Plans of Facebook for its cryptocurrency named “Libra”

As per the reports, Facebook is also showing interest in cryptocurrencies. And it announced the Libra project in June 2019. Libra is an outstanding book written by Don DeLillo he is also known as The American Master. So let’s see types of development that have been seen from its announcement date to date regarding Facebook Libra cryptocurrency.

Libra cryptocurrency

The popularity of cryptocurrency is increasing day by day

In the last few weeks, digital currencies are being welcomed by many popular celebrities, and private firms, supporters, and promoters of cryptocurrencies are increasing since they came into existence. In 2009 we heard about the name “Bitcoin” which become very popular among online currencies. But there were some issues with Bitcoin, as it was a decentralized so many people started using it in illegal works and when this becomes a threat few governments banned Bitcoin in their country.

More about Facebook Libra cryptocurrency

Libra is a digital currency token that has been announced to launch by facebook parallel to Bitcoin. As Facebook is going to start a new encrypted payment service with its partners named Calibra and Libra will be a part of Calibra. Calibra is a Facebook subsidiary that is solely entitled to provide financial services. Calibra is an encrypted payment service that is mainly divided into two parts: the first one is Libra token which is a cryptocurrency initiated by Facebook similar to Bitcoin with the improvement of more stability and less speculative asset, and the second one is a blockchain that will work as a technical foundation for this Libra token.

Govt. regulation about Facebook Libra cryptocurrency

Currency is a symbol of severity for all countries. As we saw the previous cryptocurrency had been used in some illegal works. So many governments are in the mood to allow, any type of digital currency which is not being regulated by them. But looking at the popularity of digital currencies, they have started thinking about making proper guidelines on cryptocurrencies. As per the reports, the Chinese government has started working on their digital currency which will be centralized by them. With this change, Facebook Libra cryptocurrency will face the implications.

How government regulations have affected Facebook Libra cryptocurrency?

Facebook is also a private firm although it has a large contribution to the GDP of the country it’s not a government regulating body. As per reports, Facebook has delayed its Libra project which was initially announced to start in Oct 2020 due to the extreme pressure of government regulating bodies and political peoples. So according to this report, Facebook has shifted their plan for cryptocurrency and now they are thinking to support other blockchain-based cryptocurrencies that are already in the market.

Conclusion:

As we are seeing a lot of technological development day by day thus no wonder if we will see world of new currencies that may be of digital currencies. But we will have to under that currency is directly connected to our countries severity and identity. And it will not be good to use a currency that is not being regulated by any government authority. And that may be the probable reason behind the delay in Facebook Libra cryptocurrency.

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