With cryptocurrencies having taken the global markets by storm, it is only time before we see many heavyweight players entering the digital currency space. One such player is the social media giant Facebook, which will soon launch a global cryptocurrency “Libra” by the first half of 2020—in honour of an ancient Roman unit of mass. Per Facebook, Libra will be “a stable global cryptocurrency built on a secure network” and will be fully backed by a reserve of real assets—a basket of currencies and assets. In addition, Facebook will be incorporating a subsidiary digital wallet firm “Calibra” that will be connected to other applications such as Messenger and WhatsApp and offer the users a medium to transact in Libra
A Shadow Bank
As proposed, both the Libra currency and its reserves will be governed by an independent association comprising of diverse and independent members headquartered in Geneva. This governing entity will be made up of representatives from an initial group of 28 companies including Mastercard, Visa, Stripe, Paypal, eBay, Uber, Vodafone, Coinbase, Thrive Capital, etc. Additionally, it will also launch the Libra token which will be a foreign exchange derivative, synthesized from a basket of national currencies. Eventually, Libra wants to operate as a shadow bank, issuing Libra-denominated liabilities that are explicitly intended to function as money.
This story is from the October 2019 edition of PCQuest.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 2019 edition of PCQuest.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Importance of data privacy and security measures for secure digital learning
Prioritizing data protection and security is not just a technical prerequisite; it's also an ethical and strategic imperative for fostering trust and ensuring academic success in the digital age
How automotive electronics is responding to the evolving market needs
The fusion of automotive and electronics is revolutionizing driving, turning cars into multifunctional hubs. Enhanced safety systems, smart infotainment, heads-up displays, and connectivity redefine the driving experience, prioritizing safety, convenience, and entertainment for all occupants
The evolving face of digital piracy: Trends and tactics in 2024
Amidst the ongoing conflict between pirates and rights holders, there arises a crucial necessity for a collaborative approach encompassing technological innovation, regulatory interventions, and public awareness initiatives to effectively counter digital piracy in India
Navigate the intersection of AI and privacy
The evolving landscape of AI deployment, emphasizing the growing recognition of the need of having on-premise AI solutions and the need for customization to meet specific organizational needs
Revolutionizing fleet management with AI
AI heralds a new era in transportation, promising unparalleled efficiency, safety, and scalability. Its transformative power is set to revolutionize fleet management and logistics, unlocking unprecedented opportunities for optimization and innovation
How AI is revolutionizing Assistive Technology
Al-driven advancements are revolutionizing assistive technology, empowering individuals with disabilities to lead more independent and fulfilling lives.
The universe of open-world games: Exploring the best in the genre
Open-world gaming offers players unparalleled freedom and immersion, facilitated by advanced technology and creative design elements that blur the lines between reality and virtuality
What's the current hullabaloo around the future of AI chips?
AI is not a product per se, like an iPhone or laptop! You cannot log into Amazon or Etsy and buy an Al!! Just look at the development of Al! If it is that easy to develop and deploy, it cannot be a wonder, at least, not for me! At best, it is a tool!
Generative AI: A problemsolving powerhouse
Generative AI is reshaping problem-solving across diverse industries, driving innovation, and improving efficiency while necessitating ethical considerations for responsible deployment
The Gen AI revolution in product design
Generative AI is pushing the boundaries of innovation by enabling more creative exploration of design possibilities through generating a range of design options and optimizing product designs for factors like weight, strength, and performance