Libra: Some of the largest companies in the world met to create their own cryptocurrency hoping to become a new global currency to compete with the US dollar, a decade after its release Bitcoin
The Libra currency is backed by 28 companies, such as PayPal, MasterCard and Show and will be promoted from Facebook to WhatsApp, Messenger and other applications so that people can spend and receive money through their phones.
Technology has made almost everything more affordable than money. 1,7 billion of the world are not active in online shopping, ie 31% of the world's population, and for those who have access to money transfers, it is very slow, since a typical cross-border payment lasts three to five business days to complete and the cost is high.
The Libra claims to be able to resolve these issues of traditional currencies, while at the same time overcoming the obstacles of bitcoin and other large cryptocurrencies towards mass adoption.
Facebook's David Marcus, who pioneered the evolution of the Libra, said the mission of the new cryptocurrency is to create a "A simple global currency and economic infrastructure that will bolster the billions of people."
According to 'Future of Money' research, developing markets would soon adopt a currency like the Libra from the most developed countries. In these markets people are more economically conscious because they have to be, which means they understand the benefits that the new coins can offer. If a cryptocurrency can be a safer and cheaper replacement value better than the existing system, it will be used.
With more than 2 billion users of Facebook-based applications around the world, many have announced Libra's ability to become the world's first mainstream cryptocurrency, but others questioned the incentives behind the initiative.