There’s a new cryptocurrency called Libra, courtesy of Facebook and the entire network will be rolled out by 2020. Libra will be controlled by the Libra Association, which is a non-profit based in Geneva, Switzerland.
However Facebook will have a leadership role for all of 2019, though later on it will be just one of the many members of the association.
Libra is like any other cryptocurrency powered by blockchain technology. Blockchain technology functions like an open ledger that gets updated in real time, and each transaction made on a blockchain network is preserved.
Facebook also announced a dedicated wallet app called Calibra, which will be built into WhatsApp and Messenger as well, to let users store and use these Libra coins.
A Calibra spokesperson said that the digital wallet will not be rolling out to a number of markets that have taken a stand against cryptocurrency, or are sanctioned by the United States.
“The Libra Blockchain will be global, but it will be up to custodial wallet providers to determine where they will and will not operate. Calibra won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies,” the Calibra spokesperson was quoted as saying.
India remains cautious about cryptocurrency. The country’s central bank Reserve Bank of India told the highest court in the nation that it did not want cryptocurrency to spread like a “contagion,” citing potential harms.
“Facebook has not filed any application with RBI (Reserve Bank of India) for its cryptocurrency in India,” said a person aware of the matter. RBI however has not responded to any queries.