Cryptocurrency: Libra.
On June 18, 2019, Facebook and 27 other organizations presented the creation of a new cryptocurrency called Libra and the Calibra Platform, a cryptocurrency that can be used for both peer-to-peer transactions and purchases in establishments, as reported by EFE Agency.
To this end, the Libra Association was established with its headquarters in Geneva (Switzerland), which will be responsible for controlling and developing the cryptocurrency. The promoters justified the location “because this country has a history of neutrality and global openness to blockchain technology, and the association aspires to be an international and neutral institution.”
Among the founding members, notable names include – in addition to Facebook – Visa, Mastercard, Vodafone, PayPal, eBay, Spotify, Uber, Lyft, Booking Holdings (owner of Booking.com, Priceline.com, and Kayak.com), and Mercado Libre, among others.
The goal is for Libra to be a stable cryptocurrency that can be used for daily transactions with minimal variations. This stability is intended to be backed by a set of low-volatility real assets, particularly bank deposits and short-term government securities in stable and reputable central bank currencies. In fact, the Libra Reserve is intended to act as a “buyer of last resort.”
Libra is based on blockchain technology. However, it cannot be mined, and consequently, it cannot be produced by users in exchange for computational power.
A digital wallet for Libra cryptocurrencies will initially be accessible from WhatsApp and Messenger (both owned by Facebook), although plans are to expand it in the future to other services such as Instagram or the Facebook portal itself.
The wallet, which will also have its own independent application for Android and iOS operating systems, will be released in 2020.
On the other hand, the Calibra Platform will facilitate user interaction with Libra, initially developing basic money sending and receiving functions, although other types of financial services are also planned for the future.
Central banks have already expressed their concern and the implications for the economy. In this regard, the Chairman of the US Federal Reserve, Jerome Powell, is of the opinion that Libra would require very close scrutiny due to its enormous reach.
The U.S. Congress, particularly the House Financial Services Committee, has urged Facebook to halt the project until Congress debates it. Undoubtedly, the lack of regulatory protections, coupled with security, privacy, and potential use, raises questions about the risks it could generate for the financial economy, monetary policy, and state control over it.
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