Facebook Money – level 3
Last Tuesday, Facebook unveiled its plans for its digital currency project and a cryptocurrency called Libra.
An independent non-profit called the Libra Association will run the digital currency, and it has the backing of some big corporate partners, including Mastercard, PayPal and Uber. The service is currently in the testing phase but when it launches 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 integrate Libra.
Libra transactions are recorded on a blockchain, which is the same technology that bitcoin and other cryptocurrencies use. Facebook says that its goal is to make it easy to transfer money globally without the fees that are incurred in a traditional banking infrastructure.
When it comes to converting Libra into actual cash, though, users may run into the same issues as other cryptocurrencies – not all places accept it and not all financial institutions want to trade it for traditional money.
When it comes to privacy, some are also concerned with Facebook’s reputation. The company stated that in most cases, users’ financial and account information will not be shared with Facebook or third parties without consent. Some US politicians called on Facebook to stop the cryptocurrency project until federal regulators and lawmakers have a chance to weigh in.
Difficult words: unveil (show people for the first time), launch (start), weigh in (contribute in the discussion, say something about it).
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