Digital world currency
The libra-project[i] is a plan for the development of a digital world-coin which should be achieved in 2020 despite some delay[ii]. Facebook’s idea is that everyone can get access in a simple way and can transfer money with virtually no cost and no bank account being required. The libra could thus become the first digital currency and is comparable to the dollar or euro and can be managed in the Calibra, the digital wallet. Libra wants her digital currency to be linked to the present monetary system, making it more stable than the Bitcoin. The libra works easily by downloading Calibra, available to download on your smartphone, identifying yourself with the libra Association and purchasing libra 's using local currencies, after which one can pay others with the libra, provided they have a libra account. The libra is linked to a basket of foreign currencies, securing its stability, which, for example, is not the case for Bitcoin because it is not linked to other currencies. Of importance for the development of the libra is that volume is needed in order to be accepted on a large scale. This can be achieved by the 2.7 billion users of Facebook. Looking only at India, for example, it can be demonstrated that in 2015 there are 155 million users, growing to 310 million users in 2019. It is expected that in 2023 there will be 440 million users and therefore Facebook will have a very large impact on the economy and possibly be a determining factor in it. Facebook, in any case, would like to reach the group of unbanked people[iii] .
[ii] Another top man behind libra - Dante Disparte - does take the delay into account in the Financial Times. Libra may technically be ready for release next year, he says, but that probably will not apply to the required permits. 'This part brings a lot of uncertainty." https://www.ft.com/content/be6a7756-eea2-11e9-ad1e-4367d8281195