The future of Facebook and the future of money

In order to include the 1.7 billion people in the financial system that are currently still unbanked and to generally improve the ease in which we handle money, Facebook has revealed their plans of launching a new digital currency in combination with a digital wallet service.

The application, which goes by the name ‘Calibra’ will be accessible through the app by itself, as well as through the company’s social platforms, enabling users to make cross border payments and to pay for simple everyday goods with the new Libra coin.

Vice President of Blockchain at Facebook – David Marcus, explained how this service connects well to their core revenue model: “If more commerce happens, then more small businesses will sell more on and off platform, and they’ll want to buy more ads on the platform so it will be good for our ads business.”

The company also wrote: “Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee.”

As the Libra Association already expected regulators to be critical about this significant move, they wrote: “We welcome public inquiry and accountability. We are committed to a dialogue with regulators and policymakers. We share policymakers’ interest in the ongoing stability of national currencies.”

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Source: Facebook reveals digital wallet plan - ... Facebook announces Libra cryptocurrency: All you need to know - ... Facebook reveals digital currency details - ... Facebook Just Announced Its New Digital Wallet and Currency: Calibra - ... Facebook Announces Project Libra, Its Wildly Ambitious Plan to Bring Cryptocurrency to the Masses -

Curated by 80dB

Author: Kevin Houtop

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