Facebook announces its digital currency project - Libra

20 Jun 2019

Facebook announces its digital currency project – Libra

Facebook announces its digital currency project – LibraOn 18th June, Facebook announced that it is starting its own cryptocurrency* together with 27 partners. They are collectively called the Libra Association.

The new cryptocurrency is called 'Libra' and it will be officially launched next year.
 	It is designed to let people save, send or spend money as easily as sending text messages.
 	A nonprofit association (also called Libra) based in Geneva will oversee the Libra currency*.
 	Facebook is also separately building a digital wallet* called Calibra.

The Libra Association includes Mastercard, Visa, PayPal, Lyft, Uber and Women's World Banking.

Libra is seen as a new initiative* for Facebook and it has the potential to make cryptocurrency mainstream*.

It can also make it easier for more than a billion people around the world (who currently do not have bank accounts) to make payments online.

*Cryptocurrency: A digital (only online) currency produced by a public network or private company, rather than a government (Example: Bitcoin)

*Currency: The money that is in use in a particular country/economy

*Digital Wallet: A "Wallet" to keep digital money (like Paytm or Mobiwik)

*Mainstream: Common, used or accepted by most people

*Initiative: A new plan or process to achieve something or solve a problem

Image Credits: Twitter @Libra

Recommended for Secondary Grades

On 18th June, Facebook announced that it is starting its own cryptocurrency* together with 27 partners. They are collectively called the Libra Association. The […]

To read more...

Comments: 2

varnikagupta says:

21 June 2019 at 10:47 am

Nice

Log in to Reply
curioustimes says:

21 June 2019 at 3:29 pm

Glad you found this article of help to you.

Keep reading, stay curious!

Log in to Reply

Share your comment! Cancel reply

You must be logged in to post a comment.

To post your comment Login/Signup