Facebook has finally released an official statement regarding the release of its new digital wallet called Calibra that will use a new cryptocurrency called Libra. Calibra, currently a subsidiary of Facebook, seeks to provide financial services that will allow users to access and participate in a blockchain technology developed by Facebook known as the Libra network. The Libra network is supported by Visa, MasterCard, PayPal, Lyft, Uber, eBay, and Spotify.
According to Facebook, Calibra will be launched in 2020 and its services will also be incorporated in Messenger and WhatsApp using standalone apps. During the announcement by Facebook, it was noted that almost half of the adults in the world do not have an active bank account and it is even worse in developing countries. This means that people’s access to financial services is limited. By using Calibra, Facebook is hopeful that it will increase people’s access to basic financial services.
When Calibra becomes operational, people will be able to send and receive Libra cryptocurrency via their smartphones. In the future, advancements on the technology will see to it that people are able to pay their bills easily and purchase products without the need for physical money.
To get funds on your Calibra account, Facebook has implemented a sign-up process that will prompt you to choose from a list of legible payment providers such as PayPal, Stripe, Visa, and MasterCard. It will also be possible for people to access local and online currency exchange bureaus where they can change actual currency into Libra for their Calibra wallet.
Security concerns were also addressed during the announcement. Facebook said that it has created The Libra Association to oversee the Libra digital currency as an independent entity. The Libra Association will have its headquarters in Geneva, Switzerland and it currently comprises of 28 companies but Facebook targets 100 companies before Calibra’s launch in 2020. It was further confirmed that the account information of Calibra’s customers will not be shared with Facebook or anyhow used to improve Facebook’s targeted ads.
With all this information, all that you have to do now is patiently wait for the official launch and implementation of the Calibra in 2020.