Facebook being the world’s largest social media platform has more than 2 billion users worldwide. After playing on such a large scale, Facebook is now ready to launch its Cryptocurrency- Libra, which the users can use by sending digital coins to one another to purchase on Facebook and the internet.
What is the reason behind launching a new Cryptocurrency?
Facebook has been planning to develop a stable coin that is a digital currency attached to the money issued by the government, to reduce its unpredictability. Its price will remain stable, so it is also called a stable price currency. It plans to have the currency in 12 countries by the year 2020. Libra association is an autonomous group that will govern the new digital coin, and it intends to remain autonomous of the parent company Facebook Inc. It is decided that none of the group members will have any control over the currency and that they are only limited to verify the transactions and maintain the records of the cryptocurrency chain.