Facebook introduced on Tuesday its own cryptocurrency Libra.
According to Internet giant David Marcus, electronic money from Facebook is based on the same distributed registry technology as Bitcoin, but does not depend on currency fluctuations, DW reported.
Libra is expected to be used for remittances made in different currencies. Thus, the cryptocurrency will be in direct competition with services such as Moneygram and Western Union, for the use of which you have to pay additional fees. In the future, according to Marcus, Libra should become a universal means of payment.
Facebook has entered into a partnership agreement with 28 large companies one way or another connected with electronic payments, including Visa, Mastercard, Paypal, Vodafone and Ebay. At the same time, Marcus noted that Facebook will not play a special role in this “alliance” and will not get access to users' financial data.
Money transfers from Libra is expected to be made directly in Facebook-owned WhatsApp and Messenger messaging services.
As reported in the corporate blog Facebook, the company has created a special subsidiary Calibra to provide financial services related to the use of Libra cryptocurrency. Ordinary users will be able to purchase Libra crypto-currency next year.