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All you need to know about Facebook’s new digital currency

Facebook’s new digital currency, Libra, will release for use in 2020. Photograph: Chesnot/Getty Images

Facebook has announced its cryptocurrency called Libra, it will allow you buy things or send money to people with zero fees; this will release for use in 2020 and allow billions of users across the World to make financial transaction through online.

Facebook reveal that Libra is a “global digital currency and financial infrastructure. In other words, it is a cryptocurrency built by Facebook and newly created blockchain of Facebook, bitcoin and other cryptocurrencies used this encrypted technology already.

The name Libra denotes the “weight” in Roman and names comes from the basic Roman measurement of weight. Further, Facebook reveals that it wants to reach the 1.7 billion people around the world who don’t have the bank access.

The Libra Association is the in-charge of Libra currency. Facebook expresses that The Libra Association as an independent organisation not-for-profit and it’s based in Switzerland. It arranges two main functions such as validate transactions on the Libra blockchain and manage the reserve Libra is tied to and allocate funds to social causes. Thus, Companies funded more than $10M listed as the founding members of the Libra Association. It includes PayPal, Ebay, Spotify, Uber and Lyft, as well as financial and venture capital firms such as Andreessen Horowitz, Thrive Capital, Visa and Mastercard.

When the Libra launches, user can download the Calibra, a digital wallet that will allow them to send to anyone through smartphone. It will available in Messenger, WhatsApp, and standalone app.

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