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'''Libra''' (previously known as '''GlobalCoin''' or '''Facebook Coin'''<ref>[https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3351630 Social Media Monopolies and Cryptocurrencies: Facebook's Proposed Coin.] Cybersecurity, Privacy, & Networks eJournal. Social Science Research Network. (SSRN). Accessed June 19 2019.</ref>) is American social media conglomerate [[Facebook]]'s proposed [[digital currency]], referred to as a [[cryptocurrency]].
'''Libra''' (previously known as '''GlobalCoin''' or '''Facebook Coin'''<ref>[https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3351630 Social Media Monopolies and Cryptocurrencies: Facebook's Proposed Coin.] Cybersecurity, Privacy, & Networks eJournal. Social Science Research Network. (SSRN). Accessed June 19 2019.</ref>) is American social media conglomerate [[Facebook]]'s proposed [[virtual currency]], referred to as a [[cryptocurrency]].


==Currency==
==Currency==

Revision as of 14:52, 19 June 2019

Libra
Denominations
Symbol≋
Development
White paperLibra whitepaper
Code repositoryhttps://github.com/libra/libra
Development statusAnnounced
Written inRust
Developer(s)The Libra Association, Facebook
Source modelOpen source
LicenseApache License[1]
Website
Websitelibra.org

Libra (previously known as GlobalCoin or Facebook Coin[2]) is American social media conglomerate Facebook's proposed virtual currency, referred to as a cryptocurrency.

Currency

News of the currency first leaked in May,[3] with more revelations in June,[4][5][6] and it was formally announced on June 18, 2019[7][8] along with the release of an associated whitepaper outlining the project's infrastructure and goals.[9] A first version is projected to be released in 2020.[10] Libra will be backed by financial assets such as a basket of currencies,[11] and US Treasury securities in an attempt to avoid volatility.[12] It will not rely on cryptocurrency mining.[13]

Libra Association

Facebook had previously established the Libra Association to oversee the currency, founded by 28 members:[14]

Reception

The project has faced criticism[15][16] and opposition from central banks.[17] The use of a cryptocurrency and blockchain for the implementation has been questioned.[13]

On June 18, 2019, Maxine Waters, Chairperson of the United States House Committee on Financial Services Committee asked Facebook to halt their plan to the development and launching of Libra citing a list of recent scandals. She said, "The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies".[18]

Privacy concerns

Industry observers have speculated how Libra will provide privacy to its users.[19] According to Fortune, a Facebook subsidiary called Calibra will manage Libra, and Facebook executives have promised it will not share account holder's purchase information without authorization.[20] However, Fortune also reports that the system will include a friend-finder search function, and the use of this function will constitute permission for Calibra to combine the account holder's transaction history with their Facebook account.

References

  1. ^ "Libra Software License". Github.
  2. ^ Social Media Monopolies and Cryptocurrencies: Facebook's Proposed Coin. Cybersecurity, Privacy, & Networks eJournal. Social Science Research Network. (SSRN). Accessed June 19 2019.
  3. ^ Andriotis, AnnaMaria; Hoffman, Liz; Rudegeair, Peter; Horwitz, Jeff (2 May 2019). "Facebook Building Cryptocurrency-Based Payments System". The Wall Street Journal. Retrieved 18 June 2019. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  4. ^ Nuttall, Chris (14 June 2019). "Facebook's crucial crypto coin play". Financial Times. Retrieved 18 June 2019. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  5. ^ Andriotis, AnnaMaria; Rudegeair, Peter; Hoffman, Liz. "Facebook's New Cryptocurrency, Libra, Gets Big Backers". The Wall Street Journal. Retrieved 18 June 2019. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  6. ^ Facebook to launch cryptocurrency backed by Uber, PayPal Mastercard and Visa TechAhead Inc. Accessed June 17 2019.
  7. ^ Isaac, Mike; Popper, Nathaniel (18 June 2019). "Facebook Plans Global Financial System Based on Cryptocurrency". The New York Times. Retrieved 18 June 2019. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  8. ^ Constine, Josh (18 June 2019). "Facebook announces Libra cryptocurrency: All you need to know". TechCrunch. Retrieved 19 June 2019. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  9. ^ "Libra White Paper | Blockchain, Association, Reserve". libra.org.
  10. ^ "Facebook Unveils Libra Cryptocurrency, Sets Launch For 2020". NPR.org. Retrieved 2019-06-19.
  11. ^ "Facebook's Libra currency draws instant response from regulators". Financial Times. June 18, 2019. {{cite news}}: Unknown parameter |authors= ignored (help)
  12. ^ Duffy, Clare. "Facebook wants to make cryptocurrency mainstream. Here's how". CNN. CNN. Retrieved 18 June 2019.
  13. ^ a b c Cellan-Jones, Rory (June 18, 2019). "Why Facebook wants to be money's future" – via www.bbc.co.uk.
  14. ^ "Libra Association | A not-for-profit organization". libra.org.
  15. ^ Kaminska, Izabella (18 June 2019). "Alphaville's Libra cheat sheet". Financial Times. Retrieved 18 June 2019. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  16. ^ Kaminska, Izabella (18 June 2019). "Zuckerberg: The man who would be monetary king". The Financial Times. Retrieved 18 June 2019. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  17. ^ Marsh, Alastair (18 June 2019). "France Calls for Central Bank Review of Facebook Token". Bloomberg News. Retrieved 18 June 2019. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  18. ^ Wong, Queenie (2019-06-18). "US lawmaker wants Facebook to halt its Libra cryptocurrency project". CNET. Archived from the original on 2019-06-19. Retrieved 2019-06-19. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  19. ^ Jeff John Roberts (2019-06-18). "Facebook's Project Libra: 5 Things to Know About the Cryptocurrency". Fortune magazine. Archived from the original on 2019-06-18. Retrieved 2019-06-19. So, in theory, only Calibra will have a record of your transactions. But many Calibra users may decide to use its integrated Facebook friend-finding feature, and if they do, their data will be combined. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  20. ^ Jacob Passy (2019-06-19). "Why Facebook's Libra coin could become a big pain in your wallet". Market Watch. Retrieved 2019-06-19. Libra will be a "stablecoin," linked to the value of other currencies, unlike other cryptocurrencies like bitcoin BTC, -4.27% Consumers who use Facebook's Messenger service, WhatsApp or a stand-alone app will be able to access Libra through a digital wallet managed by new Facebook subsidiary Calibra. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
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