29 June 2019 — Michael Roberts
Libra is the name that Facebook, the global social network company, is calling its planned international digital currency. What is Facebook’s purpose with this planned new currency?
According to Facebook, Libra is “a simple global currency and ﬁnancial infrastructure that empowers billions of people”. In its statement, the company says that: “The world truly needs a reliable digital currency and infrastructure that together can deliver on the promise of “the internet of money.” Securing your financial assets on your mobile device should be simple and intuitive. Moving money around globally should be as easy and cost-effective as—and even more safe and secure than—sending a text message or sharing a photo, no matter where you live, what you do, or how much you earn. New product innovation and additional entrants to the ecosystem will enable the lowering of barriers to access and cost of capital for everyone and facilitate frictionless payments for more people.”
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