Facebook officially announced the emission of the cryptocurrency Libra, and the forthcoming launch of the Calibra wallet, designed to store Libra and make payments. The launch is scheduled for 2020, and the project details are given in the company's blog.
The message says that Calibra wallet will be available on Facebook Messenger and WhatsApp, as well as the freestanding app. The creators of the project declared that the purpose of a wallet and a new cryptocurrency is to simplify users' access to payment services. Facebook claims that making transfers with Libra crypto cash will be as easy as chatting in messengers. The capabilities of the wallet should be appraised primarily by users from developing countries, where a substantial part of the population does not have bank accounts.
Also, the service will allow paying bills or public transport rides. By this, users' funds will be secured from the theft using systems banks can apply. In particular, it relates to tracking of suspicious activity, and in the case of Libra's theft, users will get the compensation.
Libra cryptocurrency can be purchased after identification through the Calibra app for iOS and Android, which will be available for early access and testing by users. Organizations which accept payments in Libra will pay a small commission, and users will be able to transfer money to each other without losses. Buying Libra currency can be held from a bank account or the particular terminals for cash.
Facebook also admitted that the social network will not use owners data from the Calibra wallets to improve their services and will not share them with third parties unless it is a violation of the law matter.
Facebook will not run the Libra project solely. The social network has created the non-profit Libra Association, which already gathered 27 companies, including Visa, Mastercard, and PayPal payment systems, Spotify, Uber, and Lyft services, as well as telecom operator Vodafone. Also, the members of the association will arrange the Libra Reserve fund through assets investing that should ensure the Libra cryptocurrency and its stability.
The rumors that FB is planning to launch its cryptocurrency appeared about a year ago, and in December 2018 it was reported that Facebook is developing a cryptocurrency related to the so-called stablecoin — digital currency, tailored to the fiat money avoiding rate leaps, which can affect the popular cryptocurrencies owners. Then it was specified that the FB cryptocurrency would rely on the U.S. dollar. In early June, it was published that the future cryptocurrency will be called Libra.