Libra is a project that will allow access to financial instruments of 1.7 billion people in developing countries and will improve rather than destroy the traditional financial system. Libra coin price is not public yet because Facebook coin is not trading yet.
The company received support from Visa, Mastercard, PayPal, Uber, eBay, Farfetch and other financial and technology companies. Libra coin global launch will take place in the first quarter of 2020, testing will begin at the end of 2019, reports the BBC.
Facebook does not plan to make money on Facebook coin - the payment system has no commission, and the company will pay users itself for operations with cryptocurrency, financial analysts say.
Initially, the BBC assumed that the cryptocurrency would be called GlobalCoin and Libra Coin release date had not been revealed, but The Information and TechCrunch talk about a different name - Libra. In May 2019, Facebook registered Libra Networks, a financial company in Switzerland, and bought the brand from a startup of the same name.
Facebook cryptocurrency will be a “stable coin” - it is tied to the currency basket and low-risk securities, and not to a single currency. This will eliminate course jumps, like other cryptocurrencies and libra coin price will be stable.
This was confirmed by the head of Facebook for financial services and payment partnerships in Northern Europe Laura McCracken in a conversation with the German magazine WirtschaftsWoche.
The company integrates Libra cryptocurrency not only in Facebook, but also in Messenger and WhatsApp, as well as in partner sites. Employees of the company will be given the opportunity to receive part of their salary in cryptocurrency.
In December 2018, the Bloomberg edition reported that Libra coin would be used to transfer money between users in instant messengers. In February 2019, The New York Times told about the change of plans and the desire of Facebook to sell coins to users, as well as to negotiate with cryptobirds.
The company plans to launch "cryptomatics" - ATMs for the sale and purchase of Libra offline.
The company takes into account its negative reputation in the field of personal data processing and understands that the project’s ambitions to control online payments can scare users away.