Facebook's New Cryptocurrency 'Libra'

Facebook Cryptocurrency (Libra)

Social Media Giant Facebook has announced its own crypto currency, a form of digital cash that uses encryption technology to make it secure. Facebook's new digital currency will be known as 'Libra'. This will enable smoother transactions and online payments, particularly without credit cards or bank accounts. This is a kind of payment system that will cost no extra charge for shopping or transferring money worldwide. It is estimated to be available for the users in 2020.

Libra is similar to Bitcoin, the most popular digital currency system today. Libra will be supported by the financial companies, including PayPal, Visa and Mastercard. Libra would be valid for these platforms and users can easily recharge mobiles, pay bills.

Along with Libra, Facebook will also launch 'Calibra', a digital wallet. According to the Facebook officials, Calibra is a global crypto currency platform based on Blockchain technology that can also be used on Messenger and WhatsApp. Through Calibra, users can transact using Libra as a currency. Facebook has also assured the total security and privacy to the users.

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