There has been so much buzz in the news surrounding Libra, a cryptocurrency backed by Facebook and other financial tecky and remittance giants like eBay, Visa, Mastercard, PayPal Holdings, Uber and Kiva.
From my reading, this is the summary;
1. Will be ran by Calibra (Facebook), eBay, eBay, Visa, Mastercard, PayPal Holdings, Uber Kiva and many more.
2. It will be a stablecoin used for local and international money transfers.
3. It will be a Fully working blockchain by 2020.
4. The main aim is to send money faster, cheaper and secure using blockchain and to bank the unbanked.
5. Its value will be tied to hard assets
6. Calibra is a wallet service being built by Facebook to link messenger and WhatsApp for transactions.
7. Will be regulated (the reason to avoid it)
8. Will be built on private blockchain (partially decentralized)
What does this mean for cryptocurrency?
Facebook and its partners boast of close to 5 billion users, this only entails mass adoption for cryptocurrency and blockchain technology as more people will come to know. Libra does not pose any threat to Bitcoin as it is just a stablecoin only. A stablecoin is not good for investment unless as a shareholder, there are already lots of stablecoins on the market.
Bitcoin is by the people and for the people.