The Libra payment system will facilitate a more accessible, more connected global financial system. It functions as what is known as a “stablecoin”, pegged to existing assets like the dollar or euro, in the aim of making it less subject to the volatility that many cryptocurrencies experience. The abbreviation lb for pound is derived from Libra, and the £ symbol originally comes from an ornate L in Libra. The presence of traditional payments firms, such as Visa and MasterCard, in the list of founders suggests that the company will be perfectly happy to let users simply buy the currency. The name Libra comes from the basic Roman measurement of weight. Ride-hailing firms Uber and Lyft are early investors in the project, suggesting that perhaps users will be able to pay for services on the apps using Libra, though neither company responded to a request for comment. Facebook claims it will keep financial data from transactions on Libra separate from user ad profiles. Scalable The open-source Libra protocol will foster a vibrant community of developers building products and services to help people access and use the Libra payment system. Powered and implemented by Interactive Data Managed Solutions. Last modified on Wed 19 Jun 2019 01.43 BST. The polls are wrong. Libra. Market data provided by Interactive Data. It is not clear which countries the coin will launch in first, though Facebook said “almost anybody” in the world with a smartphone will be able to download the app. Facebook claims it wants to reach people without access to a bank account, and that Libra is the best way, Tue 18 Jun 2019 10.00 BST The company said it will implement technologies to prevent money laundering and fraud. The company is likely to run into regulatory hurdles and antitrust concerns, especially at a time when many regulators want to break up Facebook, but no specific legislation has been put forth ahead of the launch. The blockchain is “pseudonymous”, the company said and, like many crypto networks, will allow users to hold one or more addresses not linked to their real-life identities. No matter where you live, what you do, or how much you earn. © 2020 Fortune Media IP Limited. Here’s what you need to know. The Libra payment system will be accessible to anyone with an entry-level smartphone and data connectivity. 58K likes. All rights reserved. Many of these charges will be transferred to vendors who can then absorb the costs themselves or relay them to users. Libra is a permissioned blockchain digital currency proposed by the American social media company Facebook, Inc. Facebook says Libra is a “global currency and financial infrastructure”. The Libra Association is working to empower people around the world through the creation of a simple global payments system. So people everywhere can live better lives. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. ‘sentiment analysis’ tool says, The holidays used to be UPS’s busiest time. There are a number of privacy concerns regarding a financial app run by Facebook. Facebook will launch Calibra, the Libra digital wallet, to allow users to send money to and from each other. Provide people everywhere access to safe and affordable financial services. Apart from transactions on the app itself, Facebook wants to facilitate the use of Libra at various vendors for day-to-day transactions. Opposition to Libra from G7 finance ministers is the latest setback for Facebook's project. Facebook claims that although it created the Libra Association and the Libra Blockchain, once the currency is launched in 2020 the company will withdraw from a leadership role and all members of the association will have equal votes in governance of Libra. The Libra Association is described by Facebook as an independent, not-for-profit organisation based in Switzerland. Within the Libra Association will be a governing body called the Libra Association Council, comprised of a representative of each member of the association, which will vote on policy and operating decisions. The Libra payment system will facilitate a more accessible, more connected global financial system. The companies who contributed a minimum of $10m(£8m) to be listed as founding members of the Libra Association include tech companies such as PayPal, Ebay, Spotify, Uber and Lyft, as well as financial and venture capital firms such as Andreessen Horowitz, Thrive Capital, Visa and Mastercard. The Association. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Info | Ad Choices  In other words, it is a digital asset built by Facebook and powered by a new Facebook-created version of blockchain, the encrypted technology used by bitcoin and other cryptocurrencies. Libra transactions are quick and easy, no matter where you are sending, or spending, your money. Facebook claims it wants to reach the 1.7 billion people around the world who do not have access to a bank account. Facebook says Libra is a “global currency and financial infrastructure”. The Reserve. All rights reserved. The open-source Libra protocol will foster a vibrant community of developers building products and services to help people access and use the Libra payment system. Moving money around the world should be as easy and cheap as sending a message. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. Facebook’s Libra Blockchain will be built on open source code that allows the developer and research community to monitor it for design and security flaws, and the company will implement a “bug bounty” program to incentivise security experts to point out vulnerabilities in the platform. But regulatory questions aside – how soon can you use Facebook’s new digital coin to buy coffee? When the cryptocurrency launches, users can download Calibra, a digital wallet, that will allow them to send it to anyone with a smartphone. Facebook announced a digital currency called Libra.

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