FACEBOOK's - NEW PROJECT

Facebook announces project LIBRA Cryptocurrency:

Can Libra overshadow the dominance of the dollar in the international market?

Facebook is launching project LIBRA a Cryptocurrency by 2020. It is a virtual currency like bitcoins. You can have a transaction anywhere from the world. Bitcoins are the successful cryptocurrency so far.

pic credit-the guardian

"A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database." WIKIPEDIA

We have to wait whether it will be challenging for G-Pay, PayPal and other transactions company.

Facebook will not solely control over Libra, there will be several associates companies link with this project.

We have to wait and watch about the scope of the Banking system and how the government of different countries finalizes it.

The data privacy and security will be one of the major issues for Facebook.

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