Cryptocurrency experts like Bharat Bhise
are closely observing Libra, Facebook’s upcoming digital currency. The social
media giant promises that Libra will trail a new blaze in the industry, rather
than just becoming another form of cybermoney.
In its announcement, Facebook said that the
new digital currency has a lofty goal of becoming a standard for online
finances. Using blockchain, Libra joins other popular forms like Bitcoin and
Etherium as part of the cryptocurrency field. However, instead of being a
standalone currency, Facebook is launching its own digital wallet that
exclusively uses Libra. Called Calibra, the wallet will be made available as a
standalone app, as well as a connected app to other third parties like
Messenger and WhatsApp.
Bharat Bhise is closely observing the new
directions that Libra and Calibra want. If what Facebook says happens, the two
new services will definitely open a new niche in the industry. Supposedly, the
social media giant hopes to address the issue of financial inclusion with the
launch of the new digital platforms.
Facebook also hopes that instead of dubbing
Libra as just another form of cryptocurrency, users will liken the new
platforms to other online payment systems like Paypal. According to tech
website TechCrunch,
Facebook VP for blockchain David Marcus has been quoted as saying, “If more
commerce happens, then more small businesses will sell more on and off the platform,
and they’ll want to buy more ads on the platform so it will be good for our ads
business.”
This means that Facebook is likely
targeting Libra and Calibra as long-term systems for both online and offline
payments.
However, much of these is still in its
starting stages, as both developments will not launch until next year, according
to Facebook. Follow Bharat Bhise to get updated on these new developments as
well as other updates in the field, today!
