Facebook’s Libra for Payments: What to Expect

Wednesday, July 24th, 2019

Facebook has built Libra as a basis for more advanced, affordable or costless global payments and financial services. FB wants to enable billions of people to use the digital money. What will Facebook’s Libra mean for payments? Let’s see.

The Launch of Facebook’s Libra
Facebook has officially announced its cryptocurrency Libra. The digital wallet that’ll use this new internet money is known as Calibra. The latter is now FB’s subsidiary. The name of the new blockchain platform is “Libra Network.”

These new services will allow people to be part of the Libra Network. The launch of the Libra network and the Calibra application is projected in the 2nd half of 2020.

Specifically, the Libra network is a blockchain technology developed by FB. It’s backed by MasterCard, Visa, PayPal, eBay, Uber, Lyft, and Spotify, and other major players in the field. Besides, the Libra Association, an independent, nonprofit organization, will keep an eye over the launch of Libra and manage this new online money.

According to Facebook, Libra’s value will be more stable as compared to Bitcoin’s value since it’ll be supported by real currencies. However, Libra’s value won’t be fixed to any physical currency. What’s more, the Libra Blockchain features a single data structure that stores the information concerning transactions and doesn’t hide the transactions history from others on the network.

Britain’s outgoing finance minister Philip Hammond notes that the British government won’t avoid “engaging” with Libra and won’t take measures to stop it. They think if properly regulated, Libra could be “a very positive thing.”

What are you planning for your own business in the UK? Don’t you think it’s time to find better payment-processing services? You can do this fast and easily by working with a reputable payments-processor comparison company like Best Payment Providers in the UK. Best Payment Providers can best help you with Facebook’s Libra, and just anything concerning payments.

Facebook’s Libra for Payments
It’s anticipated that after FB’s Libra, the global commerce and finance industries won’t be the same. This new internet money will serve as a new means to transfer funds and make payments. FB reports that Libra is specifically focused on the 1.7 billion adults around the globe who are without banks accounts.

FB says the new digital money will be global. Libra-related apps and services won’t operate without being in compliance with the regulatory regimes in target markets.

According to Randal Quarles, one of the policy coordinators for G20 countries, though cryptocurrencies like Libra don’t put the global financial stability at risk, he foresees they might be out of regulations and international standards in certain cases.

Quarles further notes that when new types of cryptocurrencies get widely used for making retail payments, authorities will keep them under close scrutiny to make sure they’re subject to high regulatory standards.

To sum up, FB’s new crypto money Libra is officially announced. It’s the project of the Libra Association co-founded by FB. Find the best credit-card processing services in the UK to move forward without falling into obstacles.