Virtual Currency launched on Facebook- Libra digital currency

Facebook-cryptocurrency-coin

New surprise is the fact that the virtual currency (crypto-currency) is coming with the social media Facebook. In a planned move to launch e-commerce and global payments system in early 2020, Libra (Facebook Digital Currency Name) will be launched in the market, Facebook has said in a plan on Tuesday 18 June 2019.

Libra-Facebook cryptocurrency launching next year

Libra-Facebook cryptocurrency launching next year that will allow people to move money from their smartphone into a digital “wallet”. Facebook has also planned to offer special bonus to companies or customers who will receive Crypto-currency from Facebook. Facebook has discussed with the authorities of several countries to launch this new digital currency. But there are how many companies under the Facebook service that are not yet to be known publicly. So far, Facebook has enlisted 28 companies, including Spotify and Uber, who each had to spend a minimum of £8million to be a founding member of the Libra Association, an independent not-for-profit membership organisation. Facebook wants to attract 100 businesses in time for launch, which it is aiming for the first half of 2020.

Facebook has created this currency considering the global users. Through this digital currency, Facebook users can make transactions and online purchases in different countries easily. With this in mind, Facebook is using blockchain technology to bring virtual currency and it has taken steps to be more centralized than Bitcoin. Apart from this, the external third party organization is associated with it for the next step.

The UK-based magazine The Sun said that Facebook is focusing on its currency without getting the price ups and downs like Bitcoin. With this you will be adding WhatsApp Money Transfer and payment system. This will be a great job for the Facebook Marketplace.

According to analysts, Facebook is imitating China’s social media WeChat in the launch of new crypto currency. Here the new Facebook service will be able to understand its own profits by launching this new payment service.

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