Facebook, a popular medium of social communication, is now going to start working through financial means as well. The company has already announced the launch of a new digital currency market with a number of companies. Mark Zuckerberg, the company's chief executive, recently shared the information on his Facebook status. Like digital currency Bitcoin, this currency of Facebook is called 'Libra'. According to the latest information, Facebook will launch online currency management in the next 8 to 12 months. Digital technology experts believe that Facebook has taken the initiative to launch the digital currency 'Libra' with e-commerce and advertising-based platforms in mind.
According to several researchers who have studied digital currency, Facebook's new currency is more like a Fiat currency than a cryptocurrency. Piet currency is a type of value added service that can be traded or converted with traditional currency. Facebook's new currency Libra can be bought with the traditional currency at a fixed exchange rate. Which can later be used for other services or sent to someone else. In this case, the medium will be Facebook.
The Facebook authorities have said that the currency will be targeted mainly at the people who are deprived of banking services. More than 24 world-renowned organizations will collaborate on Facebook's Libra project. The list includes PayPal, Uber, Spotify, Visa and MasterCard. Facebook is expected to raise more than ১ 1 billion. It is known that Libra will not take control of Facebook alone. Facebook and Libra's affiliates could form a non-profit Libra Association headquartered in Geneva, Switzerland. The association will oversee Libra's management under the supervision of the Swiss Financial Authority.
However, the question has also arisen as to how safe the banking sector is in the hands of Facebook. Earlier, Facebook's scandalous money on customer information and Mark Zuckerberg's single rule on Facebook are eroding people's confidence in the platform.