Facebook Cryptocurrency Libra:
Facebook Cryptocurrency Libra to Launch as Early as January but Scaled Back. They are now planning to launch a dollar-backed coin. This scaling back happened because of political and regulatory complaints.
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Facebook’s Libra cryptocurrency explained
Facebook announced a digital currency called Libra that will roll out for use in 2020 and allow billions of users across the globe to make financial transactions online.
Regulatory and political complaints :
Central Banks feel that such bitcoins or cryptocurrencies will reduce the power of money and cause an economic breakdown. Because of this, they made complaints against Facebook and led to the scaling down of the project.
Because of the issues raised by central banks, Libra has taken a diplomatic approach. It’s a Company with 27 members and has approached a Swiss financial watchdog Finma to launch traditional currencies backed cryptocurrency. Hence they are now planning to launch a dollar-backed coin.
How to buy :
There are two options to buy cryptocurrency from Facebook, one is to buy Facebook shares, and the other is to buy Libra shares. Libra is backed by actual reserves, cash, and government bonds. On purchase of $ ten million, the buyer gets a token, and depending on the number of tokens they have the dividend shares increases.
Corona and Cryptocurrency:
Because of COVID 19 scare and quarantine digital money is in. As it is difficult to use physical money the concept of dollar-backed cryptocurrency is a huge hit.
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