Tuesday 15 October 2019
 
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EASY TO USE LIBRA

Facebook to launch digital wallet, currency

NEW YORK, June 19, 2019

Facebook has announced a new digital currency called "Libra." The social media giant is partnering with 27 other businesses and organizations to start the crypto as an open-source currency. 
 
The company has formed a subsidiary named Calibra, whose goal is to provide financial services that will let people access and participate in the Libra network. 
 
The first product Calibra will introduce is a digital wallet for Libra, a new global currency powered by blockchain technology. The wallet will be available in Messenger, WhatsApp and as a standalone app and is expected to be launched in 2020.
 
"If you have an internet connection today, you can access all kinds of useful services for little to no cost — whether you’re trying to keep in touch with family and friends, learn new things or even start a business. But when it comes to saving, sending and spending money, it’s not that simple," said Facebook in a statement.
 
"For many people around the world, even basic financial services are still out of reach: almost half of the adults in the world don’t have an active bank account and those numbers are worse in developing countries and even worse for women. The cost of that exclusion is high — approximately 70% of small businesses in developing countries lack access to credit and $25 billion is lost by migrants every year through remittance fees.
 
"This is the challenge we’re hoping to address with Calibra, a new digital wallet that you’ll be able to use to save, send and spend Libra," it said.
 
From the beginning, Calibra will let users to send Libra to almost anyone with a smartphone, as easily and instantly as one might send a text message and at low to no cost. "And, in time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass," it said.
 
Here’s a sneak peek at what the experience of using Calibra will be like, according to Facebook:
 
* When it launches, Calibra will have strong protections in place to keep your money and your information safe. It will be using all the same verification and anti-fraud processes that banks and credit cards use, and will have automated systems that will proactively monitor activity to detect and prevent fraudulent behaviour. It will also offer dedicated live support to help if one loses the phone or password — and if someone fraudulently gains access to an account and you lose some Libra as a result, we’ll offer you a refund.
 
* We’ll also take steps to protect your privacy. Aside from limited cases, Calibra will not share account information or financial data with Facebook or any third party without customer consent. This means Calibra customers’ account information and financial data will not be used to improve ad targeting on the Facebook family of products. The limited cases where this data may be shared reflect our need to keep people safe, comply with the law and provide basic functionality to the people who use Calibra. Calibra will use Facebook data to comply with the law, secure customers’ accounts, mitigate risk and prevent criminal activity. 
 
* We’re still early in the process of developing Calibra. Along the way we’ll be consulting with a wide range of experts to make sure we can deliver a product that is safe, private and easy to use for everyone. But we’re excited to share this early glimpse and we’ll share updates along the way. In the meantime, if you’d like to be among the first to know when Calibra is available, you can sign up here. - TradeArabia News Service



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