Facebook Money – level 2
Last Tuesday, Facebook talked about its plans for its digital currency project called Libra. An independent company called the Libra Association will run the digital currency.
The project also has help from big partners including Mastercard, PayPal and Uber. People are testing the Libra service and it will be available in 2020. Users will be able to send Libra to each other using Facebook’s services like Messenger, WhatsApp or its upcoming digital wallet, Calibra. Other apps will also be able to use Libra.
The cryptocurrency uses the same technology as bitcoin. Facebook wants to make it easy to transfer money around the world for free. However, not all business may accept Libra and not all financial institutions may want to trade it for traditional money.
Some people are also concerned about privacy – Facebook does not have a very good reputation. Facebook says that your information will not be shared with them in most cases.
Difficult words: currency (money), independent (free, not part of another company), concerned (worried).
You can watch the original video in the Level 3 section.
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