FaceBook is trying to introduce a low-flying digital currency like Libra, which can be used to facilitate transactions worldwide using blockchain technology. The technology giant (Facebook) is set to launch digital money in June in 2020, with considerable resistance and regulatory barriers to policymakers such as governments, the central bank and financial positions around the world.
How does Libra work?
In order to use Libra, users will need to have a government ID and convert their local currency to digital money. Digital money will be available through the Messenger application, a Facebook affiliate company, designed to manage this digital money and manage transactions. Also, the digital wallet optimizes cheap and fast payments and users do not need to sign up for a Facebook account.