Connect with us

Libra Coin News, Facebook Libra Cryptocurrency, Calibra Digital Wallet

Libra Coin News, Facebook Libra Cryptocurrency, Calibra Digital Wallet

Explained: Libra, Facebook’s own cryptocurrency

Libra Cryptocurrency

Explained: Libra, Facebook’s own cryptocurrency

Nope. They’re not called ZuckerBucks.

This new digital currency that Facebook has just recently introduced is called Libra and it isn’t as complex as you think it is.
Let me break it down for you.

What is Libra?
It is a digital currency that will be run by the Libra Association a Geneva-based entity that has over two dozen founding partners, including Facebook, Mastercard, Visa, Uber and the Vodafone group. Exactly, so it’s not just Facebook that will be managing it.
According to the association, it was introduced to enable a simple global currency and financial infrastructure that empowers billions of people”.

This makes sense to me, because, think about it. We live in a world with cheap data and smartphones with a huge portion of the world’s population having access to it, but, about 1.7 billion adults are still outside the organised financial system in the world.
Libra then serves to be a global, virtual financial institution

Wanna get into the technicalities of it?
One word. Blockchain.
It is a decentralised distributed ledger that basically keeps track of who owns what that runs on in some cases thousands of computers. Oh plus, it’s almost incorruptible and irreversible.
Click on the card above for more details on blockchain technology.
And as you know, Dubai itself has its own Blockchain strategy, which means we are actually quite receptive of this technology.
Anyway, before you start equating Libra to Bitcoin, let me just stop you right there.
First off, everything said and done, Bitcoin is still very niche. Libra, being associated with Facebook, which has nearly 2 billion users has automatically come on the mainstream zone.
Plus, to make it a relative stable currency, not prone to wild fluctuations, the creators of Libra are backing this up with a reserve of real assets.
Libra is expected to be transferable through products such as Facebook Messenger and WhatsApp, with zero fees.
But Libra is not going to live on Facebook and it better not. Given the security and privacy concerns that have arisen off late, it is only logical to find a separate space, a separate wallet for this new digital currency.
And that is Calibra.
Calibra, as Facebook explained in its blog post, is part of a new subsidiary that Facebook and friends have created to focuses on financial services.
The ultimate goal, as Facebook explains, is to eventually enable people to do real life transactions like paying bills, buying a cup of coffee or riding local public transit without using cash.

How is it going to impact all of us here in the UAE?
I know I said that the UAE wants to adopt blockchain, but with its own rules and heavy regulations. Cryptocurrencies are still nascent and this region hasn’t started seeing a mass use case of it yet. In fact, back in 2017, the Central Bank Governor Mubarak Rashid al-Mansouri issued a public warning against using digital currencies as a means of exchange. Reason? He said it could fuel unlawful and illegal activities, which is why most crypto experts are calling for the market to be regulated.
So although Middle Eastern countries are open to adopting blockchain technology, they’ve so far refused to use digital currency.
Also, this part of the world thrives of cash. In a cash-driven society like ours, it is going to be a task to change mindsets and get people to start using it for every day transactions.
Concerns over privacy, shadow banking money laundering and terrorism finance still remain.
Questions about it practical, philosophy and regulations also remain.
Inshallah, we’ll have the answers by the first half of 2020, which is when it is scheduled to launch

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

RSS Libra Coin News Today!

Libra Coin News Categories

Libra Coin News Cloud

RSS Crypto News Today – Facebook Libra Coin News

  • Mandatory KYC verification may contradict privacy laws in South Korea
    Will this legal contradiction be resolved before the deadline? With the South Korean government preparing to implement know-your-customer (KYC) and anti-money laundering (AML) compliance processes, there is confusion among legal experts as to whether the requirements contradict other laws.According to Digital Today, the new requirements would contravene the existing Personal Information Protection Act, which stipulates […]
  • Glassnode: Uniswap team may have misled community over team token vesting
    Binance may currently be the only one capable of making Uniswap governance proposals, which does not bode well for its decentralized competitor. A recent post from Glassnode has called Uniswap's decentralization into question, while insinuating that the platform's developers might have intentionally misled the community about how the team's allocation of UNI tokens will vest over time.Uniswap’s […]
  • 3 reasons why traders turned bullish after Bitcoin price surged to $10.7K
    Analysts are cautiously bullish on Bitcoin price after BTC surged 6% to $10,750. Today the price of Bitcoin (BTC) abruptly rose by 6% from $10,136 to as high as $10,743. After this powerful 24-hour rally, analysts are now turning cautiously bullish for various reasons but will Bitcoin price be able to tackle the $11K mark any […]
  • 100M people worldwide now use crypto-based assets, says Cambridge study
    Skyrocketing figures show crypto’s growing global dominance.Skyrocketing figures show crypto’s growing global dominance Researchers at the Cambridge Centre for Alternative Finance recently revealed that 100 million people around the world currently hold Bitcoin (BTC) and other blockchain-based assets.In 2018, the 2nd Global Cryptoasset Benchmarking Study estimated the number of identity-verified crypto users at about 35 […]
  • Brazil plans to track COVID-19 vaccinations using blockchain tech
    In the midst of a country-wide COVID-19 vaccination effort, Brazil looks to add blockchain-based tracking to the equation. A recent YouTube webinar from the Ministry of Justice and Public Security hosted discussion on blockchain's usefulness in several categories, including the fight against corruption. Blockchain's impact on COVID-19 tracing also surfaced during the discussion. A report from Reuters […]
  • Coinbase wallet users targeted by new Android malware
    This alien doesn't care about taking over the Earth, but it may steal your Bitcoins and dollars. A newly discovered trojan, known as Alien, is attacking crypto apps on Android phones, including Coinbase,, and Luno. This new malware strain is based on the notorious Cerberus trojan, which wreaked havoc in the Google Play store until the […]
  • Israeli regulators propose Bitcoin be taxed as a currency, not an asset
    “The regulatory reality in Israel is not adapted to the existing reality in the field,” the proposed bill states. Four members of the Israeli legislature are recommending that digital currencies be treated more like fiat for tax purposes.According to a report from Israeli news outlet Globes, Knesset members MK Oded Forer, Yevgeny Soba, Yulia Malinovsky, […]
  • Finance Redefined: Uniswap’s bang ends in whimper, Sept. 16-23
    DeFi users got a fat stimulus check, but Uniswap’s token fell short of the community’s inflated expectations. The biggest event of this week was definitely the sudden release of Uniswap’s token, UNI, which enriched many DeFi users by at least $1200 each.Uniswap gave 400 of its tokens to anyone who had ever traded with the […]
  • New Loom Network CEO clarifies concerning information published by former employee
    Is the Loom Network drama settled now? One of Loom Network's former employees recently leaked information about the company's Kickstarter-funded game, Relentless (also called Zombie Battleground). The leak alleged that the project, and potentially the entire Loom Network, were no longer actively being developed. The former employee, who has not worked for the company in […]
  • WTF happened in 1971 (and why the f**k it matters so much right now)
    "The temptation to print money is the greatest temptation in the whole world." If you’ve ventured on to Crypto Twitter this year, you may have seen a tweet from the meme account WTF Happened in 1971?Created in March, the account posts numerous times a week to its fast growing fanbase of 10,500 followers. A typical […]

RSS Crypto News Today 2 – Facebook Libra Coin News

To Top
%d bloggers like this: