Friday, April 3, 2020

Libra: Global banking market will receive Facebook currency, despite federal investigation

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

The global banking market will receive a new non-paper currency called Libra next year, which will be launched by Facebook after taking the initiative to establish its own technology. In preparation for launching the currency, Facebook seeks to establish an ATM to convert regular currency into its new currency and vice versa. In addition to creating platforms that differ from regular Facebook platforms.

The new service will include seven billion users without a bank account around the world. The new currency Libra will be the new source of revenue for Facebook away from advertising revenue. The new currency is scheduled to be launched regularly by mid-year, according to company officials.

Social networking visitors can use Libra to make payments, trade and access paid applications and games, saving $ 25 billion in remittances each year for the company.

The Facebook recently announced its intention to launch “Libra” in six to 12 months, ignoring the current status of a federal investigation of its privacy practices, and what it faces with other technology giants, as well as the crisis it faces between the US government and the owner of Facebook Himself recently.

Libra is a digital currency encrypted for global use, resembling Bitquin, but it differs from all other encrypted virtual currencies, which would encourage it to be handled. Facebook hopes to raise up to $ 1 billion from partners to support the launch of the new currency, and what will be accompanied by the introduction of what is known as “Calibera,” which will be the task of storing information and data dealers in the new currency, and the separation between data users of the currency and Facebook users.

Facebook said that Al Libra has four advantages: it is linked to several international currencies, protected from financial speculation and backed by government assets. In addition, Facebook can issue more of them when needed, which protects it more than volatility. This will encourage more trade. Based on its services, and promote advertising on its platforms.

The Facebook company explained that the deal with the Libra is not limited to users of the currency only, but that all users of Facebook, which has reached about 2.5 billion users around the world use, as the circulation of funds using them through the Platforms “Messenger” and “WhatsApp” owned by the company, Anyone who wants to deal with it will have an electronic wallet in which to keep more currency.

The company’s fears of terrorist exploitation of the new currency and the seriousness of its circulation have escalated, as there is no real control over it, or censorship by the central banks of the countries and organs of the state concerned, making them vague unknown, responsible or able to control them. The money is wasted when the system breaks or the company is exposed to any crisis without the state being able to control it, according to the fear of financial and business experts and the economy.

In this regard, the Committee on the discussion of financial and economic issues in the US Congress decided to devote a full hearing on the new Liberian currency on July 17, pointing out that the meager information provided about the potential use and security of the Libra currency, and its electronic portfolio reveals a huge area of ​​risk and lack of clear organizational protection.

Facebook, which was the icon and spark of the revolutions of the Arab Spring, will spark the change to a completely new global banking system, threatening the throne of the banks and intends to compete with the US currency, a question that poses itself strongly in the global financial circles, amid concerns raised by the Liberian currency concerns about privacy and circulation and national security Monetary policy, not only for Facebook users who are more than one billion users, but also for investors, consumers and the global economy.

Read also: Lawyers warn: Facebook’s Libra will cause serious tax problems in Europe

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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