By and large, talking of Facebook Libra cryptocurrency, this is a form of the digital coins that has been under a deal of fire and scrutiny from the concerned agencies, legislators and regulators all coming guns blazing. Actually Facebook’s so planned cryptocurrency has had such a chilly response from all players, regulators, legislators and the various non profits all who have expressed reservations of a kind when it comes to this project by the social media network. As a matter of fact, the relations so far straining may only get to be all the more murky unless the parties of concern have been given the opportunity to learn as much on this ambitious project. The following is a review of some of the facts that you need to know on Facebook Libra.
Talking of the misconceptions, one of these that many have had is that this is a project owned by Facebook which has led many to ask why it is that Facebook wants to have a cryptocurrency. This said, the reality to know of is that this is not in actual sense a cryptocurrency owned by Facebook. Facebook co-founded the Libra association and it is this association, the Libra association that owns the project. The Libra association is coming in as a monetary authority for the cryptocurrency, Facebook Libra. According to the founders, they specifically target the billions out there of the unbanked who are seen to be able to use the cryptocurrency.
Having said this, Facebook has had its own interests in digital cash and these have been there before even the coming of Libra. As a matter of fact, we have it as a fact that some time back, we saw the social network giant, Facebook, run its own and first ever digital or virtual currency system, known as Credits, which particularly was meant to help pay for games that would be played within the platform, Facebook. Earlier in the year, Facebook founder said that sending money online should be as easy as sending photos. Actually, Facebook Libra is purposed to make sending money online as easy and cheap for people and this is a move that is seen to be a great one to attract many to the network.
Facebook Libra has similarities and differences with the other forms of cryptocurrencies like ether and bitcoin. One of the areas of similarity is in the fact that just as the others, Facebook Libra cryptocurrency exists only in digital form.