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.
You can watch the video news lower on this page.
What do you think about this news?
LEARN 3000 WORDS with NEWS IN LEVELS
News in Levels is designed to teach you 3000 words in English. Please follow the instructions
How to improve your English with News in Levels:
- Do the test at Test Languages.
- Go to your level. Go to Level 1 if you know 1-1000 words. Go to Level 2 if you know 1000-2000 words. Go to Level 3 if you know 2000-3000 words.
- Read two news articles every day.
- Read the news articles from the day before and check if you remember all new words.
- Listen to the news from today and read the text at the same time.
- Listen to the news from today without reading the text.
- Answer the question under today’s news and write the answer in the comments.