Introduces New cryptocurrency under the leadership of Facebook; Experts are wondering if Libra will change the world economy





More details about the New cryptocurrency that Facebook has been planning to launch for some time have come to light. The company said its currency would be Libra. It will be launched in 2020. The Libra Association will work behind the scenes. "There are 31% of people in the world who are unable to use the banking system. They are the main target of their currency," the company said.

This is being done in conjunction with 27 companies from all over the world. The company said Facebook would have only one vote if it were to vote on Libra. Lyft, Eber, Visa, MasterCard, Spotify, Coinbase and PayPal are some of the other companies that join Facebook for Libra. But Mark Zuckerberg, the head of Facebook, said they were trying to launch Libra with not just 27 but 100 founding members.

Libra presents itself as an easy way for anyone in the banking sector to enter. There will be only one protocol for this currency. Transactions using Libra are private. It will be centered. You can use it to make money transactions anywhere in the world. Nowhere is the user fee charged.

Libra can be used by anyone who has at least one start-up smartphone and uses a data service. If you install Calibra app you can start using a new currency. Reserves will also be created to hold the price of their currency. Bank deposits and government securities will be carefully guarded for every Libra created. Facebook's goal is to make Libra a leading currency. Facebook said that such measures would help to reduce the volatility in the value of common cryptocurrencies. One thing that everyone at Libra Association wants is for users to use their currency with great confidence.

Blockchain technology will also be used behind Libra. The Libra Association will also be in place next year. Facebook's teams are spearheading the Libra Association and the Libro Blocking Technology. The final decision on Libra will be decided by the Libra Association, but in 2019, it will be Facebook. But once the Libra Association comes into existence, Zuckerberg said, they won't play.

Facebook plans to launch Calibra as a new company. Calibra will manage all cash transactions through Libra. The company says it will keep it from Facebook data. The company claims to have privacy through it. The plan is to collaborate with other third party voices. Calibra Violet will connect to WhatsApp and Facebook Messenger. It will also launch a standalone Calibra app. Zuckerberg said that like all other money laundering apps, Caliber would be regulated and its information would be kept out of Facebook. He said that anyone with a smartphone and data connection can transfer Libra Coin to anyone else for free or for a nominal fee through Calibra App. He also said that after some time, they will increase the range of their services. Facebook is trying to get it to the point where even business people can use it. There are plans to get into the tea shop, drink tea, take a bus ticket and develop everything. Calibra only has a team of technicians. There will also be attempts to eliminate fraud and others. Libra will also have its own programming language.