Facebook Unveils Details About its Cryptocurrency 'Libra'

Published on June 20, 2019
Facebook finally unveiled the details of 'Libra', its cryptocurrency.
Facebook Unveils Details About its Cryptocurrency 'Libra'

Details:

  • Using Libra people can buy things or send money to people with nearly zero fees.
  • It will be rolled out for use in 2020 and allow the platform's billions of users across the globe to make financial transactions online.
  • The currency will be serviced by a collective of companies called the Libra Association.

More about Libra:

  • Libra is a global currency and financial infrastructure.
  • In other words, it is a digital asset built by Facebook and powered by a new Facebook-created version of the blockchain, the encrypted technology used by bitcoin and other cryptocurrencies.
  • Facebook aims to reach 1.7 billion people around the world who do not have access to a bank account.
  • This new technology threatens to change the landscape of banking.

Criticism:

  • Facebooks's Libra, cryptocurrency is already the subject of scrutiny, as Facebook faces increasing calls for regulation and antitrust measures.

Question:

Q. What is the cryptocurrency that Facebook will launch, called?
a. Scorpio
b. Libra
c. Orion
d. Pisces

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