Some weeks ago We talked here on the blog about the intentions that Facebook had since last year to launch your own cryptocurrency where the original plan of the social network was to use it to transfer money through WhatsApp. And well that day has arrived.
Facebook has officially launched Libra, a cryptocurrency intended to buy goods or send money as easily as a message. By attacking the field of cryptocurrencies, Facebook is launching a great challenge, as it is the subject of a serious crisis of confidence after a series of scandals around the management of personal data.
Starting in the first half of 2020, Libra must offer a new means of payment outside of traditional banking channels: it is the cornerstone of a whole new financial ecosystem without the barrier of different currencies.
The project leaders explained that users will have a digital wallet on their smartphone to buy, send or receive money.
To this end, Facebook has decided to open a new form of payment that will be responsible for providing the various financial services throughout Libra.
Calibra, the digital wallet to manage Libra, will be operational in 2020
Facebook reminds that for many people in the world, even basic financial services are still out of reach: almost half of the adults in the world do not have an active bank account and these figures are worse in developing countries.
The cost of this exclusion is high: about 70 percent of small businesses in developing countries do not have access to credit, and migrants lose $ 25 billion in transfer fees each year.
“Today we share the plans for Calibra, a new Facebook wallet whose objective is to provide financial services that allow people to access the Libra network and participate in its activities.
The first product that Calibra will introduce is a digital wallet for Libra, a new global currency based on blockchain technology.
Calibra will be available on Messenger, WhatsApp and as a standalone application, and we plan to launch it in 2020.
This is the challenge the company hopes to meet with Calibra, a new digital wallet that you can use to store, send, and spend Libra.
“Right out of the box, with Calibra, you can send Libra to almost anyone with a smartphone, as easily and instantly as you could send a text message, at no cost.
And over time, we hope to offer additional services to individuals and businesses, such as paying bills at the touch of a button, buying a cup of coffee with a scanner code, or using public transportation without having to carry cash.
Privacy, security and protection
Facebook says Calibra will have strong protections to protect users' money and information.
We will all use the same auditing and anti-fraud processes as banks and credit cards, and we will have automated systems that will proactively monitor activities to detect and prevent fraudulent behavior.
If you lose your phone or password, we will also offer support for it. If someone fraudulently gains access to your account and you subsequently lose Libra, we will refund you.
“We will also take steps to protect your privacy. Except in limited circumstances, Calibra will not share account information or financial data with Facebook or any third party without the consent of the customer.
This means that account information and financial data from Calibra will not be used to improve the targeting of ads in the Facebook family of products.
Even if Facebook says encouraging words about its protection protocols for the user, this leaves many to think that if it is blockchain, where is the privacy and anonymity of the user.
Well, at the end of the day, in order to carry out these promises, all information, transactions and others have to be stored in a large database to which Facebook and any other agency or agency that Facebook allows have access to that data.
Facebook remembers being still at an early stage in the Calibra development process. Also, along the way, the social network will consult with a wide range of experts to ensure that they can provide a safe and easy-to-use product for everyone.
I do not trust..