LibraCoin - Facebook's cryptocurrency is getting closer. The premiere in 2020

About a potential creation we wrote our own cryptocurrency via Facebook in March this year. Initial rumors about creating their own financial system were finally confirmed by Mark Zuckerberg himself. Officially, the currency of one of the most recognizable companies in the world is called LibraCoin.

Simple and global

The founder of Facebook in his post wrote:

"Libra's mission is to create a simple global financial infrastructure for people from around the world. The project is powered by blockchain technology and its launch is planned for 2020 a year. The ability to use mobile payments can have a significant, positive impact on people's lives, because you do not always have to bring cash (...). This is especially important for people who do not have access to traditional banks or financial services. There are currently around one billion people who do not have a bank account, but have a mobile phone. We strive to make it easy for everyone to send and receive money, just like you use our applications to instantly share messages and photos. "

LibraCoin is to be managed not only by Mark, but also by a specially created association. It is to include current leaders on the non-cash and mobile payments market and other entities. In general, their number is expected to constantly expand. I am talking mainly about here  Mastercard, PayPal, Visa, Stripe, eBay, Coinbase, Andreessen Horowitz and Uber.

A practical system

One of the most important assumptions of LibraCoin's creation is not only its general accessibility. An important element on which Zuckerberg focuses his attention in the post is the practicality of the system. It is to be based on (already used in many companies) blockchain technology. The wallet is to be not only simple, but also very functional. The project assumes the possibility of using it in the Messenger application, WhatsApp and a separately created application. For now, we hear rumors about the creation of Caliber. It is used to transfer from a smartphone to another (for free) money transfers in  LibraCoin.

Return to regulation

The publication of information on real plans for the 2020 on the introduction of LibraCoin triggered a wave of criticism and numerous talks (mainly in the European Union) that restored the topic of regulating the cryptocurrency market. One of the most active politicians with whom Zuckerberg's idea aroused controversy is the Republican Patrick McHenry.

In his statement, we read:

"Facebook has data on billions of people and has repeatedly shown disregard for the protection and use of these data. Along with the announcement that he plans to create a cryptocurrency, Facebook continues to uncontrolled expansion and extends its impact on the lives of users. "