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Facebook to launch its own cryptocurrency, Libra, in 2020

Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, recently spoke about Facebook's entry into the cryptocurrency space with the introduction of Libra, in an interview on WhatBitcoinDid. "Moving money around the world should be as easy and cheap as sending a text message", Facebook says on its website.

Those born under the "Libra" astrological sign are voicing opposition to the name given to the social network's forthcoming digital currency, unveiled Tuesday. Unlike the others, the company says, Libra's value will be tied to real money backed by banks and government securities in major currencies like the US dollar, euro, yen and others. Stablecoins are cryptocurrencies pegged to the US Dollar and is created to minimise the effects of price volatility.

According to the white paper, Libra will be administrated by a not-for-profit consortium based in Switzerland which includes Mastercard, PayPal, Visa, Stripe, eBay, Coinbase, Andreessen Horowitz and Uber among its founding members.

"Facebook is already too big and too powerful", said Sen. The lawmakers want the CEO to explain how the currency would work, how the data would be secured and what consumer protections would be offered.

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Cointelegraph has also reported that the Chairman of the Russian State Duma Committee on Financial Market Anatoly Aksakov said that the country would not legalize the use of the token.

The argument that this is a stablecoin - a cryptocurrency whose value is pegged to be as stable as the dollar - is unlikely to pass muster with the banking regulator, due to concerns around tax evasion, money laundering and fraud, as per Rastogi.

With so many adversarial situations trying pull down shutters on cryptocurrencies, it seems that the journey of Facebook's Libra in India may have already come to a premature end. Facebook confirmed that Calibra, which is the digital wallet for Libra transfers, will not be available in countries where cryptocurrencies are banned.

The Libra blockchain technology will apparently be able to handle 1,000 transactions per second, compared to Bitcoin's seven transactions per second or Ethereum's 15 transactions per second.

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Facebook has engaged with regulators in the United States and overseas about the planned cryptocurrency, company executives said.

Nonetheless, Facebook promises not to "share account information or financial data with Facebook, Inc. or any third party without customer consent".

Perhaps the most interesting comment was the fact that Facebook took the time to meet with the Fed in advance of the Libra announcement.

Facebook says the currency's mission is to "reinvent money" and "transform the global economy so people everywhere can live better lives".

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Update: Following the publication of this article, a Facebook representative told The Block in a message that "Calibra will be available in all places where FB is available and crypto is legal".

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