Facebook announced a new cryptocurrency called Libra early this morning. Here's what you need to know.
Facebook's Calibra is a digital wallet that will be accessible as a stand-alone app and integrated into Messenger and WhatsApp. Facebook says it's designed to enable anyone to securely store money for free on their phone and to allow people to securely send and receive Libra around the world, with no fees for consumers, although Facebook is considering "very low" fees for merchants.
Although Calibra is fully owned by Facebook, it's operating as a subsidiary kept separate from Facebook's advertising businesses, so it can be regulated appropriately. "The easier it is to go back and forth [from the local currency to Libra] the more confidence people will have," he said. "If you're banked you can imagine connecting your bank account, if you're not banked then you can imagine a map that shows nearby money transfer experiences.
Monica says that Anchorage will operate one of the many nodes to handle Libra transactions and could sell its services to other members of the association for safekeeping of their Libra assets.
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