The Libra payment system will facilitate a more accessible, more connected global financial system. Apart from transactions on the app itself, Facebook wants to facilitate the use of Libra at various vendors for day-to-day transactions. Terms & Conditions. The abbreviation lb for pound is derived from Libra, and the £ symbol originally comes from an ornate L in Libra. Libra is a permissioned blockchain digital currency proposed by the American social media company Facebook, Inc. The Libra payment system will be accessible to anyone with an entry-level smartphone and data connectivity. But regulatory questions aside – how soon can you use Facebook’s new digital coin to buy coffee? S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. ‘sentiment analysis’ tool says, The holidays used to be UPS’s busiest time. The open-source Libra protocol will foster a vibrant community of developers building products and services to help people access and use the Libra payment system. The Libra mission is to reinvent money and transform the global economy so people everywhere can live better lives. © 2020 Guardian News & Media Limited or its affiliated companies. Powered and implemented by Interactive Data Managed Solutions. On Tuesday, Facebook announced a digital currency called Libra that will roll out for use in 2020 and allow the platform’s billions of users across the globe to make financial transactions online. About Facebook Libra Libra is built on an open-source blockchain called the Libra Blockchain featuring its own proof-of-stake protocol. All rights reserved. Available for everyone, funded by readers. Beller rose to prominence in 2019 as one of the founders behind libra, developing the idea for the Facebook-backed digital currency alongside David Marcus. Opposition to Libra from G7 finance ministers is the latest setback for Facebook's project. The U.S. presidential race is a near dead heat, this A.I. FORTUNE may receive compensation for some links to products and services on this website. It functions as what is known as a “stablecoin”, pegged to existing assets like the dollar or euro, in the aim of making it less subject to the volatility that many cryptocurrencies experience. The Libra network is built on blockchain technology and designed with security in mind. When the cryptocurrency launches, users can download Calibra, a digital wallet, that will allow them to send it to anyone with a smartphone. Facebook claims it wants to reach people without access to a bank account, and that Libra is the best way, Tue 18 Jun 2019 10.00 BST Ride-hailing firms Uber and Lyft are early investors in the project, suggesting that perhaps users will be able to pay for services on the apps using Libra, though neither company responded to a request for comment. The company is likely to run into regulatory hurdles and antitrust concerns, especially at a time when many regulators want to break up Facebook, but no specific legislation has been put forth ahead of the launch. But Facebook is also likely to carry out what’s known in cryptocurrency circles as an “air drop”, handing out small amounts of currency for free in an effort to kickstart the ecosystem. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell My Info | Ad Choices  Quotes delayed at least 15 minutes. Ultimately, of course, those users will need a more reliable source of Libra income than simple handouts from Facebook. The company said it will implement technologies to prevent money laundering and fraud.

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