{"id":85363,"date":"2019-10-16T15:21:03","date_gmt":"2019-10-16T09:51:03","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=10968"},"modified":"2019-10-16T15:21:03","modified_gmt":"2019-10-16T09:51:03","slug":"facebook-officially-launches-its-cryptocurrency-libra","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/facebook-officially-launches-its-cryptocurrency-libra\/","title":{"rendered":"Facebook officially launches its cryptocurrency Libra"},"content":{"rendered":"\n<p><strong>News:<\/strong>Facebook has officially launched its cryptocurrency Libra,despite several high-profile defections from the project and intense criticism from US regulators and politicians.<br><\/p>\n\n\n\n<p><strong>Facts:<\/strong><br><\/p>\n\n\n\n<p><strong>About Libra:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Libra is a virtual currency where users can buy and store in a digital wallet.It can be used for transactions on a decentralized network that is not controlled by one bank or a government.<\/li><li>It is powered by a technology called blockchain which functions like an open ledger that gets updated in real time.<\/li><li>Libra will also have a digital wallet called Calibra which will handle its crypto dealings.<\/li><li>Libra will be controlled by a non-profit Libra Association.It will be a Geneva-based entity that has 21 members including Uber,Vodafone group among others.<\/li><li>Originally the Libra Association had 27 potential members but several companies dropped out including Visa, Mastercard and PayPal.<\/li><\/ul>\n\n\n\n<p><strong>Concerns of Libra:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The global community has expressed concerns that Libra can disrupt the entire global payment system.<\/li><li>There is also an issue of privacy and security as Cambridge Analytica scandal had exposed the Facebook\u2019s lapses of data privacy and security.<\/li><li>Libra could also stifle competition among other providers and even threaten financial stability if users suddenly suffer a loss of confidence in the digital currency.<\/li><li>It could also globally weakens the government\u2019s control over monetary and banking policies.<\/li><\/ul>\n\n\n\n<p><strong>India and Libra:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The Current regulations do not permit the use of cryptocurrency for currency transactions.<\/li><li>The Draft Banning of Cryptocurrency &amp; Regulation of Official Digital Currency Bill, 2019\u2019 has proposed that private cryptocurrencies should be banned completely in India.<\/li><li>The draft has also said that anybody who mine, hold, transact or deal with cryptocurrencies in any form whether directly or indirectly through an exchange or trading should attract a jail term of one to 10 years.<\/li><\/ul>\n\n\n\n<p><strong>Additional information:<\/strong><br><\/p>\n\n\n\n<p><strong>About Cryptocurrency:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Cryptocurrency is a digital or virtual currency that uses cryptography for security.<\/li><li>Cryptocurrencies use decentralized technology to let users make secure payments and store money without the need to use their name or go through a bank.<\/li><li>They run on a distributed public ledger called blockchain, which is a record of all transactions updated and held by currency holders.<\/li><li>The most common cryptocurrencies are Bitcoin, Ethereum, Ripple, and Litecoin.<\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>News:Facebook has officially launched its cryptocurrency Libra,despite several high-profile defections from the project and intense criticism from US regulators and politicians. Facts: About Libra: Libra is a virtual currency where users can buy and store in a digital wallet.It can be used for transactions on a decentralized network that is not controlled by one bank&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/facebook-officially-launches-its-cryptocurrency-libra\/\">Continue reading <span class=\"screen-reader-text\">Facebook officially launches its cryptocurrency Libra<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1738],"tags":[2498,2696,2499],"class_list":["post-85363","post","type-post","status-publish","format-standard","hentry","category-science-and-technology-daily-factly-articles","tag-cryptocurrency","tag-facebook","tag-libra","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704831117},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/85363","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=85363"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/85363\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=85363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=85363"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=85363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}