Under this FaceBook is going to release a cryptocurrency named Libra (Facebook Libra coin).
It is a centralised Cryptocurrency, controlled by Libra Association.
A cryptocurrency is a form of digital currency but not in physical form. You can buy and spend it only online, to know more about Cryptocurrency by clicking here.
How Libra is Differ from other Cryptocurrency-
As we know, All the cryptocurrency available in the market are decentralised. But the Main Difference between other cryptocurrency and the facebook Libra coin2020 is, Libra is Centralized.
Means a group of companies called Libra Association will control it, So the market value of Libra can’t fluctuate.
According to Facebook, They are creating a currency that can be acceptable by everyone and anywhere in the world. It helps the tourist, seller and buyer worldwide.
Who controls facebook Libra coin?
For now Libra is in its developing phase but whenever it will be released Libra Association will control it.
Facebook formed a group of companies to control the libra coin’s market value. So they can deliver a stable currency and these companies are named as Libra Association. Thes companies are in below image.
But till October 2019 eBay, Mastercard, Stripe, Visa, Mercado Pago and PayPal left the Libra Association.
According to facebook libra coin will change the world market and it will change the traditional currency.
But the main challenge of facebook is to convince the all country of the world to validate it and it does not seem easy because most of the countries are not in favour of Libra. So let’s see what will happen.