Facebook has decided to launch a cryptocurrency
called Libra. The currency is designed not to be a speculative asset, like
Bitcoin, but a form of digital money backed by a reserve of assets.
Facebook has also formed the non-profit Libra
Association with 27 other partners to oversee Libra and its development. The
partnership includes venture capital firms, non-profit organizations, crypto
firms, and massive corporate financial, telecommunications, and technology
service providers.
In 2018, Venezuela launched Petro, becoming the first
country to officially launch its own cryptocurrency. The petro is intended to
supplement Venezuela’s bolivar fuerte (VEF) currency and help overcome US
sanctions. Petros are “pre-mined”, meaning the government produces
and controls it.
The Marshall Islands has also decided to launch “Sovereign”
(SOV), a cryptocurrency which can be used as a legal tender.
Crypto currency, is a digital currency. It uses
strong cryptography to secure financial transactions, control the creation of
additional units, and verify the transfer of assets. E.g. Bitcoins, ethereum
etc.
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