Facebook’s plan to beat the global banks

Facebook’s plan to beat the global banks

Facebook has unveiled an ambitious plan to launch an attack on the global financial system by creating a new cryptocurrency to be known as Libra, a payments system powered by blockchain and a digital wallet, as a precursor to moving into lending.

Facebook’s digital wallet, to be named Calibra, will be integrated into its Messenger and WhatsApp applications, and be available outside its communications platforms via a smartphone application that will allow users to send money as if they are sending a text message.

The digital currency Libra will be backed by fiat currencies, distinguishing it from volatile and speculative bitcoin, but it will also compete with traditional money. Like bitcoin, it will be built on blockchain technology, allowing funds to move across borders at near real time and for almost no cost.

In a move that could accelerate the shift to cashless societies, Facebook wants to launch the new system in the first half of calendar 2020, depending on regulatory approvals.

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