Mark Zuckerberg, Facebook CEO, is launching Libra, a new digital currency system. Photograph: Charles Platiau/Reuters

Facebook’s cryptocurrency, Libra, is in bid to shake global finance

Aminy Andawi
Business & Industry
Internet & IT
Jun 19, 2019
1492
Facebook has launched their digital cryptocurrency which will potentially shake up the world's financial system name Libra. Libra will allow its user to do varieties of financial transactions around the globe. However, it will face lots of scrutinies as Facebook deals with series of privacy scandals.

As early as 2020, Libra will be available as a standalone app as well as on WhatsApp and Facebook Messenger. Libra will allow users to send money to each other as well as to pay for goods and services using Facebook’s digital currency instead of their local currency.

However, the move is already attracting privacy advocates and financial regulators around the globe. Facebook is currently facing a fine from the US Federal Trade Commission for $5 billion. Facebook’s move into the financial sector have become a concern for US and UK officials. Mark Zuckerberg have received many questions to answer on privacy concerns and financial regulations from senate committee on banking and urban affairs.

The company claims that Libra will use the same verification process which credit cards and banks use to automatically detect fraud in the system. It also promised to give refunds for hacked users or users whose money have been stolen from their digital wallet.

Source: https://www.theguardian.com/technology/2019/jun/18/libra-facebook-cryptocurrency-new-digital-money-transactions

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