Facebook's new cryptocurrency Libra revealed
Saturday, 06 22 2019, Category: Technology, Country: World
Facebook Inc revealed plans to establish a cryptocurrency called Libra on Tuesday. It will be run by an association comprised of other corporate investors and non-profit members, with an expected launch in the first half of 2020.
Libra will be a digital currency backed by a reserve of real-world assets, including bank deposits and short-term government securities, and held by a network of custodians.
The structure is intended to foster trust and stabilize the price.
Although Libra prices may not always align with the underlying assets, holders should have a “high degree of assurance” that they can convert coins into traditional currency based on an exchange rate, according to the project’s information.
Libra will trade on a network of exchanges, which Facebook did not identify.