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Facebook is preparing to launch a digital currency
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The digital currency, similar to the currency of Betcuen, is based on Block Qin technology, but will be available without being subject to price fluctuations.
David Marcus, director of the currency project, dubbed Libra, said Facebook would not be able to see transaction data.
Markus added that the Libra system will initially be used mainly for transfers between different currencies. However, the long-term vision of the project is to make the currency a full way of payment.
To this end, Facebook formed an alliance with the Geneva-based Lebara Association in Switzerland. Among its 28 members are financial service providers such as Visa, Mastercard and PayPal, which can facilitate the integration of Libra into payment systems.
Vodafone and eBay also joined the alliance, as well as the Bocking platform, Sputevi Music, Ober and Leif Transport.
Block Qin currencies like Betcown are affected by price fluctuations, which Facebook seeks to avoid with the Libra currency. Therefore, a reserve fund composed of different currencies will be allocated to cover the Libra currency.
The LIBRA will determine how to deal with currencies and bonds such as equities as a precaution to maintain a stable price. Unlike KFH, Libra will not be a currency launched by users, but will have to be purchased from member states or trade platforms.
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