently have access to banking.
- Libra is designed for fast and cheap payments, and specifically targeted at people in emerging markets without a bank account as well as people sending money abroad.
- Unlike Bitcoin, its value is designed to be stable since it is backed by a reserve of currencies such as the pound and dollar.
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