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Facebook plans to launch its own currency named Libra in 2020. The Silicon Valley Masters of the Universe have unveiled more details about how the currency will operate, including a promise of privacy for its user, and the fact that the currency will be “governed” by the “Libra Association,” a group of Mark Zuckerberg’s fellow elites based in Switzerland.
Breitbart News recently reported that social media giant Facebook plans to reveal its new Libra digital cryptocurrency next week with backing from over a dozen other companies. Visa and Mastercard are reportedly quite invested in the currency while other Silicon Valley firms such as PayPal, Uber, Stripe, and Booking.com are fully supporting the currency.
Business - Insider - Insight - Cryptocurrency - Facebook
Business Insider has now given some insight into how the cryptocurrency may work. Facebook has set up an independent company called Calibra to act as a digital wallet for users Libra currency, hoping to act as an alternative for the 1.7 billion people in the world without bank accounts. Facebook has also set up a non-profit “Libra Association,” in Switzerland, comprised of the companies that have already backed the project, including Visa, Mastercard, PayPal, Uber, Stripe, and Booking.com.
According to a statement, Facebook chose Switzerland because the country “has a history of global neutrality and openness to blockchain technology, and the association strives to be a neutral, international institution, hence the choice to be registered there.”
Libra - Association - Facebook - Currency - Paper
The Libra Association will govern Facebook’s currency. According to the white paper, “The Libra Association also serves as the entity through which the Libra Reserve is managed, and hence the stability and growth of the Libra economy are achieved. The association is the only party able to create (mint) and destroy (burn) Libra. Coins are only minted when authorized resellers have purchased those coins from the association with fiat assets to fully back the new...
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