InvestorQ : What is Libra currency introduced by Facebook and how can it be used?
tanvi Patel made post

What is Libra currency introduced by Facebook and how can it be used?

user profile image
vani Patil answered.
1 year ago

If you know about Bitcoins, then it is a cryptocurrency and now Facebook is planning to launch a cryptocurrency which it believes has the potential to transform the global economy. This proposed currency is called Libra, which is developed by Facebook. The catch is one of security as Facebook plans to share control of this cryptocurrency with venture capital firms, credit card companies, and other tech companies.

To begin with, users of Facebook and WhatsApp will be able to send Libra inside the Facebook Messenger and WhatsApp, with it, mostly being meant as an intermediary for transferring traditional currencies like the dollar, Euro, Rupee, etc. Over a period of time, Facebook wants Libra to be accepted as a form of payment and it will also offer a series of financial services on a Blockchain platform.

There are two things to remember. Firstly, the RBI has already made any kind of crypto transaction unofficial in India and it is likely to attract penalties and legal action. India has not been too forthcoming to Facebook’s idea of using the Libra and hence you will have to keep that in mind before using Libra when it is launched.