Facebook Inc published a new press release on its cryptocurrency. Here’s the gist of it:
- The name of the new coin is Libra. It’s going to be a stablecoin – as in, it will be guaranteed by the national currencies in reserve and its price won’t float. The most popular stablecoin – Tether (USDT) – costs exactly 1 USD at all times.
- The mission of cryptocurrency is to allow Facebook customers to transfer money via the social network. Other services can use Libra too. For example, Uber has already announced support on launch.
- The regulators haven’t approved Libra yet, but Facebook hopes to reach some form of an agreement. Earlier SEC closed over a dozen companies for launching their coins, so negotiations aren’t going to be easy.
- To increase the chances of success, Facebook founded the Libra Association. Each participant will provide 10 million USD to guarantee the stability of Libra. Current participant count is 27 with Visa and Paypal among them.
It’s too early to tell the impact Libra will have on the cryptocurrency market, but the spokefigures of crypto have already shunned Facebook and its intentions. The launch of a centralized corporate cryptocurrency goes against the Nakamoto doctrines, which were used to found the currently existing coins.
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